Litecoin Sinks to Lowest Price in 7 Months

Litecoin's LTC$59.83 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.

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 ETH$2,288.28, ADA$0.2986, BCH$524.72 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 BTC$77,863.73, 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