It is evident the current cryptocurrency market momentum looks anything but promising. Both short-term and long-term outlooks are anything but appealing right now, with no real improvements in sight as of yet. The Litecoin price is taking a very big battering right now, as the Bitcoin price decline continues to weigh heavily on the entire industry.
Litecoin Price Struggle Continues
For all cryptocurrencies, the current sentiment makes things very difficult. All markets are down by at least 7%, with some currencies facing setbacks of 14% and even more. As long as the Bitcoin price remains relatively low, altcoins will not see any real improvements in the near future either. The Litecoin price is a great example of how things can get out of hand fairly quickly.
More specifically, the Litecoin price has declined by 11.65% in the past 24 hours. That is quite a large decline, although it is completely to be expected under the current circumstances. There is no indication Litecoin will maintain its $66 value either, as a further dip to $60 is not entirely out of the question at this stage. Speculators will hope things will never get to that point, albeit it may happen sooner rather than later.
One thing that highlights the potential of Litecoin is how it “only’ lost 3.49% over Bitcoin. These figures look very different for most of the top altcoins on the market today. Combined with Bitcoin’s 7.3$ loss, it is only normal the Litecoin price drops by over 11.6%. Setbacks like these are not healthy for the cryptocurrency ecosystem, as it makes a lot of people panic for no apparent reason.
Even though the current LTC trading volume doesn’t look half bad, it does appear the sellers will retain control of this market for quite some time to come. As such, the $320m in 24-hour trades is mainly intent on driving the Litecoin price down even further, although the cryptocurrency markets are unpredictable first and foremost. If Bitcoin manages to recover, Litecoin won’t be too far behind in this regard.
CoinBene is leading the charge in terms of Litecoin trading volume, albeit CMC is ignoring it completely. OKEx’s BTC and USDT pair are in the official lead, followed by another BTC pair by DOBI trade. Coinbase Pro and Bitfinex bring two USD pairs to close out the top five. This mix of exchanges and pairs doesn’t look all that bad for Litecoin, although it may not necessarily improve the price anytime soon.
As is always the case, the Litecoin price can swing either way over the coming hours and days. Volatile cryptocurrency markets tend to go through unusual price changes on a regular basis. In the case of the Litecoin price, bearish pressure may cause the value to dip to $60 in the near future. That is, unless some major support materializes completely out of nowhere before the day is over.