Ethereum
$ 1,130.15 5.48%
Solana
$ 35.09 8.11%
Dogecoin
$ 0.065397 8.59%
ApeCoin
$ 4.79 3.79%
Bitcoin
$ 20,118.00 3.59%
BNB
$ 219.56 6.86%

Litecoin LTC price drops 14 percent as analysts warn of further losses

Litecoin LTC price drops percent as analysts warn of further losses

The market has continued to slip after yesterday’s losses. The correlation between Bitcoin and Litecoin means that, even as Bitcoin retreats further from $8,000 shedding almost ten percent (9.77 percent), Litecoin has become the worst-performing top ten cryptocurrencies. At the time of writing, the Litecoin LTC price is $49.72 as the project loses 14.29 percent over the last 24 hours. 

Litecoin LTC price drops 14 percent as analysts warn of further losses 1

The losses experienced throughout the market began on the weekend as almost $30 billion was wiped from the market. Over the last two days, Bitcoin has lost about 18 percent, bringing the rest of the market down with it. As such, many major altcoins like Ethereum, Bitcoin Cash, EOS, and Litecoin are reporting double-digit losses. While the reason for the sudden drop in prices isn’t clear, many have speculated that it’s echoing from the wider stock market in the wake of coronavirus.

More losses in store for the Litecoin LTC price

As such, it’s no surprise that analysts are suggesting Litecoin’s short term price movement is likely to be more of the same. Eminence Grise recently suggested since Litecoin has slipped through several support levels, and given how strongly associated it is with Bitcoin, it’s unlikely we’ll see Litecoin recover in the short term. Instead, the analyst predicts the price will decrease to between $47 and $50, with a possible subsequent decrease to $43. 

Litecoin LTC price drops 14 percent as analysts warn of further losses 2

Litecoin LTC price chart by Trading View

Recently, several crypto analysts have come forward with a theory on what’s caused the market meltdown. A blockchain researcher going by Ergo has suggested that PlusToken scammers are mixing 13,000 BTC, valued at around $101 million, to make them harder to track. 

Featured image by Piqsels

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Richard Allen

Richard Allen

Richard specializes in writing about cryptocurrencies globally, as well as other financial and economic articles, covering various geographical locations and markets. He leverages his experience in financial issues management to advise clients on the relevance of media coverage in relevant markets. He holds a BCom degree in marketing.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD pair set to break past the daily resistance found at $0.08
Tezos price analysis: XTZ fails to sustain the rebound, falls below $1.6 support
Top 5 Benefits of Crypto Casino
Chainlink price analysis: LINK rejected at $7.00, falls below $6.50 support
Traderpowers review 2022

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records