Cryptocurrency

Litecoin falls by 1%, drops off 11-month high

2019-05-21 12:57:27 GMT (Economies.com)

Litecoin fell by over 1%, or $1 on Tuesday, reflecting its bounce for the fifth session in six off its highest since June 12th on profit-taking from its recent broad gains. Following reports about the new partnership between the Litecoin Foundation and the traveling website Travala and the launch of exchange-traded notes in Stuttgart Boerse, which added exchange-traded notes (ETN) based on the Litecoin (LTC). 

 

As of 05:31 GMT, Litecoin fell by 1.07% to $90.57 compared to the opening level at $91.89 after hitting a low of $89.48 and a high of $92.50. The sixth-largest cryptocurrency market value is currently about $5.58 billion.

 

Litecoin losses this week are around 5%, with losses occurring for a second consecutive session on corrections and profit taking after hitting its third straight weekly gain last week, with more than a 12% rise.

 

Meanwhile, Litecoin is still reflecting monthly gains of around 24%. Heading towards its fifth consecutive monthly gain, showing its longest monthly gains streak in two years, as risk appetite returns to investors regarding crypto assets this year, after the expanded losses of last year.

 

It's worth mentioning that Litecoin drew support from reports about the new partnership between the Litecoin Foundation and the traveling website Travala this week, which will enable cryptocurrency holders to save up to 40% of booking hotel reservation fees through LoafWallet app, which is a Litecoin wallet application on Android and IOS.

 

Litecoin also drew support earlier this week from the launch of exchange-traded notes in Stuttgart Boerse, the second largest stock exchange in Germany, which added exchange-traded notes (ETN) based on the cryptocurrencies Litecoin (LTC) and Ripple (XRP).

 

In the same context, the German bourse announced that the Swedish XBT Provider will issue four securities that will follow the prices of the Litecoin (LTC) and Ripple (XRP) in relation to the euro and the Swedish krona, as the trading services from buying and selling are available on the stock exchange.

 

It should be noted that ETNs are debt security traded on the stock exchange, such as ETFs, These services allow investors to speculate on these asset classes, Including cryptocurrencies without actually buying them directly.

 

We have also followed some reports earlier this month, saying that Litecoin intends to launch a demo wallet in cooperation with Cobo, following the reveal of its plans to cooperate with Cobo, encrypted cryptocurrency wallets platform, to create a device for users to secure their own cryptocurrencies. These demo wallets are made of water, fire and corrosion-resistant aluminum and my cost about $49.

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