Cryptocurrency price updates are becoming a part of the mainstream media coverage of late. Especially in a time where the markets are very volatile and unstable, investors tend to follow every update of these prices. Litecoin is among one of the most popular names when it comes to the crypto-markets and many investors have put their money into it. The currency is currently the 5th largest cryptocurrency in the markets with a market cap of $6.6 Billion.
Over the week, Litecoin’s value in US Dollars went through a number of ups and downs. The currency’s price, at the beginning of this 24-hour period, was $115.20. However, Litecoin price jumped to $118.66 at the end of the day – a rise of 2.63%. While the day’s trade was positive for Litecoin investors, an overview of the week shows that there has been a significant fall in the price.
The week-view shows that the currency started off at a high of $144 – but ended up closing the week at a low of $118.66. At the beginning of the week, the market cap of Litecoin was $8.1 Billion but by the time the week ended, it had slumped down to $6.6 BIllion. However, the currency continues to retain the 5th position in the list of cryptocurrencies by market cap. If such rapid fall of the price continues, EOS, which is currently ranked #6 may overtake it soon. However, this is an unlikely scenario.
LTC price got a major boost in February when LitePay was about to launch and the currency was about to get forked. However, the fork flopped and LitePay ended up shutting down. All of these, as well as the overall slump in Bitcoin and Altcoin prices has led to this decline in Litecoin’s value as well. However, considering that it has hit extreme lows, the market bulls are all set to take it back on a strong uptrend from hereon and we expect a strong growth over the next two weeks.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.