On Wednesday, the litecoin price (LTC) reached a minimum of 12 months of less than $ 50.00.
The seventh largest global cryptocurrency by market capitalization fell to $ 47.67 at 10:34 UTC – its lowest price since September 22, 2017. LTC was last seen at $ 49.08, in more than 8% decline on the day, according to CoinMarketCap.
In particular, LTC is the second largest loser in the top 10 cryptocurrencies by market capitalization, with a weekly loss of 22.5%. Furthermore, it is down 86% from its record high of $ 344 set last December.
Other cryptocurrencies also report strong losses today. For example, the ether (ETH), the bitcoin money (BCH) and the monero (XMR) record all losses of 24 hours above 9 percent. Meanwhile, Stellar lumen (XLM) is currently the only cryptocurrency in the top 50 showing a 24-hour gain, although scarce by 0.02% – probably based on the flow of positive news in recent days.
Risk aversion is probably associated with a 15% drop in week on bitcoin week (BTC). The current leader cryptocurrency price of $ 6.273 is about $ 400 from setting a new minimum for the year, which if exceeded, will probably drag the rest of the market with it.
Looking ahead, LTC could see a minor corrective rally, as the relative strength index shows oversold conditions. However, if BTC fails to reach a recovery indicated by the graph, the rescue rally may not materialize.
Revelation: The author retains BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Image of Litecoin via Shutterstock