The current state of the cryptocurrency market reflects that the bulls are losing momentum to the bears as more coins and tokens are blinking in more red lights than in green. More precisely, using rankings from Coinmarketcap, more than 60 listed cryptocurrency are dwindling with losses ranging from 1%, 4% and 7% at press time.
BTC has also attained mild losses, bringing it down from $5300 to $5261 at the time of this writing. However, altcoins have been taking the bigger blow.
Meanwhile, the story is an extremely different one for LTC which has now gone on to reclaim the 5th spot from EOS. Within the past 24hrs, LTC crossed over to $83.20 at midday and clinched slightly lower.
While this back and forth has been ongoing since the past few months, this instance is certainly more promising than most of the previous ones. For one, LTC stands a fair chance of tying with BCH and possibly claiming the fourth spot.
At press time, LTC has the upper hand against both rivals. EOS being the weaker competitor did not only give way for LTC, but EOS has also declined by 0.8%, the market cap which was at $4.98 billion has also now dropped to $4.95 billion. This has already created room for LTC which is currently $7 million higher in market cap.
Although BCH’s current structure, in reference to the swiftness in which the coin skyrocketed makes it nearly impossible for LTC to penetrate through, its losses are continually piling up. With 3.88% in losses, BCH has now fallen below the $300 mark to trade at $298 at press time.
However, the market cap still seats firmly at $5.29 billion, $26 million higher than that of LTC. An LTC rally is certain to equalize this difference, but the possibility of this is dependent on the next 24hrs.