Litecoin settles higher for second day on short-covering

Litecoin rose nearly one percent, or $1 on Thursday off November lows on short-covering, after sustaining heavy losses recently as markets priced in regulatory risks in the US, and Saudi Arabia's warnings from dealing with or investing in cryptocurrencies.

Litecoin rose 1.03% to $54.918 as of 05:10 GMT, with a session-high at $55.585, and a low at $54.026. 

Cryptocurrencies overall took a respite from losses sustained earlier this week after Saudi Arabia reiterated warnings that trading cryptocurrencies is illegal in the kingdom amid a resurgence of promotions and ads for crypto trading. 

In other news that hurt sentiment in the market last week, the U.S. Securities and Exchange Commission (SEC) has delayed its final decision on requests to set up bitcoin exchange-traded funds to late September, in another development that upset crypto enthusiasts in the States. 

Conversely on the positive side, the World Bank has partnered up with the Commonwealth Bank of Australia to set up the world's first blockchain bond, which was priced by the markets as clear international support for the technology that underpins cryptocurrencies. 

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, moving on to $49.144 on Tuesday, August 14.