LiteCoin price weekly analysis: Rough around the edges
LiteCoin comes out of a tough January correction looking a little worse for wear.
- LTC shows market cap drop of over 43%
- More unconfirmed reports of LitePay
- Strong trading volume shields from further losses
LiteCoin (LTC) has weathered another tough week in line with the broader altcoin market. After sustaining days of relentless pressure LTC’s trading volume seemed to pick up, putting to bed fears of a more dramatic run.
The Sunday Express has reported that LitePay is on track for its stated February release. However, still no details have been released and significant challenges lie ahead in rolling out a payment system en masse.
Aside from that, online gambling provider Gamble.io has announced support for LTC payments across four of its operations. It is too early to say if these developments will continue for LiteCoin. But in an otherwise rough month of January, this is very welcome news to the LTC community.
LTC began trading the week at US$183.09 and shortly after on 29 January hit the week high of US$194.68, according to pricing data released by CoinMarketCap. The high was short-lived and was followed by a general sell-off.
After a long period of selling, the price trough occurred at a huge discount of US$107.38 on 2 February. LTC has since rebounded from those lows to close out the week resiliently at US$163.51
LTC seemed to be quite badly affected in terms of market cap. Starting out the week at around US$10.05 billion and soon after reaching a US$10.6 billion high LTC looked poised for an impressive week.
Unfortunately, the only thing that was impressive was the percentage of LTC from its weekly high. Reaching a low of US$6.02 billion, LTC shed a massive 43.2% of its total market cap.
Luckily, LTC has shown good resilience closing out the week to only be down 10.4% in terms of market cap from the week’s high.
LTC trading volume has gradually increased this week as the sell-off became entrenched in midweek trading. Starting the week between US$290 million and US$385 million LTC’s 24-hour trading volume stepped up as its price wore down.
In midweek trading LTC trading volume lunged to US$500 million but was not able to hold this intensity as it rebounded to around US$300 million. The week’s high in trading volume came shortly after the week’s price trough, reaching as high as US$927 million.
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