Litecoin was affected by the bearish movements that were recently experienced in the cryptocurrency market as its market cap crashed. Litecoin’s market cap was down by over 30% compared to what it was in the first week of May, wherein the digital asset was performing well. Litecoin’s market valuation was at $4.2 billion in the just-concluded month of May, a very disappointing figure.
Litecoin was one of the major cryptocurrencies that were badly hit by the blow of the crypto crash in May. The coin was down by 11.04% on Monday, the token’s most significant percentage loss so far. This massive loss made the coin’s valuation plummet to $3.012 billion. This is a tremendous loss, as the coin was once capped at a high of $25.609 billion. Although Litecoin traded between $41.200 to $48.300 in the last 24 hours, it has lost as much as 33.59% and traded at 0.75%, around $1.135B of the total crypto volume.
The coin, which recorded an all-time high of $420 on December 12, 2017, now trades around $48, an 89.83% loss compared to its highest value. Although it started May with a bang, recording a price of $96.17 with a trading volume of $592.41 million and a market cap of $6.98 billion on May 1, it also reached a monthly high of $106.80 on May 4. On May 12, it recorded a monthly low of $55.32 before closing the month at $68.41. The value of Litecoin now has shown how much the coin has declined compared to its opening and closing prices in May.
Like other cryptocurrencies, Litecoin is trying to recover by toughing it out in this crypto winter season. Many factors triggered this rupture last month. Inflation, economic and political circumstances, stock market crisis, and increased interest in precious metals such as gold and silver are some such factors.
Featured Image: Megapixl © Stevanovicigor
