The Litecoin market cap crashed due to the bearish movement of the crypto market. Litecoin’s market cap was down more than 30% compared to its performance in the first week of May, with the digital asset in top shape. Litecoin’s market valuation closed last month at $4.82 billion; A disappointing number to say the least.
LTC was one of the cryptocurrencies that felt the shock on the eve of the crypto crash in May. The coin lost 11.04% on Monday, marking the most significant percentage loss the coin has seen so far.
Its market cap increased to $3.012 billion. For comparison, note that LTC has an all-time high market cap of $25.609 billion.
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Litecoin shaved 33.59% in TCV
Meanwhile, LTC traded between $41.200 and $48.300 over the past 24 hours. Litecoin’s value has also declined, with a drop of up to 33.59% and trading at 0.75% of the total crypto volume, or around $1.135B.
The coin fell 89.83% compared to its all-time high, in which it reached $420 on December 12, 2017.
Obviously, it started May with a bang at $96.17. LTC climbed to a trading volume of $592.41 million on May 1, equivalent to a market cap of $6.98 billion. The crypto asset also hit a monthly high that peaked at $106.80 or so on May 4.
LTC total market cap at $3.1 billion on the daily chart | Source: TradingView.com
It also tested and fell to a monthly low of $55.32 on May 12; and consequently fell to $68.41 at a trading price that ended May. The data shows that when you look at its opening and closing prices in May, there has been a huge drop in LTC.
LTC Hurt by Crypto Market Crash in May
LTC resorted to aggressive selloff due to market cap disequilibrium. Like other cryptocurrencies, it is making it tough in tough times. Several factors have triggered this breakdown, such as inflation, stock market crises, economic and political events, and increased interest in gold, silver and similar precious metals.
Huge transactions with LTC peaked at 12,910 on May 18, which equated to approximately 84.31 million transactions worth $70. This generally translates to a total transaction volume of $5.9 billion.
LTC opened on May 18 at $72.97, closing at an intraday low of $66.42. The trading volume shows a significant drop of 33% in the market value of the coin since May 1.
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Featured image from ITNext, chart from TradingView.com