After teasing with the bullish sentiment, the market seems to have gone back to the bearish side of trading. Many digital assets have incurred a steep double-digit loss percentage on Thursday. Among them, Litecoin has shown one of the biggest 24-hour downsides, losing around 10% of its value. It is also the heaviest one-day loss Litecoin has seen since January 21.
Litecoin is easily one of the earliest and most popular coins in the cryptocurrency market. The token was forked from Bitcoin and developed to address some of the setbacks with Bitcoin. Litecoin coin has always been steady solid in the market in contrast to Bitcoin, which climbed up faster and faster. The gradual growth of the coin and the less volatile outlook actually helped the coin grow in terms of popularity. Starting from the bottom, Litecoin managed to go up as high as $420 in 2017. Although the coin currently trades just over $100, Litecoin price predictions are positive that it would reach $500+ in the course of the next five years.
The slump from last year continued throughout January 2022. During this bearish market phase, even Bitcoin fell down almost 50% from it’s all-time high in early 2021. However, Bitcoin managed to recover nearly 10% overnight as January ended. As a fork of Bitcoin, Litecoin often tends to resonate with the market sentiment of Bitcoin and also recorded a similar price change on the same day. Since then, the market has not been much bearish, and Litecoin managed to trade steadily near the $130 range.
Now, after a couple of weeks, Litecoin has witnessed its lowest value since the last week of January. Litecoin was reportedly trading in the $115 range when the market closed on Thursday. This fall has brought the market cap of Litecoin 0.44% down. Litecoin currently holds a market cap of $8.151, nearly $13 billion short of its all-time high. The cumulative loss of Litecoin is calculated at 14.05% for the last seven days. Moreover, Litecoin has accounted for only 1.09% of the total traded volume since Thursday. It could mean that this slump might not have any lasting effects on Litecoin’s price in the future. LTC currently trades 72% below its all-time high but could surpass the previous records in the years to come.
Bitcoin also lost 8% in 24 hours. This small percentage accounts for nearly $3000 taking Bitcoin to the $40,000 range. Ethereum, the second-largest cryptocurrency, was also down to $2,884 at a loss of 9%. However, these two coins still hold their positions in the market jointly, accounting for nearly 60% of the entire volume of the cryptocurrency market.