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Litecoin price (LTC/USD) edges lower on Thursday morning

Benson Toti

The Litecoin price (LTC/USD) has edged lower on Thursday morning amid nervous trading marked by frequent fluctuations.

The fifth-largest digital currency on the market had a disappointing session yesterday, as its price spent the better part of the day moving on a downward trajectory. Having opened the session at $69.18, the digital coin gradually fell to the lower $67 area, where its spent much of the afternoon trading. The coin did see a modest uptick in late trading, but after a brief spell above the $68 mark, it plunged to an intraday low of $67.06. LTC closed the session at $67.29, according to data from digital currency tracker Coinmarketcap.

Litecoin has continued to struggle in today’s morning session, as its performance has been marred by frequent, albeit minor, price fluctuations. The coin rose to as high a $67.56 earlier in the session, but has since dropped below the level of its Wednesday close.

Until recently, Litecoin had one of the most impressive recoveries this year. Having started 2019 at $30.46, the coin has enjoyed a remarkable rally, peaking at a 2019 high of $146.43 posted on June 22. However, a series of declines in recent weeks have eaten off a large part of its gains for the year.

As noted by industry website Coindesk, the Litecoin price declined by some 8% last week, which confirmed its longest streak of weekly drops since August 2018. The current four-week streak started after Litecoin’s halving of mining rewards, which had been one of the main catalysts for the preceding rally. The August 5 event saw the reduction of LTC tokens given for discovering a block on the Litecoin network to 12.5, from 25 previously.

In today’s trading, the Litecoin price stood at $67.25, as of 10:07 BST. The digital currency has lost 0.6% in the past 24 hours. The coin’s total market cap currently stands at $4.2 billion.

Featured image: Lukasz Stefanski / Shutterstock.com

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