Litecoin Price Fails to Rebound From Bitcoin Price Panic

litecoin logoSunday's bitcoin price panic caused altcoin market caps to evaporate and made most altcoin prices drop as well. The litecoin price bore the brunt of the market's wrath, falling 7% and dropping the Litecoin market cap by almost $8 million in a single day. However, the bitcoin price recovered, which in turn inflated many altcoin prices to previous levels. Nevertheless, although litecoin's market cap grew by 5%, its bitcoin trading pair price failed to recover.

Also Read: Bitcoin Price Decline Makes Altcoin Market Caps Bleed

Litecoin Price Fails to Rebound from Bitcoin Price Panic

Monday's bitcoin price recovery restored meat to the bones of altcoin market caps--most of whom had taken a huge hit during Sunday's bitcoin price panic. Litecoin, whose market cap dropped nearly $8 million during the trading frenzy, saw its market cap rise back to ~$124 million. However, the litecoin price did not have the same stroke of luck on bitcoin exchanges.

Daily Litecoin price October 6
Daily litecoin price chart from CoinGecko

The litecoin price began the day at 1,181,871 satoshis. Although it briefly spiked as high as 1,192,311, the price declined steadily throughout the day. At press time, the litecoin price was 1,250,015 satoshis.

Litecoin Price Decline Erases Previous Climb

Monday's litecoin price decline continued a two-day trend. From October 4-5, the litecoin price dropped from 1,178,837 satoshis to 1,144,512--a 3% drop. Consequently, litecoin's weekly price climb has been erased, and the litecoin price is now lower than it was a week ago.

Litecoin price October 6 2014
Weekly litecoin price chart from CoinGecko. The current litecoin price is 1,125,015 satoshis.

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Analysis

Movement like the current litecoin price trend is common in altcoin markets. However, the litecoin price has inched upward over the past several weeks, so investors should hope this does not mark the beginning of a negative price trend.

Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.

Images from Shutterstock.

Last modified (UTC): October 6, 2014 11:54 PM

About the author

Josiah Wilmoth

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.