Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap

Keshav Verma

Last Updated: March 8, 2023 7:26 am

3 mins read

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Litecoin has been having a hard time recently, and it would appear that its struggles haven’t stopped yet as the coin has now dropped below Shiba Inu in terms of market cap.

Litecoin Has Taken A 15% Beating During The Past Week

While the last week has been red for most of the coins in the crypto market as the FUD due to the controversy around Binance’s Proof-of-Reserves has spread, LTC has taken an especially hard hit during the period.

At the time of writing, Litecoin is trading around $63, down 1% in the last 24 hours. Here is a chart that shows how the price of the asset has changed in the last five days:

The value of the crypto seems to have gone down recently | Source: LTCUSD on TradingView

As the above graph displays, it was only a few days ago that Litecoin was still above the $75 level. The coin had been consolidating between this level and $80 since the last week of November, but now this sideways trend seems to have fully broken down as the coin has rapidly dropped in value during the last few days.

The asset has now lost the $65 level, which means it has almost entirely retraced the gains of the 22 November rally. As it currently stands, LTC is down almost 15% during the past week. For comparison, Bitcoin and Ethereum are only down 1% and 4%, respectively, in the same period.

In terms of monthly returns, Litecoin holders are still in a profit of about 2%. The coin is still in the green for this period thanks to the strong November rally, which some thought would lead to a pre-halving bull run for the coin, as its halving, an event where its block production rate will be cut in half, is scheduled for next year. As it turns out, this rally wasn’t what some believed it would be, since LTC has already lost most of its gains.

LTC Is Now Below Shiba Inu (SHIB) In Market Cap

As a result of Litecoin’s recent sharp downtrend, the cryptocurrency’s market cap has rapidly gone down. Since its competitors haven’t seen losses to such a degree, LTC’s market cap has seen a relatively sharper decline, leading to it dropping spots on the top cryptocurrency list based on market cap.

The below table shows where the asset stands in the wider crypto market at the moment.

Looks like LTC is now only the 15th largest coin in the sector | Source: CoinMarketCap

Litecoin had recently dropped to 14th on this list, but its continued decline has meant that it has now lost the spot to meme coin Shiba Inu.

Featured image from Unsplash.com, chart from TradingView.com

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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