Litecoin Plummets 10% in Market Rout

Litecoin, the 13th largest cryptocurrency by market capitalization, experienced a significant selloff on Monday, with its price falling by approximately 10%. This decline was part of a broader market downturn that saw the total cryptocurrency market cap drop by 8.5% during Asian afternoon hours.

The selloff in Litecoin was accompanied by a decrease in its market capitalization, which fell to around $11.5 billion, representing approximately 3.4% of the total cryptocurrency market cap. At its peak, Litecoin's market capitalization was over $28 billion.

Over the past seven days, Litecoin has seen a drop in value, losing around 12%. The volume of Litecoin traded in the twenty-four hours to time of writing was approximately $3.5 billion, or 2.8% of the total volume of all cryptocurrencies. It has traded in a range of $115 to $130 in the past 7 days.

At its current price, Litecoin is still down around 65% from its all-time high of $412.96, which was reached on December 19, 2017.

The selloff in Litecoin was not an isolated event, as other major cryptocurrencies also experienced significant losses. Bitcoin, the largest cryptocurrency by market capitalization, fell by around 6% to below $100,000, while Ethereum lost around 8% to below $3,100.

The market downturn was accompanied by a significant increase in bullish liquidations, with over $770 million in long positions being liquidated in the past 24 hours. This was the highest level of liquidations since January 18, 2024.

Analysts suggest that the selloff in the cryptocurrency market may be due to a combination of factors, including profit-taking by investors, concerns about regulatory risks, and a general risk-off sentiment in global financial markets. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate significantly in a short period of time.