Litecoin fared better than most cryptocurrencies during today’s market plunge, only losing 3.8 percentage points where most cryptos suffered bigger hits, according to coinmarketcap.com. Among the cryptos with more than a billion in market capitalization, only bitcoin outperformed Litecoin in the most recent 24-hour period, losing only 2.82 points.
Source: Coinmarketcap.com
Litecoin, the fourth largest crypto with $2.377 billion in market capitalization, traded at $45.77 today. Second place Ethereum, by contrast, lost 10.2 points and continues its downward trend. Ripple, the number three cryptocurrency, lost 14.3 points.
Only 10th ranked BitConnect, with $387.854 in market capitalization, fared better than bitcoin and Litecoin in the 24-hour period, only dropping 0.57 points.
Market Suffers A Big FalloutOn Monday, the total cryptocurrency market cap fell below $90 billion for the first time in July. This market cap evaporation continued on Tuesday, as the total value of all cryptocurrencies plunged as low as $77 billion, a number not seen since late May. At present, the market cap is $84 billion.
Litecoin as been surging since March, when it began climbing from $4.04 to $53.60 July 4. Litecoin crossed the $1 billion mark in market capitalization for the first time ever earlier this month.
Longer term, Litecoin has rode bitcoin and Ethereum’s post-March surge, jumping from $3.85 on March 13 to $53.60 on July 4, at which point it well outdistanced its prior record of $33.72 on Dec. 1, 2013.
The price had fallen as low as $1.33 in January of 2015 before climbing to $7.76 in July of that year before tumbling steadily until June 26, 2016, when it reached $4.00.
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