Below $50: Litecoin Price Clocks 12-Month Low

The price of litecoin hit a 12-month low below $50.00 on Wednesday.

The world's seventh largest cryptocurrency by market capitalization sank to $47.67 at 10:34 UTC - its lowest price since September 22, 2017.

LTC was last seen at $49.08, down more than 8 percent on the day, according to CoinMarketCap.

Further, it is down 86 percent from its all-time high of $344 set last December.

Other cryptocurrencies are also reporting sharp losses today.

Ether, bitcoin cash and monero are all posting 24-hour losses above 9 percent.

Stellar lumens is currently the only cryptocurrency out of the top 50 showing a 24-hour gain, albeit a meager one of 0.02 percent - likely based on positive news flow in recent days.

The risk aversion is likely associated with bitcoin's 15 percent week-on-week drop.

The leading cryptocurrency's current price of $6,273 is just around $400 away from setting a new low for the year, which if surpassed, will likely drag down the rest of market with it.

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