LITECOIN dropped even further today just a week after the crypto token soared following the Litecoin Cash fork. So why is Litecoin dropping ahead of next week's Litepay launch?
By VICKIIE OLIPHANT
PUBLISHED: 12:09, Thu, Feb 22, 2018 | UPDATED: 12:20, Thu, Feb 22, 2018
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As of midday on February 22, Litecoin is down to $207.86 - a loss of 7.2 percent.
The token has fallen almost 20 percent this week, from highs of $253.90 as the coin follows a broader cryptocurrency low as all the major cryptos saw red on Thursday.
Charles Thorngren, CEO of Noble Alternative Investments, told Forbes he believed Litecoin was simply following the market lower.
He said: “The pullback in Litecoin is indicative of the general market pullback.
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But he also suggested today’s dip could be due to recent aggressive selling activity after Litecoin saw a massive price rise last week.
Mr Thorngren said: “From a trading standpoint, Litecoin could see a slightly higher percentage of selling due to the recent gains versus the broader market.
“When you look at the monthly chart Litecoin is still up 22 percent whereas Bitcoin is up at just under 1 percent and Ethereum is down 13 percent."
Marshall Swatt, a serial entrepreneur, added: “My feeling is that top cryptos, in general, are in the red today after peaking."
Litecoin priceGETTY
Litecoin price: Litecoin has fallen this week
Litecoin is just one of many of the major cryptocurrencies which are in the red today.
This morning, Bitcoin’s price is at $10,419 after sliding from a high of almost $12,000 on Tuesday.
Ethereum also plunged around five percent in the same time period, whilst Ripple has lost 20 percent of its value since last Saturday and could become worth less than $1.
Litecoin price news cryptocurrencyGETTY
Litecoin price: All major cryptocurrencies are in the red today
Litecoin price news cryptocurrencyGETTY
Litecoin price: The token has fallen almost 20 percent this week
When does LitePay launch?
Litepay is on track to be released on February 26, creator of Litecoin Charlie Lee said on Twitter.
The transaction processor was initially made public just before Christmas by the Litecoin Foundation.
It has been called a “game-changer for Litecoin” by Palwasha Saaim, a Research Analyst at Lombardi Financial.
She said: “It would allow businesses to accept Litecoin without worrying about price volatility.”
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