Litecoin rebounds from year lows on limited short-covering

Litecoin rose over one percent, or $1 on Friday in Asian trade, heading for weekly gains and moving away from September 2017 lows on timid short-covering amid a violent selloff wave that continues to sporadically engulf cryptocurrencies this year. 

As of 05:12 GMT, Litecoin rose 1.50% to $55.214, with an intraday high at $55.819, and a low at $53.905. 

Both the US Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) cracked down on several scams in the crypto business, such as a hedge fund under the name Crypto Asset Management for selling securities under the false assumption of approval by the SEC. 

Otherwise, Litecoin Core recently released the new 0.16.2 update for Litecoin for the public after months of development and testing, with the new edition offering fixes to bugs and improvements in performance and some updates to translations, in turn buoying Litecoin modestly on Sunday. 

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 $49.144 in mid-August.