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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.
Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…
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