Litecoin Drops 87% Trading Volume In Q1 2022
April 28 2022 - 4:00PM
NEWSBTC
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. Related Reading | ApeCoin
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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. 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. Related Reading | Dogecoin Plummets
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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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