The Litecoin price (LTC/USD) has fallen below the $100 mark for the first time this year, amid a continuing crypto digital currency slump that has seen other major coins suffering heavy blows.
The digital currency dropped below the key level following a sharp decline that hit its price in late Tuesday trading. The coin hit an intraday low of $99.37, before closing the session at $100.75, down nearly 7% from its opening level.
Despite closing above $100, Litecoin hasn’t been able to launch a recovery in today’s trading. While the digital currency was trading mostly sideways in the early hours of the session, it later took a dive below the $100 level. Other major digital currencies, including Bitcoin (BTC) and Ripple (XRP), have also experienced a similar trading pattern.
The decline resulted in an over seven-month low for the cryptocurrency. According to data from cryptocurrency tracker Coinmarketcap, Litecoin has fallen to as low as $94.97, which is the coin’s lowest price since December 7. The coin has since managed to recover some of its losses, but has remained well below the $100 mark. At the time of writing, the Litecoin price was hovering around $95.50.
With Litecoin and other major cryptocurrencies trading at multiple-month lows, the cryptocurrency market as a whole has suffered a heavy blow. Coinmarketcap data shows that the total market capitalisation of all digital currencies has shrunk to $274.5 billion, marking the market’s first drop below $300 billion since April 12.
In today’s trading, the Litecoin price stood at $95.41, as of 15:14 BST. The digital coin has lost 9.8% of its value in the past 24 hours. The coin currently has market capitalisation of $.4 billion, which makes it the sixth-largest digital currency on the market.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.