Despite defying yesterday’s bear market by recording slight gains, Litecoin (LTC) has once again fallen in line with the market, losing more than 10% in the last 24 hours.
Litecoin currently sits at just $65.46—down from its yesterday high of almost $73.00. As it stands, Litecoin is performing worse than any other of the top five cryptocurrency by market cap. At this value, LTC is worth just one-sixth of its all-time high of $391.41 achieved back in December 2017.
Unlike most other cryptocurrencies which saw their value gradually eroded since yesterday, LTC lost the bulk of its value in under 30 minutes, falling from $72 to $65. This appears to have taken place among a selling frenzy across the industry, with almost all altcoins losing value even faster than Bitcoin (BTC).
Today’s losses continue Litecoin’s three-month-long downtrend, with the cryptocurrency losing more than half of its value in this time, after falling from its 2019 peak of $142.76 on June 22. Whether LTC will continue to drop even further remains to be seen, but things are not looking good.
With its market capitalization now sitting at just $4.15 billion, Litecoin is just inches away from losing its spot as the fifth-largest cryptocurrency to Tether (USDT). Should LTC lose a further 1%, it will slip into sixth place behind the controversial stablecoin project. As Tether sucks up the cash in the market—as traders exit from risky cryptocurrencies to less volatile dollars—is this swap inevitable?