Litecoin gains modest ground on track for second weekly gains

Litecoin tilted higher on Friday away from September 12 lows for the fourth straight session, with the cryptocurrency experiencing a timid short-covering period after a recent violent selloff.  

As of 05:53 GMT, Litecoin rose 0.30% to $56.818, with an intraday high at $57.517, and a low at $56.346. 

German finance minister Olaf Scholz doubted in recent remarks that cryptocurrencies are capable of replacing traditional money any time soon, even though he's not sure about "20 to 30 years" in the future. 

In China, the People’s Bank of China (PBoC) issued another warning to investors of the risks of Initial Coin Offerings (ICO) and trading cryptocurrencies overall, after issuing a full ban on trading them in September 2017. 

In the UK, lawmakers criticized the current state of the crypto business as "wild west", calling for tighter regulations to protect investors and prevent fraud and hacking. 

Additionally, Founder of Litecoin Charlie Lee spoke recently about the state of the market for both Bitcoin and Litecoin, expressing beliefs that the current bearish trend would prompt bargain hunters to become active because of how cheap crypto assets have become. 

He stated “I think it’s it’s always good to buy on the way down… That’s what I would recommend people to do… As long as you don’t spend money that you can’t afford to lose, I think that’s fine. I think it’s really bad for people who like mortgage their house, put all their money into a coin and then watch it drop like 80% but as long as you can afford to, I’d say spend some money buy some crypto it’s perfectly fine.”

The Path of Litecoin 

Litecoin was first publicly offered in the first half of 2013 at only $3, marking record lows at below $1 in early 2015 before taking off on its long and spotted journey higher. 

The cryptocurrency pierced $100 for the first time on November 29, 2017, before scaling a record high at $370.78 on December 19, and plummeting back below $100 on June 12, then moving on to $$47.22 on September 12.