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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.
Updated Sep 13, 2021, 8:05 a.m. Published Jun 22, 2018, 3:50 p.m.
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.
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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 , , 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
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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