By the end of May, the market capitalization of alternative cryptocurrencies had reached almost $4 billion.
Clearly define —
- The market capitalization of Litecoin has continued to fall despite a general market-wide downturn.
- The price of LTC is remains below $60.
After suffering significant losses as a result of the market crash that occurred in May, Litecoin was one of the cryptocurrencies that had a market value that dropped by more than one billion dollars.
Litecoin’s market cap ranks among the top 20 of all cryptocurrencies. According to findings published by Be (In) Crypto, the market capitalization of Litecoin at the end of the fifth month of 2022 was approximately $4.82 billion. This resulted in a thirty percent decrease in its market value compared to where it was at the beginning of May.
The trading volume for Litecoin on May 1 was an impressive $592.41 million, while the market value was over $6.98 billion at that time.
Why Is LTC Market Cap Sinking?
The general bearishness that prevailed in the cryptocurrency market was one factor that contributed to the diminishing market cap of Litecoin. Massive losses were incurred by Litecoin and its holders as a result of a number of factors including growing inflation, geopolitical events, a drop in the stock market, and an increase in interest in assets like as precious metals.
On May 18th, the total number of transactions that involved Litecoin reached its all-time high of 12,910 transactions. This was equivalent to a tremendous transaction volume of over 84.31 million transfers at an average price of $70.00. That equaled to a total volume of transactions of $5.9 billion.
Litecoin started the day of the 18th of May trading at $72.97 before plummeting to an intraday low of $66.43. At that point, the trading volume was close to $756.03 million, which corresponded to a market capitalization of $4.67. Since the beginning of May, this marked a loss in market value for Litecoin equal to 33 percent.
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Price Activity Regarding Litecoin
On May 1st, Litecoin was trading at $96.18, and it reached a monthly high of $106.81 on May 4th. On May 12th, it tested a monthly low of $55.33, and it finished the month trading in the $68.41 value level. That equated to a drop of 26 percent within the span of a single month.
The decline of Litecoin was reflective of the broader market’s predicament. Bears were riding high in the general cryptocurrency industry as a result of the factors that contributed to the decline in LTC’s market valuation. As I was writing these lines, the price of LTC was $45.90, reflecting a decrease of 7.43 percent over the course of the previous day. Over the course of the past week, the alternative token experienced a loss of more than thirty percent.
After suffering a loss of 5.21 percent in the previous day, the total market capitalization of all cryptocurrencies was hovering at around $1.04 trillion. Additionally, the price of Bitcoin has decreased by 6.62 percent over the course of the previous day and is currently trading at $25,679.