Litecoin (LTC/USD) resumed its fall today in wild trade, falling as low as $4.67 on BTC-e. It has since climbed back to $5.07 but the volatility appears to be far from over.
Its declines up to the $7 mark had been protracted over several weeks. But once it broke through its $6.65 support level, the floodgates opened. Total losses over the past 48h stand at a staggering 31%. The selling during this period has been characterized by two sudden, sharp drops separated by 24h of stability.
The low of $4.67, set minutes ago, was even below the $4.85 mark reached yesterday during a period of flash selling.
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Most other coins have also turned decidedly negative, although once again, Litecoin is among the hardest hit.
While Bitcoin has declined by another 3.5%, Litecoin’s selloff caused the LTC/BTC rate to fall to 0.0087- the lowest level since immediately prior to the multi-fold rise in crypto prices last November, when it traded at 0.0075. Recall that although Bitcoin has retained a large chunk of its gains from that rally, Litecoin has not. Therefore, we are approaching one of the lowest levels in the pair’s history.