The broader crypto-electronic money market has suffered a sharp fall recently, but the drop in Litecoin is even worse.
According to CoinMarketCap, alternative protocol assets that closely resemble bitcoin technology fell to $ 188.09 today.
At this price level, Litecoin has dropped about 50% from its all-time high of 375.29 U.S. dollars in December, according to CoinMarketCap.
[Editor’s Note: Investing in cryptoconins or tokens is highly speculative and most of the market is unregulated. Anyone considering it should be prepared to lose all their investment. ]
“The city corrects”
Explaining Litecoin’s recent downturn, many analysts underline the decline in cryptocurrencies.
Charles Thorngren, CEO of Noble Alternative Investments, said: “The decline in Litecoin reflects the entire market.” We saw all the major players come back. ”
Jeff Koyen, chief executive of 360 Blockchain USA, made a similar suggestion.
“The entire encrypted market was slaughtered, right now,” he said, adding that “assuming tomorrow is not worse, today will be the darkest in history encrypted on Tuesday.”
Litecoin goes lower with Bitcoin
The price of both digital currencies often shows a strong correlation, a relationship first reported by CoinDesk.
This correlation has recently been halted, according to market analysis, provided by Alphablock, a hedge fund for intensive assets, focusing on ICO managing partner Milan Koch.
“Very similar” use cases
Mati Greenspan, a senior market analyst at social trading platform eToro, talked about the similarities between the two digital assets.
Greenspan said: “Litecoin and Bitcoin are particularly relevant because their use cases are very similar.
He added: “Both are classified as currency coins, which means their main purpose is to act as a value reserve and payment instrument.”
Maruane Garcon, Amulet’s managing director, provided a similar assessment, an encryption-to-crypto derivative platform focused on customer success and usability.
He stressed: “Litecoin has been considered the bitcoin’s money.
Disclosure: I own some bitcoin, bitcoin cash, and ether.