Litecoin is looking bearish right now trending down across all metrics. It is still holding the #13 spot in the cryptocurrency ranking, but that it’s not doing anything for its price. The Litecoin/US Dollar pairing (LTC/USD) is at $108.66 as of this writing, down more than 21% over the last 24 hours.
LTC/USD
Litecoin started the day at $124.45. Five days ago, it was at $167.18, and a month ago, it was at $169.75. This time last month, Litecoin was preparing to go into a downturn and then quickly went bullish afterwards. That may not be the case this time despite efforts from Litecoin developers to branch out and find new investors.
Recently, Litecoin was added to PayPal’s payment options, making it easier than ever to buy and sell Litecoin. PayPal users can simply use their current PayPal balance or a credit card to buy Litecoin and other cryptocurrencies. This helped Litecoin over the short term, and it is probably kept the cryptocurrency from falling further down the ranks, but it’s still trending down with the rest of the market.
Litecoin Is Acting Differently Than before
In the last couple of weeks, every time Litecoin seems to gain a little ground, it loses more than that shortly after. On Sunday, Litecoin rose 1.20%, but that didn’t do much to reverse the 2.50% loss from the previous day. Small victories and gains here and there do not equate to any improvement for the cryptocurrency. Over the past few weeks, anytime Litecoin has started to prove even slightly bullish, it quickly plummets even farther than before.
Throughout most of this year, and for much of its past, Litecoin has shown to be fairly volatile. That’s not the case right now, though. It looks to be on a downward spiral that no one can see the end of. Even those analysts who would suggest buying when the price is low are talking like the market might not recover for a very long time.
Are We Seeing a Market Crash?
The extensive downward trajectory of Litecoin and most other cryptocurrencies is making investors and analysts alike wonder if market crash is imminent. Losses of 29-30% over a 24-hour period have not been uncommon this week for so many crypto coins. Even though the rankings across the various cryptocurrencies have not changed much with this bearish trend, the prices have plummeted. Bitcoin has dropped below a 50% market share for the first time in a long time, and there are no signs of slowing down.
Multiple factors have contributed to the cryptocurrency market’s poor performance, including a Bitcoin mining ban in China, slower than expected economic recovery throughout the world, less spending on cryptocurrency than expected, and disparaging comments from Elon Musk toward Bitcoin.
