Litecoin Prices Fell Last Month As Profit Taking Drove Losses

Litecoin prices declined in September, enjoying notable gains earlier in the month and then falling sharply as traders sold off the altcoin (cryptocurrency other than bitcoin).

The digital currency, which is very similar to its digital sibling bitcoin, climbed to nearly $80 on September 18, up more than 22% since the start of the month, before falling roughly 35% from that point to $51.84 on September 26, CoinMarketCap data shows.

The cryptocurrency, which has frequently been called the silver to bitcoin’s gold, then recovered, bring September’s monthly loss to 12.4%, additional CoinMarketCap figures reveal.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Notable Losses

The digital asset suffered some declines last month, after rallying more than 500% between December 2018 and June 2019.

Litecoin prices rose ahead of the halving in August, during which the rate of new supply of the digital currency was reduced by 50%.

Following this event, the cryptocurrency failed to rally in price, which may have helped precipitate notable losses in the subsequent weeks.

“After a meteoric rise in value this year, Litcoin has been consolidating in recent months due to profit-taking and the generally poor performance of crypto assets since July,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.

In addition, the digital currency markets suffered a “huge sell off” toward the end of September, which “caused a lot of people to dump a lot of tokens at that exact time,” said Tim Enneking, managing director of Digital Capital Management.

Litecoin was “crushed” in this sell-off, which “affected every major token in the space,” he stated.

Changing…

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