As the digital currencies suffered widespread declines, Litecoin [LTC] fell to its lowest in three weeks. The tailwinds stemming from the LTC hard fork seems to have faded away as it enjoyed some uptrend lately. It had dropped to $176.65 yesterday, before regaining its value today and now trading at $183 with a 2% increase in the past one hour at press time.
A Litecoin supporter on Twitter comments:
“Just wanna share my thoughts on #Litecoin community! We are Fucking awesome group. I don’t know of any alt coin community that is this STRONG! Guys just keep it positive, please keep all negativity out of our group. Remember we all have one thing in common that #Litecoin”
Litecoin and many other digital currencies have faced some crisis in trading activities. The low trading volumes make it more susceptible to the impact of negative news such as the recent Binance hack.
Litecoin is not the only one in red this week, all the major coins have been redlined today. The recent news shaking the cryptocurrency market can affect the prices further down the line as exchanges have to compulsorily register with the Security Exchange Commission [SEC].
This is what SEC stated recently:
“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
The world’s 5th largest cryptocurrency was solidly bid for a whopping $252 on Bitfinex earlier in February. The Litecoin Cash [LCC] hard fork was followed by the price crash to a low $178, while the Bull Run continues without being faltered.
The relative strength index [RSI] has also dropped down to less than 50.00 in the bearish territory which indicates a scope for further losses.
Despite these indications, Litecoin has been getting positive feedback from its enthusiasts.
Bread App, a Bitcoin wallet recently tweeted on their account:
“It is highly likely we will be adding Litecoin in the future!”
Another LTC trader, Christophe Hump also tweeted:
“I recently introduced a business colleague to Litecoin and the cryptomarket. He paid a part of his employees’ salary in $LTC and the millennial employees are saying YES in droves. Won’t stop spreading the good news till the world starts paying with litecoin[LTC].”
A cryptocurrency market skeptic and ghostwriter for tabloids in New York, Nathan Roule, says,
“I do not like the cryptocurrency markets, never invested, never interested. If I have to pick one token that has potential, it would be Litecoin. In case the banking systems go to shit then Litecoin definitely is that coin that will save the world”
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