Crypto Markets Extend Losses, Litecoin Falls below $2

Cryptocurrency markets ploughed fresh 14-month lows, the recent string of losses being the worst since mid-November. Bitcoin (BTC/USD) fell as low

Cryptocurrency markets ploughed fresh 14-month lows, the recent string of losses being the worst since mid-November.

Bitcoin (BTC/USD) fell as low as $260 on BTC-e, bringing its total losses for 2015 to 17%, reached in less than five days. On Bitstamp and Bitfinex, BTC hit a low of $255. It is currently trading at $270 on BTC-e on more relaxed volume, suggesting that at least a slight bounce is in the making.

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As the selling reached a climax 24 hours ago, volume peaked to over 3,000 BTC ($80,000) per hour, its most active period since the aforementioned losses in November.

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Litecoin (LTC/USD) also posted steep losses, at one point hitting $1.90 during a freefall of over 12%. Litecoin had not traded below $2 since October 2013. It is currently trading at $2.09. At this low, Litecoin has shed 30% so far this year.

Paycoin, however, bounced by over 40% after suffering losses of over 80% during the previous five days.

In dollar terms, most other major cryptocurrencies are also trading lower, though by not as wide of a margin as yesterday. In bitcoin terms, most are relatively unchanged, perhaps a signal that the broader market will soon experience a reversal.

The LTC/BTC rate has climbed as high as 0.0078 after tanking to below 0.007 yesterday. The pair has shed as much as 19% in 2015 as litecoin has realigned with bitcoin and amplified its movements during major market moves.

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