The entire cryptocurrency market is having a rough week with the prices of all the top fifteen cryptocurrencies were dropping in a small margin.
The entire market is being dominated by the bears all week long. At the beginning of the week, Litecoin [LTC] was trading around $160 on 9th May and after a week the prices have dropped by $20.
The market’s bearish drama has been in play for more than a week with reference to Litecoin. LTC is currently trading at $139.78. The price of Litecoin has been constantly falling against the dollar at a rate of 4.17% in the last 24 hours.
The traditional chart analysis of the cryptocurrency market has been disappointing investors, traders and cryptocurrency market enthusiasts in general due to the bearish nature of the market. Analysts still haven’t yet reached a stage where they can predict how the market of Litecoin is going to behave.
Litecoin is still in the 6th position in the market with a total market capitalization of around $7.9 billion. Litecoin has enjoyed the limelight with the latest collaboration with the major players in the industry.
Last week a few cryptocurrency trading exchanges have listed on their respective platforms. ABRA has declared free trading of Litecoin on their platform as testing is underway. Native Litecoin and USD wire transfers are also possible on their platform.
Winklevoss Brothers’ Bitcoin Exchange have also listed Litecoin on their platform along with Zcash [ZEC] and Bitcoin Cash [BCH]. Litecoin has become compatible with the Blocknet Protocol which enables it to function in a decentralized application, dApps would allow payments in LTC for another currency or vice-versa.
Litecoin was gaining a lot of momentum online with two campaigns for the promotion of the Litecoin and adoption of the coin by the general public. The names of the two campaigns were #paywithlitecoin and #litecoinacceptedhere, and enhanced the social media traffic of the coin significantly
James a cryptocurrency enthusiast has tweeted:
“The bear market is going end soon, at least I hope #Litecoin’s prices go up!”