Litecoin rallies 3% for first session in three on short-covering

Litecoin rallied 3%, or over $1 on Friday on short-covering after sustaining the heaviest loss yesterday since September 5 amid renewed pressures on crypto assets. 

As of 05:32 GMT, Litecoin rose 2.67$ to $52.836, with an intraday high at $52.773, and a low at $50.891. 

Litecoin is heading for the third weekly loss in a row under the pressure of new warnings by global financial institutions from the rapid growth in crypto assets. 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

The Path of Litecoin

Litecoin was first publicly offered in the first half of 2013 at only $3, marking record lows at below $1 in early 2015 before taking off on its long and spotted journey higher. 

The cryptocurrency pierced $100 for the first time on November 29, 2017, before scaling a record high at $370.78 on December 19, and plummeting back below $100 on June 12, then moving on to $$47.22 on September 12.