Cryptocurrency deflation: Litecoin (LTC) is directed at $ 50? Bitcoin at $ 5000?

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At the time of writing this article, Bitcoin (BTC) trades around $ 6,421, marking a depreciation of the price of about 1,22% in the last 24 hours. The latest price drop opens the door to a new weekly low. The most recent decline in Bitcoin prices follows the decision of the US Securities and Exchange Commission (SEC) to postpone the Bitcoin ETF or the fund traded on the stock exchange last week of September.

In addition to Bitcoin, other cryptocurrencies also suffered market losses. Ethereum has lost around 15% of its value in the last seven days. At the time of writing, the second most powerful cryptography is exchanged at US $ 357, marking a new weekly minimum. From our observations, Ethereum has lost about 23% of its value in the last 4 weeks.

Even the Altcoins are not spared in the depression of current prices on the market, the 10 best altcoins are in the red zone (except the Stellar XLM), falling from 4% to about 12%. At the time of publication, Ripple (XRP) and IOTA are showing signs of significant loss, depreciating respectively by 2.85% and 7.99%, closely followed by Litecoin (LTC).

Among the top 20 major virtual currencies by market capitalization, Ethereum Classic (ETC) was the least hit currency, losing only 0.02% of its value in the last 24 hours to trade at 15.11 US dollars. Just a couple of days ago, Coinbase, a digital currency exchange, came to ETC's help, adding support on its platform, Coinbase Pro. And then, Robinhood, the commission-free virtual currency exchange platform, also listed ETC. It seems that these two waves of good news work in favor of the currency.

At the time of writing, the total market capitalization of all virtual currencies on the market is $ 236.7 billion. Down by nearly $ 15 billion in the 24-hour period.

Market Still Gloomy

In the last couple of days, the virtual currency market has seen a depreciation of about 31 billion US dollars with Bitcoin in the lead. Often, after a significant decline in value, leading cryptocurrencies tend to record return rallies that immediately cover losses from previous days.

However, the current market downturn seems to be different from the others. Bitcoin managed to record only 3% (which seems to lose again), failing to recover losses suffered in recent days.

Litecoin (LTC) Price Review

From the look of things, Litecoin (LTC) is expected to further depreciate itself with speculations that could break the support level of 60 US dollars. Litecoin could extend its rebates to close the day at the level of $ 60 US dollars against the US dollar.

Two days ago, Litecoin reported sharp drops in price below $ 70 US dollars against the dollar showing signs of prolonged decreases that could lead to its prices to test the $ 50 dollar level. LTC recently dropped a peak of $ 75.3 to a minimum of $ 61.06, while the digital currency tested the Fib retracement level of 23.6 percent, although price values ​​faced many challenges near $ 64. and $ 64.

Crypto experts believe that the next level of support will be at $ 55, below which the value of the digital currency could cope with greater sales pressure. For Bitcoin however, there are fewer chances that it can go up to $ 5000. As everything is possible in cryptographic space; it may go into future bear markets, but it will probably not go so low from now on.

Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.

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