Litecoin has been popularly known as the digital silver equivalent of the world of cryptocurrencies. This is also a take at Bitcoin, which has long been hailed as the digital gold. Litecoin is one of the oldest and the most trusted players of the crypto-economy, having been around since 2011.
Similar to most other cryptocurrencies at the time, Litecoin price too, surged in late 2017. However, ever since that surge in the price, Litecoin has been in the doldrums – facing a major slowdown. The currency showed some signs of life in February 2018 but that was a short-lived hype that died out over the next week. LitePay and Litecoin Cash were expected to drive Litecoin prices forward – but both these ideas flopped to impress.
Let us take a closer, detailed look at the Litecoin price performance over the past 24 hours, as well as how the currency performed over the previous week. This past price performance will also help determine the trajectory that the currency is expected to follow over the short-term moving forward.
At a time when most other cryptocurrencies are booming by 4 to 5% on an average and names such as Cardano booming by 12.5%, Litecoin shows a strong unwillingness to grow. The currency continues to be trapped in a downtrend despite markets being largely bullish and positive. Perhaps the only cryptocurrency in the list of top 10 cryptocurrencies to still be in a loss, Litecoin prices are down by 0.30% over the day. Litecoin started trading at a price of $114.33 and closed the day at $113.95.
The week-long performance of Litecoin continues to be dismal. While most other currencies have reversed the trends, Litecoin continues to make a loss as the currency started the week at $120 and closed it at $113.95. Litecoin’s market cap fell by $300 Million over the week, dropping for $6.7 Billion to $6.4 Billion.
If market experts are to be believed, the worst is yet to come. It is anticipated that Litecoin prices may soon hit a rock-bottom of $105 – and if that support doesn’t hold, $90 may not be too far away either. Basically, Litecoin continues to be bearish despite a strongly bullish market. This would be a bad time to invest in the currency.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.