FXstreet

Litecoin prices declined in September, amid profit taking and development concerns. Will the altcoin rebound in the coming months?



Litecoin prices declined in September, enjoying notable gains earlier in the month and then falling sharply as traders sold off the altcoin (cryptocurrency other than bitcoin). “After a meteoric rise in value this year, Litcoin has been consolidating in recent months due to profit-taking and the generally poor performance of crypto assets since July,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.

In addition, the digital currency markets suffered a “huge sell off” toward the end of September, which “caused a lot of people to dump a lot of tokens at that exact time,” said Tim Enneking, managing director of Digital Capital Management. Litecoin was “crushed” in this sell-off, which “affected every major token in the space,” he stated.

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