Cryptocurrency

Litecoin slumps 7% on track for first loss in five sessions

2019-02-11 13:25:26 GMT (Economies.com)

Litecoin fell over 7%, or $3.36 on Monday on rapid profit-taking after marking a gigantic 40% profit last week following the announcement that Litecoin is partnering with Beam to develop new protocols that would enhance privacy. 

 

As of 05:28 GMT, Litecoin slid 7.06% to $44.243, with an intraday low at $44.157, and a high at $47.651. 

 

Litecoin marked four consecutive weekly gains before trimming monthly profits this week, which are still standing at over 39%, and after marking the first monthly profit in nine in January. 

 

Otherwise, Litecoin adopted a new logo with a blue color to replace the main silver design, in order to reflect "confidence" and "speed". 

 

Litecoin marked ten monthly losses 2018, marking also the longest losing streak since the first half of 2015. 

 

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, before marking 1-1/5 year lows recently at $22.54. 

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