Litecoin Price Tanking
The litecoin price declined consistently throughout 2014 and has continued to fall during January. As recently as June, the litecoin price exceeded $10. During the past month, the litecoin price declined from $3 to $1.40–an alarming decline for one of the industry’s most prominent coins.
As this OKCoin chart demonstrates, the litecoin price has declined more than 50% in the last month alone.
Litecoin Price Linked to Bitcoin Price
Connor Black, CEO of digital currency service Harborly, told CCN he believes the litecoin price decline is a by-product of the bitcoin price downtrend. Even though litecoin’s largest trading pair is USD, bitcoin’s vastly superior market cap (among cryptocurrencies) governs the direction of the litecoin price.
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