Benzinga – Litecoin (CRYPTO: LTC) is buying and selling decrease by 4.4% to $98.68 Wednesday afternoon. Shares of a number of altcoins are buying and selling decrease amid Bitcoin falling some 6% over the trailing week.
Bitcoin holds the place of the most important and most influential cryptocurrency, dictating market traits as a result of its excessive market capitalization and buying and selling quantity. Value fluctuations in Bitcoin can have an effect on investor confidence within the broader cryptocurrency market, probably triggering sell-offs in different cryptocurrencies like Litecoin.
See Additionally: Bitcoin ETFs Traded $111B In March: 2 New ETFs May Imply The Motion Will get Even Wilder
Litecoin is often in comparison with Bitcoin as “silver” to Bitcoin’s “gold” as a result of related technical options however with some distinctions like quicker block technology and a unique hashing algorithm. Nonetheless, Litecoin’s worth is carefully linked to Bitcoin’s efficiency. If Bitcoin’s value drops considerably, buyers may understand Litecoin as much less helpful, leading to diminished demand and value.
See Additionally: Bitcoin, Ethereum, Dogecoin Dip Amid Excessive Promoting Strain: Analyst Says King Crypto Will Not See Highs ‘Until $69K Breaks’
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