Cryptocurrency deflation: Is Litecoin (LTC) headed for $50? Bitcoin to $5000?

At the time of writing, Bitcoin (BTC) is exchanging at around $6,421, marking a price depreciation of about 1.22% in the last 24-hours. The latest price dip opens the gates for a new weekly low. Bitcoin’s most recent price dip follows the decision by the US Securities and Exchange Commission (SEC) to postpone Bitcoin’s ETF or exchange-traded fund to the last week of September.

Apart from Bitcoin, other cryptocurrencies also suffered price slumps in the ongoing market loss. Ethereum lost roughly 15% of its value in the last seven days. At the time of writing, the second most potent crypto is exchanging at 357 US dollars, marking a new weekly low. From our observations, Ethereum has lost about 23% of its value over the last 4-weeks.

Altcoins are also not spared in the ongoing price depression in the market, the top 10 altcoins are in the red zone (except Stellar’s XLM), deprecating from 4% to roughly 12%. At the time of writing, Ripple (XRP), and IOTA are showing signs of significant loss, depreciating 2.85% and 7.99% respectively, followed closely by Litecoin (LTC).

Among the leading top 20 virtual currencies by market cap, Ethereum Classic (ETC) was the least hit coin losing only 0.02% of its value in the past 24-hours to exchange at 15.11 US dollars. Just a couple of days ago, digital currency exchange Coinbase came to the assistance of ETC, adding support on its platform, Coinbase Pro. And then, Robinhood, the commission-free virtual currency exchange platform, listed ETC as well. It seems those two good news waves are working in favor of the coin.

At the time of writing, the total market cap of all virtual currencies in the market stands at 236.7 billion US dollars. Down by almost 15 billion US dollars over the period of 24-hours.

Market Still Gloomy

Within the last couple of days, the virtual currency market witnessed a value depreciation of about 31 billion US dollars with Bitcoin leading the way. Often, after a major value drop, leading cryptocurrencies tend to record comeback rallies that immediately cover up the losses of the previous days.

However, the current market dip seems to be different from others. Bitcoin managed to record a mere 3% (which it seems to be losing again), falling short in making up for its losses it has incurred throughout the past few days.

Litecoin (LTC) Price Review

From the look of things, Litecoin (LTC) is expected to further depreciate with speculations rife that it might break the 60 US dollar support level. Litecoin might extend its declines to close the day at the $60 US dollar level against the US dollar.

Two days ago, Litecoin recorded steep declines in price below the $70 US dollar mark against the dollar showing signs of extended decreases that might lead to its prices to test the $50-dollar level. Following LTC recently drop of a high of $75.3 to a low of $61.06, the digital coin tested the 23.6 percent Fib retracement level, although the price values faced a lot of challenges near the $64 and $64 levels.

Crypto experts believe the next support level will be at $55, below which, the value of the digital coin might face heightened selling pressure. For Bitcoin though, there are fewer chances that it could go as low as $5000. As anything is possible in crypto space; it can go in future bear markets but probably won’t go that low as of now.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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