Litecoin Price Plummets Over 10% in Broad Crypto Sell-Off

Litecoin Suffers Major Daily Loss

Litecoin (LTC) experienced a significant downturn, with its price falling 10.25% to $52.41 on the Investing.com Index. This marks the largest single-day percentage loss for the cryptocurrency since February 5. The sharp decline reduced Litecoin's market capitalization to $4.08 billion.

Overall Market Downturn

The price drop for Litecoin occurred amidst a wider sell-off across the cryptocurrency market. Other major digital assets also saw substantial losses. Bitcoin, the market leader, fell by 10.64% to trade at $65,487.3. Similarly, Ethereum recorded a 9.70% loss, with its price at $1,940.37.

Impact on Market Metrics

Over the past seven days, Litecoin has lost 18.96% of its value, trading within a range of $52.41 to $66.40. The 24-hour trading volume for Litecoin was registered at $727.95 million. Despite recent activity, the current price remains 87.52% below its all-time high of $420.00, set in December 2017.

Summary

The coordinated decline, led by major cryptocurrencies like Bitcoin and Ethereum, indicates broad negative sentiment among investors. Traders will be closely watching for signs of market stabilization or further downward pressure in the coming days.

FAQ

Q: What was the primary cause of Litecoin's price drop?
A: The drop was part of a broad market-wide sell-off, with Bitcoin and Ethereum also experiencing losses of over 9%.

Q: What is Litecoin's current market capitalization?
A: Following the price drop, Litecoin's market capitalization fell to $4.08 billion, representing 0.18% of the total crypto market cap.

Source: Investing.com