Due to the bearish trend in the crypto market, the trading volume of Litecoin in the first quarter of 2022 was eight times below that of the first quarter of 2021.
Investor interest in cryptocurrencies continues to wane in 2022 and Litecoin is one of the coins that has been hit hardest. According to Be[In]Crypto Research, Litecoin trading volume recorded during the first quarter of the year was around $82 billion.
This was an 87% drop in the trading volume recorded between January and March of 2021 of approximately $674.92 billion.
The dip in trading volume highly reflective of the crypto market
The negative crypto market sentiment has caused Litecoin to drop 70% from its all-time high of $412 attained in May 2021.
United States Dollar Tether (USDT) was the most-traded stablecoin pair for Litecoin’s native LTC asset in the first quarter of 2022.
In January 2021, Litecoin’s trading volume was in the region of $284.51 billion with a single-day high of $17.99 billion. In January 2022, LTC’s trading volume was approximately $31.48 billion and had a single-day high of $2.09 billion.
In February 2021, Litecoin’s trading volume was around $257.49 billion with a single-day high of $16.57 billion. In February 2022, LTC trading volume was in the region of $25.53 billion and had a single-day high of $1.68 billion.
In March 2021, Litecoin’s trading volume was approximately $132.91 billion with a single-day high of $8.08 billion. In March 2022, LTC trading volume was in the region of $24.98 billion and had a single-day high of $1.35 billion.
LTC price reaction
Litecoin opened on Jan. 1, 2022, with a trading price of $146.54, reached a quarterly high of $152.94 on Jan. 2, and closed the first quarter of the year at $123.72. Overall, there was a 15% decrease between Litecoin’s opening and closing price in Q1 2022.
For the sake of comparison, Litecoin opened on Jan. 1, 2021, with a trading price of $124.67, reached a quarterly high of $245.96 on Feb. 20, and closed the first quarter of 2021 at $197.50. Overall, there was a 58% spike in the opening and closing price of Q1 2021.
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