Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap


Litecoin has been going through a tough time recently, and it seems that its problems have not stopped yet, as the coin has now fallen below the Shiba Inu in terms of market capitalization.

Litecoin has taken a 15% beating over the past week

While the last week has been red for most coins in the crypto market like FUD due to the controversy surrounding Binance Proof of Reserves has spread, LTC has taken a particularly hard hit over the period.

As of this writing, Litecoin is trading around $63, down 1% in the last 24 hours. Here is a chart showing how the asset’s price has changed over the last five days:

The value of the crypto seems to have gone down recently | Source: LTCUSD on TradingView

As the chart above shows, it was only a few days ago that Litecoin was still above the $75 level. The coin had been consolidating between this level and $80 since the last week of November, but now this sideways trend seems to have been broken for complete as the coin has lost value rapidly over the past few days.

The asset has now lost the $65 level, meaning it has almost completely retraced the gains from the November 22 rally. As it currently stands, LTC is down almost 15% over the past week. For comparison, Bitcoin and Ethereum are only down 1% and 4%, respectively, in the same period.

In terms of monthly returns, Litecoin holders still have a profit of around 2%. The coin is still in the green during this period thanks to the strong rally in November, which some thought would lead to a pre-halving bullish trend for the coin, as its halve, an event in which its block production rate will be cut in half, is scheduled to take place next year. As it turns out, this rally was not what some believed it would be as LTC has already lost most of its gains.

LTC is now below Shiba Inu (SHIB) in market capitalization

As a result of Litecoin’s recent strong downtrend, the cryptocurrency’s market capitalization has been shrinking rapidly. Since its competitors have not seen losses to such a degree, LTC’s market capitalization has seen a relatively steeper decline, causing it to lose places on the list of top cryptocurrencies according to market cap.

The table below shows where the asset stands in the broader crypto market right now.

Litecoin Market Cap vs Shiba Inu

Looks like LTC is now only the 15th largest coin in the sector | Source: CoinMarketCap

Litecoin had recently fallen to 14th place on this list, but its continued decline has meant that it has now lost the spot to the Shiba Inu meme coin.

Featured Image from Unsplash.com, Chart from TradingView.com