Litecoin dips below $50 after sustained bearish pressure

Litecoin price is currently under pressure after a significant amount of liquidation. Data from Coingecko shows that the price of LTC is down 1.4% over the past week and is currently trading at $49.89. The LTC/USD trading pair is currently facing resistance at $50.85, a break above this level could mean a price target of $51.50.

Litecoin is under heavy selling pressure

The Litecoin market has been very volatile over the past few days, with values rising and then rapidly falling again. After failing to sustain the $52 level, LTC price came under heavy selling pressure. The cryptocurrency's market cap is around $3.5 billion and the 24-hour trading volume is $113 million, according to Coingecko.

Aside from its functionality, LTC is currently of little use to investors as it does not bring meaningful returns to its holders. The altcoin's return on investment has plummeted over the past year, pushing most stats into the red.

Furthermore, of the millions of investors who buy LTC , only a few hundred thousand remain profitable. These investors bought their holdings at a price below the current market value of the altcoin. Those investors make up just 13%.

With Litecoin's market value also at an all-time low, it's not surprising that new investors are avoiding the asset.

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