Litecoin’s Decline Explained by Broad Crypto Risk-Off Move, Not Specific Catalysts

Litecoin’s 3 to 3.5 percentage point drop over the last day is best explained by a broad crypto risk-off move led by Bitcoin deleveraging, not any Litecoin specific catalyst.

Bitcoin Deleveraging Dragged LTC Lower

The sharpest move in Litecoin lined up with a broader flush in leveraged crypto positions centered on Bitcoin.

Over the last 24 hours, Bitcoin is down about 2.4%, while Litecoin is down about 3.4% with the altcoin market cap down about 2.0%. This is consistent with LTC behaving as a slightly higher beta altcoin in a market wide dip. Detailed price paths show Bitcoin falling from roughly $85,982 to about $84,137 over 24 hours, while Litecoin…