The latest price of Litecoin (LTC) is going through a difficult period once again. After reaching $64.42 mark last week, LTC experienced losses once again. Most of these losses came on Friday afternoon, with Litecoin’s value dropping below $60.
Litecoin news revolves around a delicate balance
This newest price drop came as the coin lost momentum after reaching its three-week high. Saturday brought another small price surge that managed to bring LTC back to $60+, where it remained ever since. The struggle continued throughout the next several days, including Sunday, and even Monday.
Since the initial drop on Friday, most of Litecoin news has been following the struggle. Many have attempted to predict where the coin might go from here. Some believe that this is a beginning of a downward trajectory for LTC. Several nosedives that Litecoin has experienced already have not been very encouraging.
As always, there are optimistic coin holders who believe that this is only a minor bump on the road. They also claim that LTC will soon recover, and will even reach the $70 mark. Whether this can actually happen or not, still remains to be seen.
At the time of writing, Litecoin is balancing at $60.10, with a market cap of slightly more than $3.5 billion.
Recent Litecoin news brings positive development for the coin
The current Litecoin news is not very clear, and most investors are waiting at the edge of their seats to see what will happen next. Despite this, there were also some positive moves in the last few days. One of them includes LTC’s introduction to CoinText. This is a service that allows its users to send different cryptocurrencies by merely using mobile phone numbers.
CoinText allows users to send Bitcoin Cash, Dash, and even Litecoin, thanks to the recent decision. By doing this, CoinText aims to allow cryptocurrencies to reach even more people in an easy and interesting way.
— CoinText (@CoinText) September 30, 2018
In addition to this, recent Litecoin news also tells that the coin was added to an exchange called SFOX. This is an institutional-grade investment platform that is said to cater some larger investors. This includes investment professionals and even several institutions. The platform has listed only three currencies before the addition of Litecoin.
Litecoin’s Charlie Lee has greeted the move and has stated that the partnership will increase Litecoin’s liquidity. Even more importantly, it will expose LTC to institutional investors. Even SFOX itself is backed by many known investors, which confirms the quality of the company, its team, as well as its business model.
Clearly, Litecoin has had several big moves in the last few days. The new price struggle will likely result in the coin rising above the previous $64.42 milestone ultimately. At least, if optimistic predictions are to be believed. Judging from the new listings, there is certainly a possibility for these predictions to actually come true.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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