Litecoin’s Lower Lows: LTC/USD Hits Pre-December Price
Litecoin (LTC) lost 20% of its value over the last week en route to a price that takes it back to pre-December levels.
The LTC unit price of $78.39 recorded at around 5pm (UTC) today is one of the lowest points that Litecoin has dropped to since November, right before it quadrupled to $371.39 by December 19th – a peak price for the Bitcoin fork at the time of writing.
Around 48 hours ago LTC hit its lowest price in almost 8 months when it sunk to $74.29. A day later it had jumped back up to $86.07, but what goes up always seems to come down, and the next 24 hours saw a swing back down to $78.
Litecoin’s general trend since January is emblematic of the market as a whole, and might shed some context on our current situation. In the six months since the ATH, Litecoin has followed a trend of lower highs followed by even lower lows. Now we return to a point where the gold rush at the turn of the year may as well not have happened.
Litecoin’s trend leaves many anxiously awaiting the next rising tide, since many coins and tokens show little sign of floating their own boats. Litecoin is ranked sixth with a $4.5 billion market cap, and exhibits huge daily trading volumes which often outweigh those of Ripple and Bitcoin Cash – both tokens with significantly higher market caps.
The LTC/BTC pair being traded on OKEx makes up the majority of the movements over the last day, amounting to 19% of the total. That’s followed swiftly by the LTC/USDT trading pair on the same exchange which makes up 11%.
Litecoin remains eternally popular and finds itself with over 400 trading pairs split across various exchanges. The second most popular exchange for LTC trades is RightBTC where Litecoin is the most popular trade against BTC – even more popular than ETH/BTC trades.
But as popular as Litecoin remains, the progress being made on its parent chain, Bitcoin, could end up leaving LTC in the dust before long.
The direction being taken by Blockstream is not a cut and dried issue, with a portion of the community still firmly opposed to their implementations on the Bitcoin blockchain. But if Blockstream manage to achieve their aims of increasing BTC’s transaction speeds, then Litecoin might find itself without a purpose before long.
That’s one view. Another is that Bitcoin’s success will ultimately trickle down to Litecoin. At the same time, Lightning Network capabilities are currently in the alpha stage for Litecoin; while many coins continue to exist as liquidity pools, even when their technological uses have long since departed (see: Ethereum Classic, and many other oldchains and forks).
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