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Litecoin has been having a tough time just lately, and it might seem that its struggles haven’t stopped but because the coin has now dropped under Shiba Inu when it comes to market cap.
Litecoin Has Taken A 15% Beating Throughout The Previous Week
Whereas the final week has been crimson for many of the cash within the crypto market because the FUD because of the controversy round Binance’s Proof-of-Reserves has unfold, LTC has taken an particularly arduous hit throughout the interval.
On the time of writing, Litecoin is buying and selling round $63, down 1% within the final 24 hours. Here’s a chart that reveals how the value of the asset has modified within the final 5 days:
The worth of the crypto appears to have gone down just lately | Supply: LTCUSD on TradingView
Because the above graph shows, it was only some days in the past that Litecoin was nonetheless above the $75 degree. The coin had been consolidating between this degree and $80 because the final week of November, however now this sideways pattern appears to have absolutely damaged down because the coin has quickly dropped in worth throughout the previous few days.
The asset has now misplaced the $65 degree, which implies it has virtually totally retraced the positive aspects of the 22 November rally. Because it presently stands, LTC is down virtually 15% throughout the previous week. For comparability, Bitcoin and Ethereum are solely down 1% and 4%, respectively, in the identical interval.
By way of month-to-month returns, Litecoin holders are nonetheless in a revenue of about 2%. The coin continues to be within the inexperienced for this era because of the sturdy November rally, which some thought would result in a pre-halving bull run for the coin, as its halving, an occasion the place its block manufacturing charge might be lower in half, is scheduled for subsequent yr. Because it seems, this rally wasn’t what some believed it might be, since LTC has already misplaced most of its positive aspects.
LTC Is Now Under Shiba Inu (SHIB) In Market Cap
Because of Litecoin’s latest sharp downtrend, the cryptocurrency’s market cap has quickly gone down. Since its opponents haven’t seen losses to such a level, LTC’s market cap has seen a comparatively sharper decline, resulting in it dropping spots on the highest cryptocurrency record primarily based on market cap.
The under desk reveals the place the asset stands within the wider crypto market for the time being.
Seems to be like LTC is now solely the fifteenth largest coin within the sector | Supply: CoinMarketCap
Litecoin had just lately dropped to 14th on this record, however its continued decline has meant that it has now misplaced the spot to meme coin Shiba Inu.
Featured picture from Unsplash.com, chart from TradingView.com
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