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Cryptocurrency flail: Litecoin price continues to slump

Cryptocurrency flail: Litecoin price continues to slump
[Photo: EivindPedersen/Pixabay]

The cryptocurrency Litecoin hit a seven-month low today, dipping to $84.39. According to Coindesk, the coin dropped by more than 13% over the last week, and is seeing its lowest market capitalization since December.

Litecoin was making headlines last year, when its price saw a huge surge in December. In a matter of days, the price jumped from a little less than $100 to nearly $340. Earlier this year, reports surfaced that criminals preferred using Litecoin to bitcoin. Since its initial spike, the price has fallen rapidly, with a few surges in the winter and spring. Now it seems to be in more of a free fall.

Other cryptocurrencies are also seeing some troubles. Ethereum and bitcoin have all seen huge drops, along with other coins as well. According to Coindesk, this is due to a risk-averse cryptocurrency market, which is only going to look worse as prospects continue to sour.

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