Briefly –
- Litecoin has its market capitalization on continued declines amid market-wide bearishness.
- LTC still trades under $60
- The altcoin’s market capitalization stood around $4 billion by May end.
Litecoin was one of the crypto assets that lost over one billion dollars in market value following sharp declines amid May’s crash.
Litecoin remains among the top20 cryptos by market cap. Research by Be (In) Crypto shows LTC ended 2022’s fifth month with its market cap hovering near $4.82 billion. That translated to a 30% drop from its market capitalization early in May.
Litecoin recorded an attractive trading volume of $592.41 million on 1 May, whereas the market capitalization was around $6.98 billion.
Why Is LTC Market Cap Sinking?
Bearishness in the overall crypto marketplace contributed to Litecoin’s dwindling market cap. Factors such as rising inflation, geopolitical events, stock market plunge, plus improved interest in assets like precious metals triggered massive losses for Litecoin and its holders.
Also read:The number of transactions related to Litecoin peaked at 12,910 on 18 May. That matched a massive transaction volume of about 84.31 million transfers at a $70 average price. That equated to a $5.9 billion transaction volume.
Litecoin welcomed 18 May at $72.97 before plunging towards the $66.43 intraday low. Trading volume stood near $756.03 million, corresponding to a $4.67 market capitalization. That represented a 33% drop in Litecoin’s market value since 1 May.
Litecoin Price Action
Litecoin traded at $96.18 on 1 May, hitting the $106.81 monthly high on 4 May, testing a $55.33 monthly low on 12 May, and closed the month around the $68.41 value area. That meant a 26% plunge within the month.
Litecoin’s downturn mimicked struggles in the broad market. Factors that had LTC’s market cap sinking had bears riding the overall cryptocurrency space. While writing these lines, LTC traded at $45.90, dropping 7.43% within the past day. The alternative token lost more than 30% over the past seven days.
The global cryptocurrency market capitalization hovered near $1.04 trillion, following a 5.21% decline in 24 hours. Also, Bitcoin trades 6.62% down within the last day at $25,679.
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