What is happening to crypto? Cardano (ADA), Stellar (XLM), and Litecoin (LTC) all suffer losses on the crypto market today.
There are more coins down than up at the moment; however, there also aren’t any major losses across the board. Dentacoin (DCN) has experienced the greatest percentage loss currently, losing 12.77% in the past 24 hours. With no major threats hovering over crypto at the time, such as recently announced regulations, the loss in the overall market may be due to a general correction.
Cardano is currently selling for $0.314623, putting the coin down 5.64% in the past 24 hours.
Cardano was trading fairly steadily until about the end of the day Tuesday when it dropped off suddenly to $0.321688. The coin has been declining since. Cardano’s market cap, currently $8.2 billion, and its US dollar price have been riding the same wavelength for the past 24 hours.
Stellar is currently selling for a little more than Cardano at $0.340354. XLM is down 4.86% in the past 24 hours.
Stellar’s decline has been slightly more gradual, dropping below $0.34 before briefly recovering above $0.34 and ending in a final correction to its current selling price. From here, it looks as though Stellar may continue to decline throughout the rest of the day.
Litecoin is currently selling for $207.18, putting the token down 4.40% in the past 24 hours.
Litecoin’s decline looks, at this time, to have leveled off. At this point, LTC could go in either direction – recovering its losses, or dropping off more.
The next couple of days could be very important for Litecoin. LitePay has officially launched, a successful move forward by the LTC team. This should translate into major gains for LTC, yet this isn’t what we’re seeing. This is likely because shortly after LitePay’s launch, Litecoin announced that the Litecoin visa card had to be delayed. The delay is said to be due to the “hostile actions” of card companies against cryptocurrencies.
Having access to a Litecoin visa card would have allowed users to directly spend their LTC at participating retailers as well as give them direct access to their funds from their LitePay wallet. Not getting the Litecoin visa card substantiates a large blow to LTC and this may be affecting its price.
At the moment, LitePay doesn’t seem to be paying off. Now we can only wait and see if the system will start paying off in the long-term. The potential is there; what is missing right now is the backing.
Featured image: NeuPaddy