$97: Litecoin Price Hits Fresh 2018 Low

The price of litecoin, the world's sixth largest cryptocurrency by market capitalization, fell to a fresh 2018 low on Wednesday.

Data from Bitfinex shows the cryptocurrency slipped to $97.04 today - the lowest level since Dec. 8 in 2017, reflecting a 74 percent decline since its all-time-high at $379 seen on Dec. 19.

Further, the price of LTC is also reporting more than 60 percent depreciation since the beginning of this year.

LTC's price decline over the past several months also followed a notable remark by its creator Charlie Lee who stated in a Reddit post on Dec. 20 that he had sold off all his holdings in the cryptocurrency, as previously reported by CoinDesk.

As of press time, the price of LTC has bounced back to $99.50 - down 6.3 percent in the last 24 hours.

Other major cryptocurrencies are also flashing red.

Bitcoin dropped below $6,500 on Tuesday to hit its 70-Day low and is currently reporting a 3.8 percent decline on a 24-hour basis.

Others including ethereum, XRP and bitcoin cash are reporting at least five to eight percent decline on a 24-hour basis.

Of all cryptocurrencies dropped below $300 billion for the first time since April 12.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.