Litecoin has noticed a plunge of greater than 7% within the final 24 hours, suggesting that the coin’s bullish momentum could have come to an finish.
Litecoin Drops Arduous TodayS However Is Up 20% In The Final Month
Whereas the remainder of the crypto market was struggling, LTC loved some sharp bullish momentum within the third leg of November, main some to consider the “pre-halving rally” had begun for the crypto. However the first half of December proved disappointing because the coin principally consolidated, and now within the final two days, the pattern appears to have fully reversed as Litecoin has been quickly taking place as a substitute.
On the time of writing, LTC is buying and selling round $69, down 7% within the final 24 hours. The beneath chart reveals how the asset’s worth has modified in latest months.
The rise within the coin’s worth over the last three months | Supply: LTCUSD on TradingView
Because the graph shows, Litecoin was initially on the best way up in early November and crossed $70. However then the FTX crash struck the market, and the coin’s worth plummeted to a low of lower than $50. Nevertheless, in contrast to different huge cryptocurrencies like Bitcoin and Ethereum, LTC rapidly discovered its ft and began on a gentle restoration.
Within the third a part of November, the coin quickly blew up and shattered the height seen simply earlier than the FTX debacle, ending the month in double-digit good points whereas the remainder of the sector was deep within the crimson.
LTC was consolidating this month after setting a peak above $80, however holders have been optimistic because the coin’s halving, an occasion the place block manufacturing can be lower in half, is scheduled to happen subsequent 12 months. Traditionally, halvings have often had a bullish impact on the costs of cryptocurrencies as a consequence of supply-demand dynamics, as provide manufacturing is diminished by 50% following them.
Within the final couple of days, LTC has sharply plunged as a substitute and has retreated beneath the pre-FTX peak. This might imply that the coin could have misplaced its latest bullish steam and that this will likely not have been the halving buildup run that some thought it might be. Although, even after this decline, LTC buyers are nonetheless 20% in revenue during the last month.
LTC Slips Additional Down The Market Cap Checklist
Throughout the latest consolidation, LTC misplaced its spot because the twelfth largest crypto by market cap to Dai (DAI), and now with this newest drawdown, the coin has dropped even decrease to 14th as Tron (TRX) takes over.
LTC market cap continues to drop | Supply: CoinMarketCap
Nonetheless, when in comparison with October’s finish when Litecoin was twentieth on the listing, the coin’s present place is a significant enchancment.