{"id":512616,"date":"2022-12-16T08:45:11","date_gmt":"2022-12-16T13:45:11","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=512616"},"modified":"2023-03-08T07:26:24","modified_gmt":"2023-03-08T07:26:24","slug":"litecoin-rally-ltc-plunges-7-24-hours","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/litecoin\/litecoin-rally-ltc-plunges-7-24-hours\/","title":{"rendered":"End Of Litecoin Rally? LTC Plunges 7% In Last 24 Hours"},"content":{"rendered":"<p>Litecoin has observed a plunge of more than 7% in the last 24 hours, suggesting that the coin&#8217;s bullish momentum may have come to an end.<\/p>\n<h2>Litecoin Drops Hard TodayS But Is Up 20% In The Last Month<\/h2>\n<p>While the rest of the crypto market was struggling, LTC enjoyed some sharp bullish momentum in the third leg of November, leading some to believe the &#8220;<a href=\"https:\/\/shenyangcang.com\/news\/bitcoin-halving-stock-to-flow\/\">pre-halving rally<\/a>&#8221; had begun for the crypto. But the first half of December proved disappointing as the coin mostly consolidated, and now in the last two days, the trend seems to have completely reversed as Litecoin has been rapidly going down instead.<\/p>\n<p>At the time of writing, LTC is trading around $69, down 7% in the last 24 hours. The below chart shows how the asset&#8217;s price has changed in recent months.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-512619 aligncenter\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/12\/chart-17.png?resize=460%2C255\" alt=\"Litecoin Price Chart\" width=\"460\" height=\"255\"><\/p>\n<pre style=\"text-align: center\">The rise in the coin's value during the last three months | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/LTCUSD\/\" rel=\"nofollow\">LTCUSD on TradingView<\/a><\/pre>\n<p>As the graph displays, Litecoin was initially on the way up in early November and crossed $70. But then the <a href=\"https:\/\/shenyangcang.com\/news\/ftx-crash-triggers-major-selloff-in-solana-price-how-deep-will-sol-dive\/\">FTX crash<\/a> struck the market, and the coin&#8217;s price plummeted to a low of less than $50. However, unlike other big cryptocurrencies like Bitcoin and Ethereum, LTC quickly found its feet and started on a steady recovery.<\/p>\n<p>In the third part of November, the coin rapidly blew up and shattered the peak seen just before the FTX debacle, ending the month in double-digit gains while the rest of the sector was deep in the red.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/why-bitcoin-bearish-divergence-spell-doom-rally\/\"> Why This Bitcoin Bearish Divergence Could Spell Doom For BTC Rally<\/a><\/div>\n<p>LTC was consolidating this month after setting a peak above $80, but holders were optimistic as the coin&#8217;s halving, an event where block production would be cut in half, is scheduled to take place next year. Historically, halvings have usually had a bullish effect on the prices of cryptocurrencies due to supply-demand dynamics, as supply production is reduced by 50% following them.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/ethereum\/ethereum-active-addresses-highest-may-2021-eth\/\"> Ethereum Active Addresses At Highest Since May 2021, Good News For ETH?<\/a><\/div>\n<p>In the last couple of days, LTC has sharply plunged instead and has retreated below the pre-FTX peak. This could mean that the coin may have lost its recent bullish steam and that this may not have been the halving buildup run that some thought it would be. Though, even after this decline, LTC investors are still 20% in profit over the last month.<\/p>\n<h2>LTC Slips Further Down The Market Cap List<\/h2>\n<p>During the recent consolidation, LTC lost its spot as the 12th largest crypto by <a href=\"https:\/\/shenyangcang.com\/shiba-inu\/shiba-inu-decline-sinks-15th-market-cap-list\/\">market cap<\/a> to Dai (DAI), and now with this latest drawdown, the coin has dropped even lower to 14th as Tron (TRX) takes over.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-512618 aligncenter\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/12\/details.png?resize=460%2C150\" alt=\"Litecoin Market Cap\" width=\"460\" height=\"150\"><\/p>\n<pre style=\"text-align: center\">LTC market cap continues to drop | Source: <a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\">CoinMarketCap<\/a><\/pre>\n<p>Still, when compared to October&#8217;s end when Litecoin was 20th on the list, the coin&#8217;s current position is a major improvement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin has observed a plunge of more than 7% in the last 24 hours, suggesting that the coin&#8217;s bullish momentum may have come to an end. Litecoin Drops Hard TodayS But Is Up 20% In The Last Month While the rest of the crypto market was struggling, LTC enjoyed some sharp bullish momentum in the third leg of November, leading some to believe the &#8220;pre-halving rally&#8221; had begun for the crypto. But the first half of December proved disappointing as the coin mostly consolidated, and now in the last two days, the trend seems to have