- Analyst Explains Why Litecoin Recorded 50% Dip Since June?
- Litecoin Continues To Face Challenges Amid the Bear Market
Litecoin News Update- Litecoin is regarded as crypto-asset other than bitcoin. The prices of this token frequently followed those of the top cryptocurrency. Recently, this pattern was broken as Litecoin prices made a sharp dip from their 2019 high. The token, which is struggling with other challenges suffered significant losses.
Litecoin Price Analysis – Litecoin Plunges After Bull Run
Late last month, Litecoin dipped to as low as $62.65, over 55% fall from its price in June. According to data from CoinMarketCap, the token had traded at $146.43 then. Within the last few days, Litecoin traded between $70 and $80 as revealed by CoinMarketCap figures. Despite its recovery, the token’s current price is still below its 2019 high. Investors in cryptocurrency should be prepared to risk losing their entire investment. Such an investment is highly speculative. Besides, the crypto market is largely unregulated. However, analysts have pointed out several factors that may be responsible for the digital currency decline.
Profit-taking was cited as the major cause of Litecoin plunge. The crypto- asset recorded over 375% increase when it rose from $30 at the beginning of 2019 and hit nearly $150 in June. In less than six months, the digital asset outperformed the broader market that rose to over 200%. Litecoin recorded these gains before the halving that occurred on August 5.
According to Joe DiPasquale, the CEO of BitBull Capital, a cryptocurrency hedge fund manager, news of the halving triggered the increase in Litecoin prices. He revealed that the trader booked profits after the uptrend. The senior market analyst for the social trading platform eToro, Mati Greenspan also attributed Litecoin’s surge at the beginning of the year to halving news. However, he pointed out that the market trend has reversed now and the token has recorded losses.
Dave Hendricks also supported their claims. The co-founder and CEO of Vertalo, a digital asset management platform added that people took advantage of the LTC surge to make profits. He pointed out that unlike bitcoin and ethereum, Litecoin has fewer developers and devoted followings.
Litecoin (LTC) Price Today – LTC / USD
| Name | Price |
|---|---|
 | $0.00 |
A chart provided by TheTIE.io revealed that the sentiment surrounding LTC on social media has grown weak lately. The data showed the relationship between the LTC market capitalization and its 30-day average tweet volume. The co-founder of TheTIE.io, Joshua Frank, pointed out that the LTC’s tweet volume and the market cap peaked simultaneously in June. However, a down of over 50% has been recorded after the highs in June.
Challenges Contributed to LTC Recent Decline
Previously, LTC was regarded as the silver to Bitcoin’s gold. Its price movement had followed bitcoin’s but difficulties facing the digital asset have caused the pattern to change. DiPasquale noted that the August halving failed to trigger a further increase in LTC price. Also, reward reduction has prompted miners to start leaving the network, contributing to the decrease of the token’s rate.
Marouane Garcon, the managing director of Amulet, a crypto-to-crypto derivatives platform, revealed that fears of losing the investment in LTC contributed to the decline of the token. According to Garcon, Charlie Lee, the creator of LTC made a statement that changed people’s perspective about the token earlier this year. Lee has stated that no one is willing to develop Litecoin.
