The Litecoin price (LTC/USD) has seen a sharp drop on Friday, as part of a continuing corrective trend that followed the recent halving of LTC rewards.
The fifth-largest digital currency had a lacklustre session on Thursday, as it spent the better part of the day trying to defend the $90 mark. The digital coin experienced several drops during the session, especially in the afternoon, when its price fell to an 11-day low of $88.50. The coin eventually finished the session at $90.03, down from its opening level of $90.91.
LTC’s struggles have intensified since the start of today’s session, as the coin dropped to as low as $84.97 during the late morning trading. This was Litecoin’s lowest price level since July 17, according to data from digital currency tracker Coinmarketcap. While the coin’s performance has improved in the afternoon, its price remains stuck deep into negative territory. At the time of writing, the Litecoin price was hovering around the $86 level.
Litecoin’s has suffered a significant correction from this week’s high of $105.59, which came shortly after the halving of mining rewards on the LTC network. The event, which was triggered at block height of 1,680,000 on Monday, reduced the amount of LTC token awarded for finding a block on the network to 12.5, from 25, previously. The LTC price urged by more than 10% after the halving, but the digital currency wasn’t able to keep its gain for long.
Still, Litecoin has more than doubled its value this year and the halving has been one of the major drivers for that growth.
In today’s trading, the Litecoin price stood at $86.28, as of 15:05 BST. The digital currency has lost 3.5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at almost $5.5 billion.
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