Litecoin Price Falls Down to $75 LTC/USD After Reaching $94 Earlier in April
Litecoin (LTC), one of the most popular cryptocurrencies in the market, has experienced a price drop down to $75 after reaching $94 at the beginning of April. On April 21, several digital currencies dropped and registered large losses, including Bitcoin (BTC) and Litecoin. At the moment, it seems unlikely to see a continuation of this drop, and the market seems to be stabilized around the current prices.
Litecoin’s Bull Trend Takes A Pause
Litecoin was one of the best performing digital assets since the beginning of the year. The virtual currency moved more than 200% from $30 in January to $94 a few weeks ago. Since Litecoin bottomed in December 2018, the performance is even more surprising, registering a growth of 327% from $22 to $94.
On April 21s, Litecoin dropped more than 6% and reached $75 in some exchanges. In terms of BTC Litecoin has also fallen to 0.01454 BTC per LTC. A few days ago, LTC was traded close to 0.018 BTC.
Apparently, there is a large Bitcoin whale that is accumulating as many Bitcoin as possible. According to Philip Kennedy, a financial counselor and podcaster shared a Tweet in which he says that a large Litecoin whale accumulated 36% of the LTC mined per day.
Only 14,400 #Litecoin are mined per day. Wallet #6 just accumulated 36% of them. https://t.co/P9GIfSaQlj
— Phiłip Kennedy ₿&Ł🔑 (@KennedyFinance) April 21, 2019
Although this large buyer could be storing coins because he is expecting the price of the asset to grow, he could also be dumping the coins at a future date.
There are other experts that believe that Litecoin will keep its growth path and surpass $116 in the near future. That would represent an increase of over 54% from current prices.
It is worth mentioning that Litecoin could clearly increase in price in the near future because the digital currency will be experiencing a halving as soon as in August this year. After it, miners will be receiving 12.5 LTC rather than 25 LTC per block. If there are no large changes in the fundamentals behind Litecoin, increased demand for the digital asset would help it reach new price levels.
At the time of writing this article, Litecoin is the 6th largest digital asset. It has a market capitalization of $4.7 billion and each LTC can be purchased for $76.86 according to CoinMarketCap.