- Litecoin Price Dropped Sharply Last Month
- Overall Huge Sell off Last Month Led People to Abandon Their Crypto Investments
The price of Litecoin declined in September. Although the digital asset enjoyed notable gains earlier in the month, it still fell sharply as traders engaged in a market sell-off. The cryptocurrency jumped by $80 as of September 18. This means it was up by 22% since the beginning of September. Now it dropped sharply at the end of the month. Roughly 35% from $80 to $51.84 on September 26.
September’s Loses Were Recovered to an Extent
Litecoin, which is frequently called crypto silver, recovered, bringing September’s losses to 12.4%. The digital asset suffered several price declines last month. Even after rallying by 500% between December 2018 and June 2019. The price of Litecoin rose ahead of the halving event back in August this year. At the time, the rate of supply of digital assets dropped by 50%.
Following the event, the coin’s price didn’t surge. This reportedly may have helped predict the event of notable losses in the coming weeks. According to Joe DiPasquale, who serves as the CEO of crypto hedge fund BitBull capital had this to say regarding Litecoin’s performance:
“After a meteoric increase in value this year, the price of Litecoin has been consolidating recently. This is due to profit-taking as well as the overall poor performance of digital assets since July this year.”
Overall Huge Sell off Last Month Led People to Abandon Their Crypto Investments
Additionally, the market had a “huge sell-off” by the end of September. This led many people to dump their tokens. This is the view of Tim Enneking, the MD of Digital Capital Management. Litecoin suffered serious losses in this sell-off.
The market sentiment surrounding Litecoin significantly fluctuated in the last month, according to data given by crypto analytics firm TheTIE.io. The co-founder of TheTIE.io Joshua Frank said:
“Litecoin’s daily sentiment has been extremely positive. On September 10 it peaked and remained positive throughout until the coin’s recent run-up. The positive sentiment began to drop and turn negative from September 22 which coincided with the beginning of a massive drop in price. Since the 25 of September, the market sentiment has recorded only a slight rebound.”
DiPasquale also noted that Litecoin is a lighter version of the number one token, Bitcoin. Although, with lesser transaction fees but faster confirmation times.
Litecoin (LTC) Price Today – LTC / USD
Name Price $173.73
The TheTIE.io co-founder added:
“In the last few years, Litecoin’s utility grew due to Bitcoin’s shortcomings. Naturally, when Bitcoin improves, Litecoin will become less relevant.”
“Add to this the fact that development has been slow and mining reward has been halved this year – people are losing interest in LTC,” claimed DiPasquale.