The Litecoin price (LTC/USD) has plunged more than 20% in the last 24 hours amid a wider decline affecting the entire cryptocurrency market.
The ‘silver to Bitcoin’s gold’ made history yesterday, by braking through the $100 barrier for the first time ever. However, just hours after reaching a new record high of $104.61 (as per Coinmarketcap), the cryptocurrency experienced a sharp drop to $81.77. The cryptocurrency attempted a recovery earlier in today’s trading, when its price reached an intraday high of $93.54, but it has since retreated to lower levels and it is currently trading below yesterday’s close of $85.57.
A similar pattern has been observed across the broader cryptocurrency market. Many of Litecoin’s peers surged, some of them to all-time highs, as Bitcoin’s record-breaking run generated excitement and boosted people’s appetite for cryptocurrency investments. A number of positive developments also contributed to a highly positive market sentiment. However, the market saw a sharp pullback in the latter part of the session and the downtrend has continued during today’s trading. According to data from Coinmarketcap, the cryptocurrency market has lost more than $60 billion in the past 24 hours.
In today’s trading, the Litecoin price stood at $79.93, as of 13:56 GMT. The digital currency has lost 22.7% of its value in the past 24 hours. Its total markecap currently stands at $4.3 billion, which makes it the seventh-largest cryptocurrency on the market.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.