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Litecoin Price: LTC Holds Bearish Stance as Silvergate’s Crisis Deepens
Litecoin price has been in the red for the past few days amid uncertainty in the crypto market. LTC has slipped by more than 7% in the past week but remains 25% higher in the year to date. Despite several pullbacks in the crypto market, Litecoin has been among the best-performing altcoins this year. Litecoin currently ranks as the 13th largest cryptocurrency after Polkadot and ahead of TRON.
Crypto Outlook
Things have not been looking good for cryptocurrencies over the past few days prompting the digital assets to inch lower. Statistics by Coinmarketcap show that the global crypto market cap has been on a downward trend for the past few days, dropping to $1.02 trillion.
Bitcoin led the losses in the crypto market, dropping to the $22,000 zone. Being the largest cryptocurrency by market cap, its decline saw most altcoins follow suit, wiping out some of the gains made since the beginning of the year. Altcoins such as Ethereum, BNB, XRP, Cardano, Dogecoin, and Solana, among many others, recorded steep declines.
The recent bearish sentiment in the crypto market is due to the recent fall in Silvergate’s shares. The Californian bank said that it had been evaluating its ability to survive as a going concern. Silvergate Capital announced on Friday that it had decided to suspend the Silvergate Exchange Network, its crypto payment network, a few days after the bank raised concerns about its viability.
Several crypto companies said that they would no longer accept or initiate payments through the bank’s network including Coinbase, Galaxy Capital, Bitstamp, Paxos, and Circle. Being the go-to bank for cryptocurrency-related businesses, a potential bankruptcy at the bank could be bad for the broader crypto market.
Litecoin Price Analysis
The daily chart shows that the LTC/USD pair was trading in a bearish market on Monday. At the time of writing, Litecoin price was down by 3.19% at $87.06. Over the past day, LTC’s total market cap has slipped by 3.38%, while the total volume of the altcoin traded inched 7% higher.
It is moving below and above the 50-day and 200-day exponential moving averages, respectively. It is also moving below the 50-day but above the 100-day moving average. Its Relative Strength Index (RSI) has moved below the neutral zone, pointing to increased selling pressure.
Therefore, I expect the Litecoin price to continue falling in the short term before staging a comeback. The next key support levels to watch will be $80 and $73.70. On the flip side, a move past the 50-day moving average will invalidate the bearish view.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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