Litecoin's Price Drops Below $50 And Reaches Annual Minimum
The price of the Litecoin (LTC) cryptocurrency has dropped to an annual minimum of less than $50, losing 6.7% on Wednesday, September 12, according to the CoinMarketCap statistics.
At 10:34 (UTC), the seventh cryptocurrency in terms of capitalization in the world was being traded at $47.67, which is 8% less than its minimum figure recorded on September 22, 2017, when it was worth $49.08. At 17:45 (UTC), LTC began to restore its positions gradually, and the price increased to $52.81 at the time of the publication.
LTC became one of the most unprofitable cryptocurrencies among the top 10 CoinMarketCap leaders and lost 22.5% over the week, and the token lost 86% of the price since the record high of $355, set in December last year.
Almost all cryptos that occupy the first 50 positions of the CoinMarketCap rating are in a downward trend. For example, ETH, BCH, and XMR showed a decrease of more than 9% over the past 24 hours. Tether also lost 0.30% in the price, despite the steady growth during the week. At the same time, bitcoin is in the "green zone". It has increased by 0.69% in a day and is being traded at $6325. It is approximately $400 lower than the annual minimum, in the case of which the bitcoin's rating threatens to collapse the entire market again. Also, XRP (3.67%), XLM (7.71%), and DOGE (2.26%) show the price increase.
As previously reported, the bitcoin dominance index, which determined the degree of its popularity among users, has reached the maximum for the current year getting to 56.3%, while the whole crypto market continued to stagnate.