All cryptocurrencies are in the red once again, which is not entirely surprising. Even though things looked good on Saturday, the situation has quickly turned around on Sunday and last night. There isn’t much positive news to report right now, yet it seems the Litecoin price is suffering from the smallest losses right now. Even though the Litecoin price has dipped to $143 once again, there is still a small gain in the LTC/BTC ratio to take note of. It seems this will be another terrible week for all cryptocurrencies, though.
An Interesting Litecoin Price Trend
It is safe to say no one is too happy with the way cryptocurrency markets are performing as of right now. With even more losses to contend with and an overall market cap heading back to $375bn in quick succession, things are not looking all that great. Bitcoin lost another 11% over the past 24 hours, yet it seems the Litecoin price “only” lost 9.8% in the same timespan. It is insufficient to effectively buck the trend, but it’s still worth taking into account regardless.
More specifically, we now have a Litecoin price of $143.06. That is a lot lower compared to $170.48 last Saturday, but it’s not even near the lowest Litecoin price point in the past week either. After all, that low resulted in an LTC price of $110.43, which occurred when Bitcoin was valued similarly to its current price. This seems to indicate Litecoin is recording higher lows in USD value even when Bitcoin continues to drop. It’s an interesting development, although most people will still be unimpressed with the way things are going as of right now.
There is one silver lining for Litecoin to keep in mind. Unlike most other altcoins, the Litecoin ratio compared to Bitcoin has improved by 1.1% over the past 24 hours. With altcoins reclaiming some lost value by increasing their ration against Bitcoin, most price losses in USD value can be kept rather low. This doesn’t mean the Litecoin price won’t drop below $140 later today, though, but we will have to wait and see what the future holds for this particular altcoin.
With $833.12m in 24-hour trading volume, Litecoin isn’t doing all that bad right now. It is evident most cryptocurrencies suffer from a reduced trading volume, yet Litecoin seems to successfully buck this trend as we speak. After all, it is one of the more popular trading currencies as of right now, with most of its “direct competitors” struggling to break the $200m trading volume barrier. An interesting trend well worth keeping an eye on if you are interested or invested in Litecoin, that much is rather evident.
Most of the Litecoin trading volume comes from OKEx, even though they do not generate the highest individual market trading volume. The exchange’s BTC and USDT pair combine for a total of 20.7% of all Litecoin trades. GDAX has the highest individual volume with its LTC/USD trading pair generating almost 16% of all Litecoin trades. Bitfinex is also doing its part with another 12.27% of all trades. It’s good to see two USD pairs in the top three for Litecoin, as it seemingly indicates people are buying in cheap while they can.
It will be interesting to see what the future holds for Litecoin and other cryptocurrencies in the coming days. So far, things look anything but spectacular, but things are not as terrible as others may want you to believe right now. There are some currencies which are still remaining somewhat stable in BTC value, even though their USD value is on the decline. With the Litecoin price remaining above $140, things will certainly get very interesting moving forward. It’s always important to keep the bigger picture in mind when dealing with cryptocurrencies.
Originally posted on: https://themerkle.com/litecoin-price-drops-below-145-yet-gains-in-btc-ratio/