Litecoin tanks, Falls below $3 to 13-Month Low
Litecoin (LTC/USD) suddenly entered freefall during the past 8 hours, dropping by over 12% to as low as $2.97 on BTC-e.
Excluding a bizarre flash crash to $2.21 on July- a freak incident at a time when the going rate for LTC was near $8- it is LTC's first time breaking through $3 in 2014 and its lowest level in over 13 months.
Today's steep drop came without warning. LTC had been hovering, in a seemingly nonthreatening manner, in the $3.35-$3.40 range. However, a closer look illustrates a number of factors that likely contributed:
- LTC had been uncharacteristically flat during the past two months, which at the time suggested that a bottoming process may be in the works. That all ended last week when LTC did finally break into new 2014 lows.
- 8 hours before the crash, LTC touched another low of $3.32.
- Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) has also broken into multi-week lows. While LTC has shown a recent habit of decoupling from BTC's movements, it still remains faithful during extreme times, often amplifying its progenitor's moves.
There has thus been a significant build-up of unspent selling pressure, unreleased until catalyzed by a prick in the latest bubble and sufficient momentum to motivate sell orders from traders looking to get out of the market.
At the height of the drop, only minutes ago, volume peaked at over 30,000 LTC ($90,000) per hour- a level not seen in over a month.
LTC's extreme behavior relative to BTC's translates into an LTC/BTC rate that has crashed back through the psychologically significant 0.01 level to 0.0092, challenging one-month lows.
Litecoin (LTC/USD) suddenly entered freefall during the past 8 hours, dropping by over 12% to as low as $2.97 on BTC-e.
Excluding a bizarre flash crash to $2.21 on July- a freak incident at a time when the going rate for LTC was near $8- it is LTC's first time breaking through $3 in 2014 and its lowest level in over 13 months.
Today's steep drop came without warning. LTC had been hovering, in a seemingly nonthreatening manner, in the $3.35-$3.40 range. However, a closer look illustrates a number of factors that likely contributed:
- LTC had been uncharacteristically flat during the past two months, which at the time suggested that a bottoming process may be in the works. That all ended last week when LTC did finally break into new 2014 lows.
- 8 hours before the crash, LTC touched another low of $3.32.
- Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) has also broken into multi-week lows. While LTC has shown a recent habit of decoupling from BTC's movements, it still remains faithful during extreme times, often amplifying its progenitor's moves.
There has thus been a significant build-up of unspent selling pressure, unreleased until catalyzed by a prick in the latest bubble and sufficient momentum to motivate sell orders from traders looking to get out of the market.
At the height of the drop, only minutes ago, volume peaked at over 30,000 LTC ($90,000) per hour- a level not seen in over a month.
LTC's extreme behavior relative to BTC's translates into an LTC/BTC rate that has crashed back through the psychologically significant 0.01 level to 0.0092, challenging one-month lows.