Litecoin Price Holding Steady After Dip

price dipLast week, the litecoin price fell 11% amid widespread altcoin decline. Since then, the litecoin price has not improved--but it has not gotten worse either. The litecoin price maneuvered the ups and downs of the altcoin market to remain relatively stable from October 11-18.

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Litecoin Price Holding Steady After Dip

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.

Litecoin price October 18
The litecoin price has held relatively steady following last week's dip. The current litecoin price is 1,038,756 satoshis. Chart from CoinGecko.

In sum, the litecoin price remained fairly stable following the dip on October 13, ending the week less than 1% below where it began.

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Analysis

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.

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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.

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About the author

Josiah Wilmoth
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.

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