The curiosity in cryptocurrencies continues to wane in 2022, as does Litecoin’s recognition. The buying and selling quantity of Litecoin was eight instances decrease within the first quarter of 2022 than it was within the first quarter of 2021.
For instance, the buying and selling quantity from January to March 2022 was round $82 billion, 87% lower than in Q1 2021. In the primary quarter of 2021, the buying and selling quantity was $674.9 billion. Litecoin (LTC) buying and selling quantity crashed by greater than $590 billion in quarterly comparability.
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The sharp decline in Litecoin’s worth outcomes from the unfavourable crypto market sentiment. The value dropped 70% from its highest level, $412, attained again in May 2021.
LTC began the day in inexperienced with a 1.72 enhance, presently buying and selling at $102.37 | Source: LTC/USD value chart from Tradingview.com
The hottest stablecoin pair for Litecoin’s native LTC was the United State Dollar Tether (USDT) within the first quarter of 2022.
Litecoin Month Wise Comparison Of Trading Volume
January 2021 was the month of Litecoin, with a buying and selling quantity of $284.52 billion. LTC hit a single-day excessive of $17.99 billion. But in January 2022, LTC buying and selling quantity dropped by 89%. The coin’s roughly buying and selling quantity was $31.48 billion, with a single-day excessive of $2.09 billion.
Similarly, February 2021 additionally carried out properly. The buying and selling quantity of Litecoin reached round $257.49 billion, with a single-day excessive of $16.57 billion. However, in February 2022, the coin efficiency dropped by 90% in comparison with Feb 2021. As a end result, the single-day excessive of Feb 2022 was $1.68 billion.
Litecoin noticed a decline in buying and selling quantity in March 2021 in comparison with January and February 2021. The whole buying and selling quantity for March was $132.91 billion, with a single-day excessive of $8.08 billion. LTC buying and selling quantity was $24.98 for March 2022 with a single-day excessive of $1.35 billion, 81% lower than March 2021.
On January 1, 2022, Litecoin opened at $146.54. On January 2, the coin reached its quarterly excessive of $152.94. The closing of the primary quarter was $123.72. Overall a 15% lower in Litecoin’s opening and shutting value in Q1 2022.
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For comparability functions, on January 1, 2021, Litecoin opened at $124.67 per coin. On Feb 20, LTC reached its quarterly excessive of $245.96. The closing of the primary quarter of 2021 was at $197.5. Litecoin carried out properly through the first quarter with a 58% spike.
LTC $100 Support Is Under Attack
Litecoin has been buying and selling down for many of the previous yr. In November, LTC was under $300 after it couldn’t keep above that stage. The coin has been testing the $100 stage since January. However, the general sentiment within the crypto market remains to be bearish. This cryptocurrency has been making decrease highs, which is a nasty signal, however the $100 help zone remains to be holding.
There was a spike in exercise in wallets holding greater than $100k per week in the past. That didn’t trigger the worth of Litecoin to go up, although. Instead, it stayed bearish and stored happening. Yesterday, the sellers failed to interrupt under the $100 help stage. That was a very good signal. But as we speak, the stress remains to be bearish, so the digital asset may see a breakout to the draw back.
Featured picture from Pixabay and chart from Tradingview.com