Litecoin Market Cap Caves In From Bearish Trends, Sheds Over $2 Billion Last Month

Christian Encila

Last Updated: June 11, 2024 2:20 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Litecoin market cap crashes as triggered by the bearish movement of the crypto market. Litecoin’s market cap was down by more than 30% compared to its performance in the first week of May wherein the digital asset was in top shape. Litecoin market valuation closed the previous month at $4.82 billion; a disappointing number to say the least.

LTC was one of the cryptocurrencies that felt the blow on the eve of the crypto crash in May. The coin was down by 11.04% on Monday, dubbed the token’s most significant percentage loss by far.

Its market cap spiraled down to $3.012 billion. For comparison, note that the LTC’s highest market cap by far is at $25.609 billion.

Litecoin Shaved Off 33.59% In TCV

Meanwhile, LTC traded between $41.200 to $48.300 in the past 24 hours. Litecoin has also declined in value, losing as much as 33.59% and traded 0.75% or around $1.135B of the total crypto volume.

The coin plunged by 89.83% compared to its all-time high, wherein it peaked at $420 on December 12, 2017.

Evidently, it started May with a bang at $96.17. May 1 had LTC soaring at a trading volume of $592.41 million, equivalent to a market cap of $6.98 billion. The crypto asset also reached a monthly high that peaked at $106.80 or on May 4.

LTC total market cap at $3.1 billion on the daily chart | Source: TradingView.com

It also tested and dipped to a monthly low on May 12 at $55.32; and consequently ended May at a trading price burrowed at $68.41. The figures reveal that LTC has dropped immensely when you look at its opening and closing prices in May.

LTC Hurt By Crypto Market Crash In May

LTC resorted to an aggressive sell-off due to the market cap disequilibrium. Like other cryptocurrencies, it is toughing it out in rough times. Many factors have triggered this rupture, such as inflation, stock market crisis, economic and political events, and increased interest in precious metals like gold, silver, and the like.

Huge transactions with LTC peaked on May 18 at 12,910, equivalent to roughly 84.31 million worth of transactions priced at $70. This generally translates to a total transaction volume amounting to $5.9 billion.

LTC opened May 18 at $72.97, which capsized at an intraday low of $66.42. The trading volume shows a remarkable decline of 33% in the market value of the coin since May 1.

Featured image from ITNext, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.