The interest in cryptocurrencies continues to wane in 2022, as does Litecoin’s popularity. The first quarter of 2022 saw Litecoin’s trading volume eight times higher than in 2021.
In the example above, trading volumes from January through March 2022 were $82 Billion, which is 87% lower than those in Q1 2021. In the first quarter of 2021, the trading volume was $674.9 billion. Litecoin (LTC), the trading volume, fell by $590 million in quarterly comparison.
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The sharp decline in Litecoin’s value results from the negative crypto market sentiment. The price of Litecoin fell 70% from the peak point (412 USD) reached back in May 2021.
The most popular stablecoin pair for Litecoin’s native LTC was the United State Dollar Tether (USDT) in the first quarter of 2022.
Litecoin Month Wise Comparison Of Trading Volume
January 2021 was the month of Litecoin, with a trading volume of $284.52 billion. LTC reached a record $17.99 million in a single day. LTC traded volume decreased by 89% between January 2022 and January 2022. The coin’s approximately trading volume was $31.48 billion, with a single-day high of $2.09 billion.
Similar results were also seen in February 2021. The trading volume for Litecoin was around $257.49 million, and the single-day peak of $16.57 trillion. In February 2022 however, the performance of the coin dropped 90% when compared to February 2021. Therefore, February 2022’s single-day record was $1.68 Billion.
In March 2021, Litecoin’s trading volume fell by 5% compared to February 2021 and January 2021. With a single day high of $8.08 trillion, March’s total trading volume was $132.91 million. LTC volume trading was $24.98 in March 2022, with an 81% lower level of March 2021. It reached a single day high of $1.35billion at its highest point.
Litecoin was opened on January 1, 2022 at $16.54. The coin hit a quarterly record of $152.94 on January 2. It closed at $123.72. Overall a 15% decrease in Litecoin’s opening and closing price in Q1 2022.
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Comparatively, Litecoin was $124.67 per currency on January 1, 2021. LTC hit its quarter-high of $245.96 on February 20. Closed at $197.5 in the first quarter, 2021. Litecoin saw a 58% increase in its performance during the quarter.
LTC $100 Support Is Under Attack
Litecoin’s trading has been down most of the year. In November, LTC was below $300 after it couldn’t stay above that level. LTC has been testing the $100 mark since January. The overall sentiment is bearish in crypto markets. The cryptocurrency is making lower highs which is bad news, however, the $100 support zone still holds.
A week ago, there was an increase in wallet activity of more than $100k. That didn’t cause the price of Litecoin to go up, though. It remained bearish, and it continued to fall. Yesterday the sellers did not break through the $100 support. This was a positive sign. However, today’s pressure remains bearish so the digital asset may see a breakout.
Featured image by Pixabay, chart from Tradingview.com