The cryptocurrency market has seen a marked downtrend with most of the coins that have seen red across the spectrum. Cryptocurrencies Major like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] they were under the bear's shadow which was made evident with visible transparency in the price.
At the time of writing, Litecoin [LTC] it was falling at the rate of 3.83% with a total market capitalization of $ 3.4 trillion. The cryptocurrency was trading at $ 58.6 with a 24-hour market volume of $ 468.163 million. Litecoin had a strong seventh position in the cryptocurrency rankings, according to CoinMarketCap, with a market capitalization difference of $ 1,161 billion with the currency just above, Stellar Lumens [XLM].
Most of Litecoin's trade was held by Bibox, with a majority of 16.29%. The total volume of trading on the stock exchange was $ 94.192 million, which was closely followed by ZB.COM $ 93.056 million.
The fall of Litecoin was in stark contrast to the events of last week when the cryptocurrency increased by 8% in just 24 hours to the delight of investors and fans.
Iarius Germund, a market analyst, had declared:
"While the price has seen extremely volatile movements, it seems to be decoupling Bitcoin growth, which is an interesting phenomenon and could be indicative of a future division between the uses of Bitcoin and Litecoin."
Litecoin has also been in the news recently when LTC was added on SFOX, an institutional-level investment platform. The move was praised throughout the cryptocurrency sector for its efforts to add institutional investors to the sheepfold of cryptocurrency. With the addition of Litecoin, it became the fourth cryptocurrency on SFOX. Charlie Lee, the founder of Litecoin [LTC] declared:
"This partnership offers greater liquidity and institutional exposure for Litecoin, and SFOX is supported by many well-known investors who talk about the company's business model and team".