In the latest downturn in crypto markets, Litecoin (LTC/USD) has resumed its tracking and magnifying of bitcoin price action. Falling to $2.80 today, its percentage-based decline over the past week exceeds that of bitcoin.
The latest moves translates into a sharp drop in the LTC/BTC rate, which fell earlier to 0.00888 – its lowest point since the late August volatility.
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LTC/BTC’s 50-day moving average today slipped below 0.01 for the first time in at least two years, breaking previous lows set in early October. The new reality of depressed Litecoin prices may be an indication of market apathy for the coin, with technologies embracing smart contracts and decentralized exchange seemingly offering greater value.
The pair convincingly fell below its MA 48 hours ago after hovering near it for one week, and is now trading 10% below the level – its biggest offset in 3 weeks.
This week’s tumble has also sent Litecoin’s market to below $100 million for the first time since prior to its run-up during November last year.