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Litecoin Sinks to Lowest Price in 7 Months
Litecoin's (LTC) price hit a seven-month low on Friday as the cryptocurrency markets turned risk-averse.
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Litecoin's (LTC) price hit a seven-month low on Friday as the cryptocurrency markets turned risk-averse.
The world's sixth largest cryptocurrency by market capitalization fell to $84.39 at 14:00 UTC – its lowest level since November 29, according to CoinDesk's Litecoin Price Index – and was last seen at $84.99, down more than 12 percent on the day.
STORY CONTINUES BELOW
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Litecoin Price Index
At press time, LTC is the third-biggest loser among top 10 cryptocurrencies by market capitalization and is reporting a 13.26 percent week-on-week drop, according to CoinMarketCap.
Further, its market capitalization stands at $4.88 billion, the lowest level since December 1.
Other major cryptocurrencies are also flashing red. Names like ethereum
, cardano , bitcoin cash have depreciated by at least 10 percent each. Meanwhile, EOS is down 15.7 percent and is the biggest loser among top 10 cryptocurrencies by market capitalization.Bitcoin
, the world's largest cryptocurrency by market capitalization, fell to fresh 100-day low below $6,100 and likely dragged other markets lower with it. As of press time, BTC was trading at $6,131.74, down 8.7 percent since the start of Friday's trading session.The risk aversion will likely worsen as the technical charts show bitcoin could find acceptance below $6,000 (February low) and extend losses towards $5,000 mark in the short-term.
Litecoin image via Shutterstock
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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