Litecoin Side By Side With Bitcoin Would It Stand Strong For Long
The prices of Bitcoin and Litecoin appear to be very volatile. The crash of the Bitcoin market extended to the altcoin market as well which is evident by the fall in the prices of Litecoin. The blow to Litecoin was massive. The drop in the value of Bitcoins on Sunday lead to a steep decline in the value of Litecoins as well. The Litecoin price fell by 7%, taking down the market capitalization for the currency to $8 million in just one day. However, with the recovery in the prices of Bitcoins, the market capitalization of Litecoins also improved by 5%. That is why the knowledge of how to trade bitcoin is really important for those working with bitcoins or any other form of crypto currency.
Spike After Steep Decline
The price of Bitcoin recovered on Monday. The rise and improvement in the price of Bitcoin were followed by the improvement of the market capitalization of Litecoins which rose back to $-124 million. Litecoin prices did not improve as well as that of Bitcoin though. During the trading session on Monday, Litecoin took the start from 1,181,871 satoshis. The price of Ltecoinspiked briefly to as high as 1,192,311. But the spike was short-lived and the price declined steadily throughout the rest of the day. At press time, the price of Litecoin was 1,250,015 satoshis.
Is This the Beginning of a Negative Price Trend?
The decline that the Litecoin prices observed on Monday continued for two days. The price of Litecoin dropped by 3%, from 1,178,837satoshis to 1,144,512 between 4th October and 5th October. The weekly price climb for Litecoin has now been erased, and present, litecoin price is lower than it was a week ago. The prices of Litecoin have not surged like Bitcoin but have inched higher over the last weeks. This does not, by any means, mark a negative price trend for Litecoin.
Why Litecoin Appears to Be Struggling?
The reasons that lead to the downswing that the currencies experienced are not yet clear. However, one thing that is very clear is that while the USD exchange rate for Bitcoins was low, the investors wanted to take complete advantage of it. With a steady increase in the prices of Bitcoins, the improvement extended over to the Litecoin just like the blow to the prices did. Currently, Litecoin prices have not just been recovered, but they are higher than the prices that were before the minor crash occurred.
The struggle that Litecoin appears to be doing is not a new story. It has struggled in the past as it is struggling now. It was enduring a prolonged decline before the crash occurred. During early June, the prices of Litecoin soared to as high as $10 but by the end of July, the prices were down to $7. Litecoin has always been volatile and for now, it is enjoying a takeoff. The question is for how long would the flight stay in the air?