Litecoin has been having a tough time lately, and it appears that its struggles are not over yet as the coin has now fallen below the Shiba Inu in terms of market cap.
Litecoin has taken a beating of 15% during the past week
While the past week has been red for most coins in the crypto market as controversy over Binance’s proof-of-reserve sparked FUD, LTC has taken a particularly hard hit during this period.
At the time of writing, Litecoin is trading at around $63, down 1% over the past 24-hours. Here is a chart that shows how the price of the asset has changed over the last five days:
It looks like the value of crypto has gone down lately Source: LTCUSD on TradingView
As the graph above shows, it was only a few days ago that Litecoin was still above the $75 level. The coin was consolidating between this level and $80 since the last week of November, but now this horizontal trend is completely broken as the coin has dropped sharply in value during the past few days.
The asset has now lost the $65 level, which means it has almost completely given back the gains from the November 22 rally. As it currently stands, LTC is down about 15% over the past week. For comparison, bitcoin and ethereum are down 1% and 4%, respectively, over the same period.
In terms of monthly returns, Litecoin holders are still in profit of around 2%. The coin is still in the green for most of this period, thanks to November’s strong rally, which some thought would lead to a pre-halving bull run for the coin, an event where its block production rate was cut in half. Will go, is scheduled for next year. As it turns out, this rally was not what some believed it would be, as LTC has already given up most of its gains.
LTC is now below Shiba Inu (SHIB) in market cap
As a result of Litecoin’s recent sharp downtrend, the market cap of the cryptocurrency has gone down sharply. Since its rivals haven’t seen losses to such an extent, LTC’s market cap has seen a relatively sharp decline, causing it to drop on the top cryptocurrencies list by market cap.
The table below shows where the asset currently stands in the broader crypto market.
It seems that LTC is now only the 15th largest coin in the sector. Source: coinmarket cap
Litecoin recently dropped to number 14 on the list, but its continued decline means it has now lost ground to meme coin Shiba Inu.
Featured Images from Unsplash.com, Charts from TradingView.com
source: newsbtc.com
