Litecoin bounces off one-year high for the third consecutive session

Litecoin fell more than 1% or nearly $2 on friday to bounce for the third consecutive session off its highest since May 17, 2018, on corrective and profit-taking activity following a 13-month high of $144.88 on Wednesday, in the light of the market's pricing of the decreased mining incentive on the Litecoin by about a half starting from next August.

As of 05:16 GMT, Litecoin fell 1.52% to $128.95 compared to the opening of $136.27, with a low of $128.39, while its highest in today's session at $131.57, currently the market value of the fourth largest cryptocurrency is about $8.06 billion.

This week, Litecoin is still up by nearly 18% on its longest weekly gain streak in its history, after last week's longest weekly gains streak since late 2017, and with monthly gains of more than 18%, after offesting the losses incurred earlier this month on limited corrections.

Last week, Litecoin, whose market value exceeded the market value of the Bitcoin Cash, is now the fourth largest currency by value. Last month it gained 56% its best monthly performance since December of 2017, when it posted gains of more than 164% and reflected the best monthly performance ever, showing the longest monthly gains in two years.

We would like to point out that Litecoin has doubled its market value more than three times since the beginning of this year, showing the best performance among its peers of other cryptocurrencies, including the first cryptocurrencies in terms of market capitalization, Bitcoin, Ethereum and Ripple, while it's expected starting from next August 6, that the mining incentive for Litecoin will be cut from 25 units to 12.5, which will in turn reduce supply and thus raise prices.