Litecoin, the silver to Bitcoin’s gold, has been a poster child for all cryptos owing to its massive rally since mid-December, 2018. In fact, it has risen by ~350% since December 2018. However, the price started to collapse in the second week of April.
Litecoin reached highs of $97.88 on April 10, 2019, but failed to hold. This led to a fall in prices which dropped LTC to a low of $79.48. At press time, and as seen in the chart below, the price was still forming a red candle, indicating that the dump was still underway and that the bears had more room to push through.
The prices will face a resistance range from approximately $80 to $75, which has been holding since it reached its peak in December 2017.
The chart from CoinMarketCap shows how the dump in the price of Litecoin has also caused its market cap to reduce. The sudden drop on April 11, 2019, was a huge blow to the Litecoin market.
The price of Litecoin was $80.60 and the market cap was at $2.913 billion, at press time. Most of the trading volume for Litecoin was coming from Coinall exchange via the trading pair LTC/BTC. Coinall exchange contributed a whopping $318 million in trading volume.
The upcoming halving for Litecoin has caused widespread FOMO, which the community speculates as one of the reasons for the pump in Litecoin’s price. The halving of Litecoin is set to take place on August 06, 2019 and this has led people to believe that Litecoin’s bottom was witnessed in December 2018 and that Litecoin has stepped out of the crypto-winter.
Developments around Litecoin have been more than optimal for Litecoin’s prices to be stable. The hashrate of Litecoin reached an all-time high on April 10, 2019, suggesting that Litecoin’s blockchain is fairly more secure due to the addition of more miners. Coinbase Card can now be used to spend Litecoin, Bitcoin and other cryptocurrencies, directly from Coinbase wallet. However, the price of Litecoin seemed to be dumping without a stop.
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