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Under $100: Litecoin Price Hits Fresh 2018 Low
The price of litecoin falls below $100 again today to reach a 2018 low so far.
Updated Sep 13, 2021, 8:03 a.m. Published Jun 13, 2018, 5:02 a.m.
The price of , the world's sixth largest cryptocurrency by market capitalization, fell to a fresh 2018 low on Wednesday.
Data from Bitfinex shows the cryptocurrency slipped to $97.04 today - the lowest level since Dec. 8 in 2017, reflecting a 74 percent decline since its all-time-high at $379 seen on Dec. 19. Further, the price of LTC is also reporting more than 60 percent depreciation since the beginning of this year.
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LTC's price decline over the past several months also followed a notable remark by its creator Charlie Lee who stated in a Reddit post on Dec. 20 that he had sold off all his holdings in the cryptocurrency, as previously reported by CoinDesk.
As of press time, the price of LTC has bounced back to $99.50 - down 6.3 percent in the last 24 hours.
In fact, other major cryptocurrencies are also flashing red. For instance, bitcoin dropped below $6,500 on Tuesday to hit its 70-Day low and is currently reporting a 3.8 percent decline on a 24-hour basis.
EOS also dropped by 10.33 percent within a day, making it one of the major losers among top 10 cryptocurrencies by market capitalization. Others including ethereum, XRP and bitcoin cash are reporting at least five to eight percent decline on a 24-hour basis.
Meanwhile, the total market capitalization of all cryptocurrencies dropped below $300 billion for the first time since April 12.
Falling coins image via Shutterstock
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Bitcoin slips, crypto stocks suffer steep declines, as tax-loss selling drives action, analysts say
Digital asset treasury companies — the year's worst performers — were also hardest hit on Tuesday.
What to know:
- Bitcoin was lower by a bit more than 1% to just below $88,000 on Tuesday.
- Crypto-related stocks were suffering far larger declines.
- Analysts suggest tax-loss harvesting and low liquidity are contributing to the action in crypto markets as the year ends.
- Some analysts remain cautiously optimistic about a potential rally, though significant recovery is not expected until liquidity returns in January.
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