
The world's sixth largest cryptocurrency, Litecoin, has hit the lowest levels since December 8th 2017. Its once praiseworthy value slipped to a pocket-sized $97.04, reflecting a staggering 74% decline in 6 months! The asset’s all-time-high at $379 was last seen in December, but statistics have shown that LTC lost more than 60 percent in financial worth since the beginning of this year. Charlie Lee, creator of the cryptocurrency has sold off all of his holdings in the meantime, and the price jumped back to $99.50 for a short period of time.
Major cryptocurrencies including Bitcoin, are showing negative trends and reports on leading exchange platforms are exhibiting even more declines. BTC fell to two-week lows near $6,431 on Wednesday, whereas BCH barely amounts to $843. Price decline has also hit EOS, a cryptocurrency token that operates as a smart contract platform for the deployment of decentralized applications. According to reports, the asset dropped by 10.33 percent in one day, whilst XRP, Ethereum and other cryptocurrencies recorded a decrease between five and eight percent on a 24-hour basis.
Interestingly enough, the total market capitalization of all cryptocurrencies dropped below $300 billion for the first time since April 12. The world’s largest digital asset has also lost integrity and continues to drop from January 2018. The charts have registered a decrease of more than $280 in a span of just two hours and if the trend persists, the next major support will come at $6,000.
Exactly who or what is causing deliberate destruction of crypto assets is not known, but ever since three major Internet giants banned crypto ads, the market has turned into a trading disaster. Add some conspiracy theories such as engineering and massive wrong use of Bitcoin and there you have it. Apparently, the largest BTC farm in China is responsible for damaging the asset’s value and Iceland is also looking to increase its mining capacities…
What’s your opinion?
Source:
“$97: Litecoin Price Hits Fresh 2018 Low”, coindesk.com, June 13th, 2018.
Ivanbet50
4 years ago
Litecoin was looking really promising luring all the small fishes in the market but you also know that crypto markets are really surprising and unstable.I think the big sharks went in and played a major role in this downgrade.
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Daniel Hughother
4 years ago
Yes, When i lived in Memphis everyone said "if you don't like the weather, wait a minute." I guess that applies to the fees also. Around the same time you are talkiing about I was planning a deposit about 2 days in advance. Because about 3:30pm cst every day the fee would drop to like 10-20 cents total. And I slid 2...
Yes, When i lived in Memphis everyone said "if you don't like the weather, wait a minute." I guess that applies to the fees also. Around the same time you are talkiing about I was planning a deposit about 2 days in advance. Because about 3:30pm cst every day the fee would drop to like 10-20 cents total. And I slid 2 deposits through. The third one was too late and got stuck for 3 days almost before it confirmed. It is terribly annoying to want to play and have it in your head "oh yeah Instant!" only to find out your .0005 btc you were gonna mess off is gonna cost .003 to transfer. You know, there is a group of casinos that are about to allow you to deposit in say BCH (3 cents transfer) or LTC (also cheap) and convert it to BTC for no charge to play with. ( After all, they shouldn't charge you because they really don't convert and send back to you, only allow you to play with that amount of another currency., THEN let you w/d whichever.. but i accept several of these currencies at my stores and it wouldn't be a problem for me and im on a smaller local tiny business level. So I would imagine they had it laying around anyways. )
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fredos386
4 years ago
Well Daniel i like the block chain technology and how bitcoin are great as for casinos i am canadian and with can't use skrill, neteller and such so everytime i would cash out it would take a week to get paid which is annoying... But with btc, it's instant. The only thing i hate about btc right now is how fees just go up...
Well Daniel i like the block chain technology and how bitcoin are great as for casinos i am canadian and with can't use skrill, neteller and such so everytime i would cash out it would take a week to get paid which is annoying... But with btc, it's instant. The only thing i hate about btc right now is how fees just go up like crazy for no reasons. There is no regulation to stop the madness so it can go like last christmans and then you need to pay 15-20$ for each transactions. So when i read text about how great it can be for poor countries and such for transactions i laugh a bit. Yesterday fees went from 21 cents to 2.88$+ for each transactions and for a low roller like me, it's a killer. Not that i don't gamble much but im more like the guy that will do lots of small bullet everywhere instead of everything in the same basket. Going 1-2 mbtc deposit with 21 cents fees is fine, but when the transaction fee cost more than the bonus that is added to my deposit, then i start to feel weird. But heh nothing is perfect i guess.
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Daniel Hughother
4 years ago
I agree with you fredos. The cryptos are NOT going anywhere, but they all are "promising" and "the best new crypto investment of 2018!", and that needs to stop. In the end, most don't make it, and the ones that do level out like any other currency. Personally, i love bitcoin, but I am ready for it to become more normal...
I agree with you fredos. The cryptos are NOT going anywhere, but they all are "promising" and "the best new crypto investment of 2018!", and that needs to stop. In the end, most don't make it, and the ones that do level out like any other currency. Personally, i love bitcoin, but I am ready for it to become more normal to use. As in, the general population sees it as fiat, rather than MAKE MONEY QUICK! Until that idea gets old, i think it will all kind of fluctuate like this.
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fredos386
4 years ago
While cryptos are amazing for some things, their insane value was pure speculation and massive worldwide bubble of crazy people wanting to get rich knowing full well they were betting on a line of codes and nothing more. The technology itself is free and available on google so the cryptos themselves are not worth much....
While cryptos are amazing for some things, their insane value was pure speculation and massive worldwide bubble of crazy people wanting to get rich knowing full well they were betting on a line of codes and nothing more. The technology itself is free and available on google so the cryptos themselves are not worth much. I don't think they will go flat 0$ anytime soon but the high prices we saw were just completly stupid and when you "invest" i'd say "bet" on a thing that produce no value whatsoever (compared to stocks and companies) then you must understand that the system need constant flow of new money just to keep it's value or even go up. So now that big markets banned btc and the big crazyness of the bubble is gone there is no new money so it slowly goes down. The only reason it didn't go way lower than that yet is that 1- most btc owners keep them hoping they will go back up. 2- many people buy btc when it dips hoping it goes back up etc. So the people that still believe are currently holding the thing a little but all these people made their money from the bitcoin going up so they are not people that provide new sources of money to feed the cryptos so it's just a matter of time now. They won't die, just be worth what they should a few hundreds tops but not 20,000$ USD for a darn line of code :P.
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Sydney
4 years ago
Hmm, few months ago I thought investing in Litecoin would have been good idea...After reading this article, I'm not so sure any more....
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Tweeksta
4 years ago
i tot the market predicted that cryptocurrency was only gonna get stronger? i guess not hey... goes to show how unpredictable it is
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Mojo Jojo
4 years ago
Any cryptocurrency will not stand forever, Bitcoin value will keep dropping in the next future and it will never hit to the top again. Litecoin never got my attention, to me other crypto currencies are just piggy bankers, they will vanish, it's only a matter of time. Greed will destroy everything, the Bitcoin farm in China...
Any cryptocurrency will not stand forever, Bitcoin value will keep dropping in the next future and it will never hit to the top again. Litecoin never got my attention, to me other crypto currencies are just piggy bankers, they will vanish, it's only a matter of time. Greed will destroy everything, the Bitcoin farm in China and Iceland are the greatest example of it. If more people lost interest in Bitcoin, it will also vanished into the obscurity.
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