- Litecoin’s selling pressure has pushed the coin to set new year-to-date lows
- Litecoin LTC price is trading at levels not seen since January 2019
- Litecoin’s large transaction volume has declined notably
Litecoin news today – A look at the charts show that this has been one of the worst years for Litecoin. The digital currency has incurred some selling pressure throughout March. This action has led the coin to post new year-to-date lows in the last few days. Note that this weakness for the coin is not just limited to the last few months. LTC price is now trading at levels not seen since January 2019. At the time the coin was trading in the $30 area after a brief dip to $20.
Litecoin (LTC) Price Today – LTC / USD
Litecoin’s Price is Within Several Strong Downtrend Indicators
At press time, LTC price was trading down by 6% at $40.70. This action marks a notable decline from LTC’s daily highs of $45. That high was set during Bitcoin’s surge to $7,200. It caused the price of Litecoin and other digital assets to reel lower. This recent decline also indicates the formation of an extension of the downward pattern that was initially incurred this week when LTC price plummeted from $58. The current drop has done some damage to LTC’s market structure. There is data that suggests that LTC’s weakness might extend further in the coming days and weeks. According to Blockchain analytics firm, IntoTheBlock, about 60% of Litecoin’s investors are underwater currently. This is a sign that the coins’ decline that was seen throughout last year and 2020 has brought bag holders. As the sum of investors whose LTC holdings are losing grows, the total number of active wallets declines as well. This is a sign that Litecoin’s investors are losing interest in the crypto.
Litecoin News Today – Litecoin’s Large Transaction Volume has Seen a Notable Decline
Litecoin’s large transaction volume has been small for most of this year which indicates that large traders, institutions, and organizations, may be losing interest in the digital currency. This is similar to what happened to Bitcoin’s large transaction volume in the past few months meaning that big traders, may have moved to the sidelines following panic caused by COVID-19. Without the occurrence of any notable rise in transaction volume for Litecoin (which is possibly a sign of accumulation), the digital asset may struggle to post any sustainable momentum upwards. Litecoin is currently ranked as the number 7 largest digital asset on CoinMarketCap. The coin’s price is down by 4.48% in the last 24-hours. Litecoin has a total market capitalization of $2.64 billion with a 24-hour trading volume of $3.66 billion as of when this content was published.