Litecoin falls by over 5% in an hour, as crypto market cools down

At press time, Litecoin held a market cap of $8.2 billion i.e., 2.4% of the entire market cap. Litecoin declined by 5.5% in an hour and cranked up to a value of $131.3. The silver crypto recorded a 24-hour trading volume of $5.96 billion of which 6.8% was contributed via the trading pair LTC/USDT at CoinEgg.

Prior to the decline, Litecoin’s price had soared, posting significant gains. However, the rally which drove its peer cryptos valuation was short-lived as the fourth largest cryptocurrency by market cap spiraled down significantly over the past hour.

Litecoin 1-hour chart:

Source: TradingView

As the halving approached, Litecoin projected a strong bullish bias. Over the past seven months, Litecoin posted gains of more than 300% and with halving almost a month away, the digital asset majorly recovered, retaining its fourth position. Despite losing over 5%, LTC bulls have managed to hold the coin strong and was currently focussed above the $130 level.

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