The price of litecoin (LTC), the world's sixth largest cryptocurrency by market capitalization, fell to a fresh 2018 low on Wednesday.
Data from Bitfinex shows the cryptocurrency slipped to $97.04 today - the lowest level since Dec. 8 in 2017, reflecting a 74 percent decline since its all-time-high at $379 seen on Dec. 19. Further, the price of LTC is also reporting more than 60 percent depreciation since the beginning of this year.
LTC's price decline over the past several months also followed a notable remark by its creator Charlie Lee who stated in a Reddit post on Dec. 20 that he had sold off all his holdings in the cryptocurrency, as previously reported by CoinDesk.
As of press time, the price of LTC has bounced back to $99.50 - down 6.3 percent in the last 24 hours.
In fact, other major cryptocurrencies are also flashing red. For instance, bitcoin dropped below $6,500 on Tuesday to hit its 70-Day low and is currently reporting a 3.8 percent decline on a 24-hour basis.
EOS also dropped by 10.33 percent within a day, making it one of the major losers among top 10 cryptocurrencies by market capitalization. Others including ethereum, XRP and bitcoin cash are reporting at least five to eight percent decline on a 24-hour basis.
Meanwhile, the total market capitalization of all cryptocurrencies dropped below $300 billion for the first time since April 12.
Falling coins image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
85% Of Canadians Are 'Aware' Of Bitcoin, Says Bank of Canada
The number of Canadians who own bitcoin nearly doubled over the course of a year, according to the results of a newly-published survey by the Bank of Canada.
Dubbed the Bitcoin Omnibus Survey (BTCO
Shanghai Stock Exchange: New Regulation 'Crucial' to Clear Way for DLT
Shanghai Stock Exchange (SSE), one of the world's largest securities trading venues by market capitalization, is eyeing the use of distributed ledger technology (DLT) in the securities market.
Cartier Owner Richemont Plans to Track Diamonds With Blockchain
Richemont, the Swiss luxury goods giant that owns Cartier, is turning to blockchain in a move aimed to bring transparency to its supply chain.
Jin Keyu, a renowned economist and an associate profes
Bank of Queensland Rules Out Crypto Purchases With Mortgage Funds
An Australian retail bank has revised its contract terms to prohibit borrowers from using loans such as mortgages to purchase cryptocurrency.
According a report from Australia Finance Review on Thu
Litecoin, Bitcoin Cash Are Latest Crypto Additions to Robinhood Investing App
U.S.-based mobile stock trading app Robinhood has added two new cryptocurrencies to its no-fee trading service.
The company said in an announcement on Thursday that litecoin and bitcoin cash have b
IT Giant Fujitsu Is Launching a 'Ready-to-Go' Blockchain Service
IT giant Fujitsu is launching a new consultancy service that it claims will deliver a "ready-to-go" minimum viable product in just five days.
According to The Register, prices for the service start
Binance Exchange Backs First-Ever Decentralized Bank in Malta
Binance, one of the biggest cryptocurrency exchanges in the world, is reportedly among a number of investors backing a decentralized bank to be launched in Malta.
Bloomberg reported Thursday that B
Report: More Than Three-Quarters of ICOs Were Scams
About half of the existing crypto-asset market today – numbering some 1,500 – functions on top of an existing blockchain like ethereum, according to a new report.
The study from Satis Group, which