completely reversed as Litecoin has been rapidly going down instead. At the time of writing, LTC is trading around $69, down 7% in the last 24 hours. The below chart shows how the asset&#8217;s price has changed in recent months. The rise in the coin&#8217;s value during the last three months | Source: LTCUSD on TradingView As the graph displays, Litecoin was initially on the way up in early November and crossed $70. But then the FTX crash struck the market, and the coin&#8217;s price plummeted to a low of less than $50. However, unlike other big cryptocurrencies like Bitcoin and Ethereum, LTC quickly found its feet and started on a steady recovery. In the third part of November, the coin rapidly blew up and shattered the peak seen just before the FTX debacle, ending the month in double-digit gains while the rest of the sector was deep in the red. Related Reading: Why This Bitcoin Bearish Divergence Could Spell Doom For BTC Rally LTC was consolidating this month after setting a peak above $80, but holders were optimistic as the coin&#8217;s halving, an event where block production would be cut in half, is scheduled to take place next year. Historically, halvings have usually had a bullish effect on the prices of cryptocurrencies due to supply-demand dynamics, as supply production is reduced by 50% following them. Related Reading: Ethereum Active Addresses At Highest Since May 2021, Good News For ETH? In the last couple of days, LTC has sharply plunged instead and has retreated below the pre-FTX peak. This could mean that the coin may have lost its recent bullish steam and that this may not have been the halving buildup run that some thought it would be. Though, even after this decline, LTC investors are still 20% in profit over the last month. LTC Slips Further Down The Market Cap List During the recent consolidation, LTC lost its spot as the 12th largest crypto by market cap to Dai (DAI), and now with this latest drawdown, the coin has dropped even lower to 14th as Tron (TRX) takes over. LTC market cap continues to drop | Source: CoinMarketCap Still, when compared to October&#8217;s end when Litecoin was 20th on the list, the coin&#8217;s current position is a major improvement.<\/p>\n","protected":false},"author":542,"featured_media":512622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16897],"tags":[10,2777,87610,87615,87616,2828,2831],"class_list":["post-512616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-litecoin","tag-litecoin-bullish","tag-litecoin-bullish-momentum","tag-litecoin-plunge","tag-litecoin-rally","tag-ltc","tag-ltcusd"],"acf":[],"yoast_head":"\n<title>End Of Litecoin Rally? LTC Plunges 7% In Last 24 Hours<\/title>\n<meta name=\"description\" content=\"Litecoin has observed a plunge of more than 7% in the last 24 hours, suggesting that the coin&#039;s bullish momentum may have come to an end. Litecoin Drops\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shenyangcang.com\/news\/litecoin\/litecoin-rally-ltc-plunges-7-24-hours\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"End Of Litecoin Rally? LTC Plunges 7% In Last 24 Hours\" \/>\n<meta property=\"og:description\" content=\"Litecoin has observed a plunge of more than 7% in the last 24 hours, suggesting that the coin&#039;s bullish momentum may have come to an end. Litecoin Drops\" \/>\n<meta property=\"og:url\" content=\"https:\/\/shenyangcang.com\/news\/litecoin\/litecoin-rally-ltc-plunges-7-24-hours\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-16T13:45:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-08T07:26:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/12\/michael-fortsch-fYSVVQqiqPs-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keshav Verma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/keshavvarma29\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Keshav Verma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/shenyangcang.com\/news\/litecoin\/litecoin-rally-ltc-plunges-7-24-hours\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/shenyangcang.com\/news\/litecoin\/litecoin-rally-ltc-plunges-7-24-hours\/\"},\"author\":{\"name\":\"Keshav Verma\",\"@id\":\"https:\/\/shenyangcang.com\/#\/schema\/person\/bdb6d57b7ea5cc00981204795656d1a6\"},\"headline\":\"End Of Litecoin Rally? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/keshavverma29\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29\"],\"url\":\"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/\"}]}<\/script>\n","yoast_head_json":{"title":"End Of Litecoin Rally? LTC Plunges 7% In Last 24 Hours","description":"Litecoin has observed a plunge of more than 7% in the last 24 hours, suggesting that the coin's bullish momentum may have come to an end. Litecoin Drops","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/shenyangcang.com\/news\/litecoin\/litecoin-rally-ltc-plunges-7-24-hours\/","og_locale":"en_US","og_type":"article","og_title":"End Of Litecoin Rally? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"End Of Litecoin Rally? 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