Litecoin (LTC), the 5th largest cryptocurrency by traded volume, has crashed to $50 level;
Here is why:
2 minutes read
Main reasons to Litecoin Crash
- Follows the drop in Bitcoin and other altcoins.
- Highly speculative thoughts on the price to surge during 1st half of 2019: squeeze in demand and ‘halvening’ – it didn’t accrue.
- Low adoption on Bakkt, an Intercontinental Exchange-backed bitcoin and crypto platform.
- Profit-taking.
Here is how it looks like on a daily graph
Few Relevant Facts on Litecoin
Litecoin is already down by 50% since June after climbing in over 500% from December 2018.
Its price surged during the first half of 2019, as halvening in the blockchain created a speculative intention to squeeze in demand.
According to Joe DiPasquale, CEO of BitBull Capital, Litecoin is following Bitcoin price, historically. Also, Miners have started to abandon the network after reward reduction; The hash rate is falling and security questions are raised.
Here is the comparison on a graph:
Results
At this moment, the LTC price is on the $53 level.
We can see high volatility, in LTC price and all other altcoins follow by high trading volumes.
Where is Litecoin price heading?
Short technical analysis, along with our AI system says that we might except fluctuation close to this price.
LTC price has gone back to March 2019.
There we could see a month before it jumped back up.
Strong resistance line within these prices;
Overall looks like the market is going down.
Is it a good time to enter the market? check our broker’s review before you make any decision.
Natural Volatility
We have seen many price flactuation in the cryptocurrency exchanges lately.
In the last 24 hours leading crypto prices fluctuated in ±14%*
- Bitcoin Diamond is up +14.4%.
- Dogecoin is up 8.2%.
- Ripple is up 7.25%.
- Litecoin is up 2.95% (after dropping in the previous day)
- Ethereum is up 2.26%.
- Bitcoin is down -0.21%
- Lambda is down -14.72%.
*According to Coinmarketcap.
Cryptocurrencies are one of the most volatile markets when compared to traditional stock exchanges assets.
This comes with a great opportunity to profit, but also a considerable amount of risk to your portfolio.
You can trade in Litecoin in various exchanges and brokers.
We have gathered some reviews in our Top Brokers page.
Litecoin, LTC price Litecoin, LTC price
*Disclaimer Cryptocurrency are highly volatile. Please consider any investment advice with caere. For more privacy warnings please visit our 'privacy page'.