Litecoin Drops Hard TodayS But Is Up 20% In The Last Month
While the rest of the crypto market was struggling, LTC enjoyed some sharp bullish momentum in the third leg of November, leading some to believe the “pre-halving rally” had begun for the crypto. But the first half of December proved disappointing as the coin mostly consolidated, and now in the last two days, the trend seems to have completely reversed as Litecoin has been rapidly going down instead.
At the time of writing, LTC is trading around $69, down 7% in the last 24 hours. The below chart shows how the asset’s price has changed in recent months.The rise in the coin's value during the last three months | Source:
As the graph displays, Litecoin was initially on the way up in early November and crossed $70. But then the FTX crash struck the market, and the coin’s price plummeted to a low of less than $50. However, unlike other big cryptocurrencies like Bitcoin and Ethereum, LTC quickly found its feet and started on a steady recovery.
In the third part of November, the coin rapidly blew up and shattered the peak seen just before the FTX debacle, ending the month in double-digit gains while the rest of the sector was deep in the red.LTC Slips Further Down The Market Cap List
During the recent consolidation, LTC lost its spot as the 12th largest crypto by market cap to Dai (DAI), and now with this latest drawdown, the coin has dropped even lower to 14th as Tron (TRX) takes over.
LTC market cap continues to drop | Source:Still, when compared to October’s end when Litecoin was 20th on the list, the coin’s current position is a major improvement.