Litecoin rallies 5% on active short-covering

Litecoin rallied over 5%, or $3 on Monday on short-covering after marking the third weekly loss in a row, and the largest loss last Thursday since September 5, weighed down by IMF's warnings that crypto assets represent risk to the global financial system. 

As of 05:24 GMT, Litecoin rose 5.31% to $55.370, with an intraday high at $55.490, and a low at $52.135. 

Last week, the International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system, contributing to the hammering of cryptocurrencies last week. 

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.