The bearish crypto market movement triggered a crash in the Litecoin stock market cap. Litecoin’s market cap was down by more than 30% compared to its performance in the first week of May wherein the digital asset was in top shape. The Litecoin market value closed at $4.82 Billion in the month before; a disconcerting number, to be sure.
LTC was among those cryptocurrencies that suffered the brunt of the May crypto crash. The coin was down by 11.04% on Monday, dubbed the token’s most significant percentage loss by far.
The market capitalization of the company plummeted to $3.012 million. For comparison, note that the LTC’s highest market cap by far is at $25.609 billion.
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Litecoin Saves 33.59% on TCV
LTC has traded in the last 24 hours between $41.200 and $48.300. Litecoin’s value has declined by as much as 33.59%. The cryptocurrency traded at 0.75% (or around $1.135B) of its total volume.
Comparable to the all-time high of $420 on December 12, 2017, when it was at its highest, the coin fell by 89.83%.
The market opened May at $96.17. LTC surged to $592.41 Million in trading volume on May 1, equivalent to $6.98 Billion market capital. Also, the crypto asset reached a peak monthly at $106.80 on May 4.
Source: TradingView.com| Source: TradingView.com
Also, it tested at $55.32 for a monthly low and fell to $68.41 at the end of May. LTC prices have dropped dramatically when we look at their May opening and closing prices.
LTC Hit By Crypto Market Crash in May
LTC attempted to sell off aggressively due to market cap instability. It is battling through rough times, just like other cryptocurrency. Inflation, stock market crises, political and economic events have all contributed to this crisis.
LTC transaction volumes reached their peak on May 18. 12,910 was the equivalent of approximately 84.31,000,000 transactions at $70. This amount generally corresponds to a transaction volume totaling $5.9B.
LTC was opened at $72.97 on May 18, and closed at $66.42. Since May 1, the trading volume has shown a dramatic decline in market value by 33%.
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Featured image taken from ITNext. Chart from TradingView.com