Litecoin Witnesses 10% Downfall in Bearish Trade

On Friday, Litecoin was low on trading at $124.600 on the Index at 22:16 (03:16 GMT), down 10.04 percent. It was the most significant percentage drop in one day since December 4, 2021.

Litecoin’s market cap plummeted to $8.741 billion, or 0.47 percent of the total crypto market capitalization, resulting from the decline. In the previous 24 hours, Litecoin was trading between $124.000 and $131.000.

Litecoin has lost 9.35 percent of its value in the last seven days. The entire amount of Litecoin traded in the twenty-four hours led to $801.998 million, or 1.19 percent of all cryptocurrency turnovers. It has previously traded in a range of $124.0000 to $153.5000.

Litecoin has lost 70.33 percent of its value since its all-time high of $420.00 on December 12, 2017.

Price Prediction of Litecoin

On 7th October 2011, an open-source client published Litecoin on GitHub, with the network going operational on October 13. Litecoin (LTC) is the most valuable digital asset in the crypto market today, ranking in the top ten cryptocurrencies globally.

Litecoin employs the same Proof-of-Work consensus process as its parent (PoW). Litecoin, too, has reaped the benefits of Blockchain algorithms, even though the algorithm it uses is “Scrypt,” which gives it an advantage in mining.

The speed at which Litecoin executes transactions significantly impacts the whole payment ecosystem, and each step may be completed in a quarter of the time it takes its parent. Furthermore, the current supply of LTC is at 84 million, earning it the distinction of being a very sustainable means of exchange.

When it comes to the price prediction, in 2022, Litecoin is set to witness a surge. It could be around $330, and by the end, the price will be $219. The Litecoin price forecast for 2023 shows that LTC will reach a high price of $350 and a low price of $254. Visit here for more details on the price predictions of LTC.

About author


Liam Walker is tech journalist and analyst with background in finance. He's written for foremost publications before getting into EverCoinNews. Along with cryptocurrencies and blockchain technology, he is interest in machine learning, social media. He is closely involved in analyzing market trends in terms of cryptocurrencies.

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