Litecoin price (LTC/USD) edges higher, but fluctuations hinder momentum

Litecoin price (LTC/USD) edges higher, but fluctuations hinder momentum

Litecoin struggled during the opening hours of yesterday’s session, as its price tumbled to an intraday low of $71.31. The coin spent the next few on a mostly upward trajectory, even though its advance was being slowed down by frequent downswings. During the early afternoon trading, Litecoin came within striking distance of the $75 mark, but wasn’t able to test that level in a meaningful way. The coin rose to as high as $74.57, before finishing the day at $73.60. Still, the close was higher than LTC’s opening level of $72.95.

Today Litecoin has seen more rocky trading, with its price swinging between gains and losses. In early trading, the coin tumbled to as low as $72.98, but then swiftly bounced back to reach an intraday high of $74.35. The coin has pulled back again in more recent trading and is currently trading at around the $73.70 mark, according to data from digital currency tracker Coinmarketcap.

Earlier this month, the Litecoin network performed a so called halving of mining rewards, which reduced the amount of LTC tokens given for mining a block to 12.5, from 25.

Earlier today, industry website Coindesk reported that Litecoin’s mining difficulty was at 11.40 million yesterday, lower than the 15.93 million recorded on August 4, the day before the halving. The mining difficulty is designed to automatically adjust every 2,016 blocks, or roughly every four days to ensure that a block is produced every 2.5 minutes. The network’s hashing power had fallen by 28% since the halving, Coindesk said, citing data from mining pool BTC.com

In today’s trading, the Litecoin price stood at $73.76, as of 14:36 BST. The digital currency has lost 0.3% of its value in the past 24 hours. The coin’s total market cap currently stands at $4.56 billion.

Featured image: Lukasz Stefanski / Shutterstock.com

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