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Litecon Slips To Lowest Level Since Dec.8

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Wednesday, the price of Litecoin (LTC) fell to its lowest level since December 8, 2017.

Coindesk data shows the world's sixth largest cryptocurrency slipped to $94.95, reflecting a 74 percent decline from its all-time-high of $370, recorded on December 19.

The price of LTC suffered a depreciation of more than 6 percent in the last 24 hours.

And this year alone, LTC lost more than 60 percent of its value.

Interestingly, on December 20, Litecoin creator Charlie Lee announced that he had sold off all his holdings in the softcoin. And never since then Litecoin returned to its peak, but price continued to decline.

Litecoin's current steep loss of value is attributed to further selling pressure from the falling Bitcoin.

Bitcoin dropped below $6,500 on Tuesday to hit its 70-Day low and is currently trading at $6465.

In fact, other major cryptocurrencies are also flashing red. EOS, Ethereum, XRP, and Bitcoin Cash are among the major losers.

Depending on the duration of this current bearish crypto market, it is possible that LTC may suffer further losses, analysts say.

The last quarter of 2017 is regarded as the golden era of Litecoin, also known as the "digital silver" asset. From $53 in November, it made an almost 100 percent leap to peak at $104 for the first time In December.

by Joji XavierRTTNews Staff Writer

For comments and feedback: contact editorial@rttnews.com

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