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Litecoin has been having a tough time lately, and it could seem that its struggles haven’t stopped but because the coin has now dropped beneath Shiba Inu by way of market cap.
Litecoin Has Taken A 15% Beating Throughout The Previous Week
Whereas the final week has been pink for many of the cash within the crypto market because the FUD because of the controversy round Binance’s Proof-of-Reserves has unfold, LTC has taken an particularly exhausting hit throughout the interval.
On the time of writing, Litecoin is buying and selling round $63, down 1% within the final 24 hours. Here’s a chart that reveals how the worth of the asset has modified within the final 5 days:
The worth of the crypto appears to have gone down lately | Supply: LTCUSD on TradingView
Because the above graph shows, it was only some days in the past that Litecoin was nonetheless above the $75 stage. The coin had been consolidating between this stage and $80 for the reason that final week of November, however now this sideways pattern appears to have absolutely damaged down because the coin has quickly dropped in worth throughout the previous couple of days.
The asset has now misplaced the $65 stage, which suggests it has virtually fully retraced the beneficial properties of the 22 November rally. Because it at the moment stands, LTC is down virtually 15% throughout the previous week. For comparability, Bitcoin and Ethereum are solely down 1% and 4%, respectively, in the identical interval.
By way of month-to-month returns, Litecoin holders are nonetheless in a revenue of about 2%. The coin continues to be within the inexperienced for this era because of the robust November rally, which some thought would result in a pre-halving bull run for the coin, as its halving, an occasion the place its block manufacturing fee shall be reduce in half, is scheduled for subsequent 12 months. Because it seems, this rally wasn’t what some believed it could be, since LTC has already misplaced most of its beneficial properties.
LTC Is Now Beneath Shiba Inu (SHIB) In Market Cap
On account of Litecoin’s latest sharp downtrend, the cryptocurrency’s market cap has quickly gone down. Since its rivals haven’t seen losses to such a level, LTC’s market cap has seen a comparatively sharper decline, resulting in it dropping spots on the highest cryptocurrency record based mostly on market cap.
The beneath desk reveals the place the asset stands within the wider crypto market in the mean time.
Appears like LTC is now solely the fifteenth largest coin within the sector | Supply: CoinMarketCap
Litecoin had lately dropped to 14th on this record, however its continued decline has meant that it has now misplaced the spot to meme coin Shiba Inu.
Featured picture from Unsplash.com, chart from TradingView.com
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