Litecoin price (LTC/USD) plunges as altcoins struggle in Bitcoin-dominated market
The Litecoin price (LTC/USD) has fallen more than 6% in the last 24 hours, continuing a downward trend that has been developing over the past week. The fifth-largest cryptocurrency on the market is currently trading at around $54, down from its yesterday close of $56.81.
Litecoin’s lacklustre performance is consistent with a broader decline affecting many of its altcoin peers. This type of pattern often occurs after a big upward move for Bitcoin, like the one we saw over the weekend. On Sunday, the Bitcoin price broke above $6,000 for the first time ever and then went on to set a new all-time high at $6,194. With investors remaining largely focused on the original cryptocurrency, it’s not surprising that the rest of the market is going through a rough patch.
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While the Bitcoin price has seen a sizable correction in today’s trading and is currently hovering around $5,800, the Bitcoin dominance has reached 58.5% – the highest level since early May.
Whereas Bitcoin’s daily trading volumes have largely remained stable around $2 billion over the last few days, most altcoins have experienced drops in trading activity. Litecoin, in particular, saw its daily trading volume dip to $96 million yesterday, a 30% decrease from its Saturday levels.
Litecoin’s 24-hour trading volume currently stands at just over $138 million, with Hong Kong-based exchange Bitfinex accounting for nearly 20% of that volume. The Coinbase-owned trading platform GDAX comes in second place with 13.2%, while South Korea’s leading cryptocurrency exchanges capture 12.8% of the volume.
As of 14:55 BST, the Litecoin price stood at $53.38, according to data from cryptocurrency tracker Coinmarketcap. The fifth-largest cryptocurrency has lost 6.6% of its value over the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.