Litecoin, along with other major cryptocurrencies, have been under selling pressure in the last few days. The cryptocurrency lost over 11 % of its value on Sunday. While Litecoin showed some signs of recovery on the first day of the week, gaining over 1% of its value, we are still far from any big bounce backs. In fact, some are predicting that the current support may be temporary, and the slide in price that started in late June may continue.
Market behaviour towards Litecoin is consistent with other major cryptocurrencies Bitcoin, Ethereum and Ripple. Bitcoin lost nearly 10% of its value on Sunday. Ethereum and Ripple lost about 15% and 10% respectively.
Litecoin is currently the fourth major cryptocurrency in terms of market cap. At the time of writing, LTC’s market price was $89.51. The currency has recently been in the news for its Halving, scheduled for August, and it partnership with American football team Miami Dolphins.
Litecoin’s halving is a much anticipated event. It’s likely that the halving will result in a decrease in LTC miners, as the rewards on the network for them are cut to half. Another possible outcome of the halving is an increase in price.
LTC creator Charlie Lee expects a price hike as well. In a recent statement on July 10 said that the, he said that the “halving should be priced in” because people have known about it for a long time, but investors associate halvings with price increases, so they may end up buying and driving the price up themselves.
LTC has also been in the news for its partnership with the Miami Dolphins. The Litecoin Foundation has announced that LTC is now the official cryptocurrency of the football team. The partnership will allow Miami dolphins fans to pay for tickets for the team’s 50/50 raffle with LTC and BTC.
The partnership with Miami Dolphins involves the use of Aliant Payments crypto gateway. The gateway helps users handle price volatility. It locks in the price of LTC or BTC at the time of sale and deposits USD, as noted by Jon Moore, merchant advisor for the Litecoin Foundation, in a tweet posted on Jul 14, 2019.
It’s an interesting week ahead for LTC and other majors, as we see the direction they take after the dramatic drop that ended last week.