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$97: Litecoin Price Hits Fresh 2018 Low

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$97: Litecoin Price Hits Fresh 2018 Low

The price of litecoin (LTC), the world’s sixth largest cryptocurrency by market capitalization, fell to a fresh 2018 low on Wednesday.  

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Data from Bitfinex shows the cryptocurrency slipped to $97.04 today – the lowest level since Dec. 8 in 2017, reflecting a 74 percent decline since its all-time-high at $379 seen on Dec. 19. Further, the price of LTC is also reporting more than 60 percent depreciation since the beginning of this year.

LTC’s price decline over the past several months also followed a notable remark by its creator Charlie Lee who stated in a Reddit post on Dec. 20 that he had sold off all his holdings in the cryptocurrency, as previously reported by CoinDesk.

As of press time, the price of LTC has bounced back to $99.50 – down 6.3 percent in the last 24 hours. 

In fact, other major cryptocurrencies are also flashing red. For instance, bitcoin fell to two-week lows near $6,500 on Tuesday and is currently reporting a 3.8 percent decline on a 24-hour basis.

EOS also dropped by 10.33 percent within a day, making it one of the major losers among top 10 cryptocurrencies by market capitalization. Others including ethereum, XRP and bitcoin cash are reporting at least five to eight percent decline on a 24-hour basis. 

Meanwhile, the total market capitalization of all cryptocurrencies dropped below $300 billion for the first time since April 12.

Falling coins image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Author: Sebastian Sinclair

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