On October 11, the litecoin price was still reeling from a weekly decline that had dropped the coin’s value from ~1,150,000 satoshis to 1,034,500. The decline continued until October 13, when the litecoin price dropped below 100,000 satoshis.
Luckily, that price floor was temporary. On October 14, the litecoin price began increasing, which it continued to do throughout the week. By October 15, the litecoin price had risen to 1,026,192 satoshis. It continued to rise, hovering around 1,04,500 satoshis for the next 48 hours. The litecoin price declined a bit on October 17 but recovered to its current price of 1,038,756 satoshis on the 18th.
In sum, the litecoin price remained fairly stable following the dip on October 13, ending the week less than 1% below where it began.
Somewhat surprisingly, Litecoin has failed to reclaim the second-place spot from Ripple, who passed Litecoin on the charts in late September. At press time, Litecoin had a market cap of $134 million, placing it third on the CoinMarketCap charts. Although litecoin is not the sexiest altcoin investment and has endured recent declines, it consistently remains among the most valuable coins on the market cap charts. Investors should consider litecoin a safe long-term hold–at least relative to other potential altcoin investments.
What do you think about the current state of the litecoin price? Comment below!
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.
Last modified: October 19, 2014 03:51 UTC