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Litecoin Drops 87% Trading Volume In Q1 2022

The interest in cryptocurrencies continues to wane in 2022, as does Litecoin’s popularity. The trading volume of Litecoin was eight times lower in the first quarter of 2022 than it was in the first quarter of 2021. 

For example, the trading volume from January to March 2022 was around $82 billion, 87% less than in Q1 2021. In the first quarter of  2021, the trading volume was  $674.9 billion. Litecoin (LTC) trading volume crashed by more than $590 billion in quarterly comparison.

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The sharp decline in Litecoin’s value results from the negative crypto market sentiment. The price dropped 70% from its highest point, $412, attained back in May 2021.

LTC started the day in green with a 1.72 increase, currently trading at $102.37 | Source: LTC/USD price chart from Tradingview.com

The most popular stablecoin pair for Litecoin’s native LTC was the United State Dollar Tether (USDT) in the first quarter of 2022.

Litecoin Month Wise Comparison Of Trading Volume

January 2021 was the month of Litecoin, with a trading volume of  $284.52 billion. LTC hit a single-day high of $17.99 billion. But in January 2022, LTC trading volume dropped by 89%. The coin’s approximately trading volume was $31.48 billion, with a single-day high of $2.09 billion.

Similarly, February 2021 also performed well. The trading volume of Litecoin reached around $257.49 billion, with a single-day high of $16.57 billion. However, in February 2022, the coin performance dropped by 90% compared to Feb 2021. As a result, the single-day high of Feb 2022 was $1.68 billion. 

Litecoin saw a decline in trading volume in March 2021 compared to January and February 2021. The total trading volume for March was $132.91 billion, with a single-day high of $8.08 billion. LTC trading volume was $24.98 for March 2022 with a single-day high of $1.35 billion, 81% less than March 2021.

On January 1, 2022, Litecoin opened at $146.54. On January 2, the coin reached its quarterly high of $152.94. The closing of the first quarter was $123.72. Overall a 15% decrease in Litecoin’s opening and closing price in Q1 2022.

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For comparison purposes, on January 1, 2021, Litecoin opened at $124.67 per coin. On Feb 20, LTC reached its quarterly high of $245.96. The closing of the first quarter of 2021 was at $197.5. Litecoin performed well during the first quarter with a 58% spike. 

LTC $100 Support Is Under Attack

Litecoin has been trading down for most of the past year. In November, LTC was below $300 after it couldn’t stay above that level. The coin has been testing the $100 level since January. However, the overall sentiment in the crypto market is still bearish. This cryptocurrency has been making lower highs, which is a bad sign, but the $100 support zone is still holding.

There was a spike in activity in wallets holding more than $100k a week ago. That didn’t cause the price of Litecoin to go up, though. Instead, it stayed bearish and kept going down. Yesterday, the sellers failed to break below the $100 support level. That was a good sign. But today, the pressure is still bearish, so the digital asset might see a breakout to the downside.

Featured image from Pixabay and chart from Tradingview.com

 

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A Green Market Following Surge In Bitcoin-Ruble Trading Volume, Full Recovery Underway?

Bitcoin surged to $44,000 overnight on March 1 after a Monday rise produced surprising results. Bitcoin has gone on a tear in the last day or so, gaining over $6,000 and breaking beyond $40,000 for the first time since the Russian-Ukraine conflict began. The majority of altcoins saw significant gains as well, with Ethereum approaching $3,000 and Terra erupting by 20%.

Bitcoin See Trading Volume Rise

BTC/USD reached $44,250 before stabilising, according to data from TradingView, and was remained above $43,000 at the time of writing.

Analysts had been struggling to predict what Bitcoin price movement will do next against a highly uncertain macro backdrop, a mindset that persisted as local highs surfaced.

The bitcoin market was impacted by Russia’s decision to conduct a special military campaign against Ukraine. Bitcoin was trading about $39,000 before plummeting $5,000 to just over $34,000 on a monthly basis.

When the West announced that it would not become directly involved in the conflict, BTC began a rapid recovery and regained all of its lost value in hours. Furthermore, the asset continued to rise and was even challenged for $40,000 a few days later.

Crypto liquidations chart. Source: Coinglass

While initially unsuccessful, the asset was able to reclaim that desired level yesterday, according to reports. It rose further, reaching $44,000 for the first time since February 17, resulting in nearly $300 million in holdings liquidated, according to CoinGlass.

Yesterdays #BTC trade we took with the group.

Didn't expect it to run that hard tbh. Would have raised TP probably because I think it can do 1 more leg up before some correction. Red box was for the entire move, now 1 more (smaller) leg to go imo.

Nice, quick profit 👍 pic.twitter.com/1suDz8pk7p

— Crypto_Ed_NL *not asking to send DM's* (@Crypto_Ed_NL) March 1, 2022

Pentoshi, a well-known trader and analyst, predicted that even more triggers would be added to the macro mix in the month of March.

He told his Twitter follower:

“Want to state, March is a month of massive variables,”on the day. So I think day to day approach is best. There is a lot going on in the world right now. It’s anyones guess. I’m leaning towards yearly open still, but after that it’s wait and see.”

Despite taking a more bullish stance in February, he stated that he “did not see coming” the amount of Bitcoin’s quick rise.

BTC/USD surges to $43k. Source: TradingView

Apart from the ongoing Russia-Ukraine conflict, the Federal Reserve of the United States is expected to make a decision on key interest rate hikes later this month. The consumer price index (CPI) data for the United States is due on March 10.

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Altcoins On Green

Altcoins, meanwhile, went all-out on the offensive. Ethereum has risen by 11% and is now trading at $2,900. It’s worth mentioning that when the battle broke, the second-largest cryptocurrency dropped all the way to $2,200.

Binance Coin is up 12% and now trades at over $400. Ripple, Cardano, Solana, Avalanche, Polkadot, Dogecoin, and Shiba Inu are also doing well.

Terra, with a gain of about 20%, is the most significant gainer among the larger-cap alts. As a result, LUNA is trading at $90.

Waves (40 percent), THORChain (24 percent), NEAR (22 percent), Theta Network (18 percent), NEO (16 percent), Fantom (16 percent), JUNO (15 percent), Oasis Network (15 percent), and a slew of other coins have all pumped their prices.

Since yesterday, the crypto market valuation has increased by nearly $200 billion, and it now stands at $1.9 trillion.

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Featured image from Pixabay, Chart from TradingView.com, and CoinGlass