All cryptocurrencies are in the red once again, which is not entirely surprising. Even though things were looking good on Saturday, the situation turned around on Sunday and last night. There isn’t much positive news to report right now, yet it seems the Litecoin price is experiencing the smallest losses right now. Even though the Litecoin price has dipped to US$143 once again, it has increased in value relative to BTC. It seems this will be another terrible week for all cryptocurrencies, though.
An Interesting Litecoin Price Trend
It is safe to say no one is too happy with the way cryptocurrency markets are performing as of right now. With even more losses to contend with and the overall market cap headed back to US$375 billion, things are not looking all that great. Bitcoin fell another 11% over the past 24 hours, yet it seems the Litecoin price “only” lost 9.8% in the same time span.
At the time of writing, the Litecoin price was US$143.06. That is a lot lower compared to last Saturday’s US$170.48, but it’s not even near the lowest Litecoin price point of the past week. That low of US$110.43 occurred when Bitcoin was valued similarly to its current price. This seems to indicate Litecoin records higher lows even while Bitcoin continues to drop. It’s an interesting development, although most people will still be unimpressed with the way things are going as of right now.
There is, however, one silver lining to keep in mind. Unlike most other altcoins, the Litecoin/Bitcoin price ratio has increased by 1.1% over the past 24 hours. With altcoins reclaiming some lost value by rising against Bitcoin, most dollar losses can be kept rather low. This doesn’t mean the Litecoin price won’t drop below US$140 later today, though.
With US$833.12 million in 24-hour trading volume, Litecoin isn’t looking all that bad right now. It is evident most cryptocurrencies are seeing a reduction in trading volume, yet Litecoin seems to have successfully bucked this trend. After all, it is one of the more popular currencies among traders as of right now, with most of its “direct competitors” struggling to break the US$200 million 24-hour volume barrier. It’s an interesting trend well worth keeping an eye on if you are interested or invested in Litecoin.
Most of Litecoin’s 24-hour trading volume has come from OKEX, as the exchange’s BTC and USDT pairs have combined for a total of 20.7% of all Litecoin trades. GDAX has had the highest individual market volume with its LTC/USD trading pair generating almost 16% of all Litecoin trades. Bitfinex is also doing its part with another 12.27% of all trades. It’s good to see two USD pairs in the top three for Litecoin, as it indicates that people are buying in cheap while they can.
It will be interesting to see what the future holds for Litecoin and other cryptocurrencies. So far, things look anything but spectacular, but the reality is not as terrible as what others may want you to believe right now. There are some currencies whose prices have remained somewhat stable against BTC, even though their dollar values are on the decline. With the Litecoin price still above US$140, things will certainly get very interesting moving forward. It’s always important to keep the bigger picture in mind when dealing with cryptocurrencies.