Benzinga – Litecoin (CRYPTO: LTC) is buying and selling decrease by 10.9% to $97.91 Monday afternoon. Shares of a number of altcoins are buying and selling decrease amid Bitcoin falling some 3% for the session.
Bitcoin is the biggest and most dominant cryptocurrency by way of market capitalization and buying and selling quantity. In consequence, it usually units the tone for all the cryptocurrency market. When Bitcoin experiences a major worth drop, it might shake investor confidence within the broader crypto market, resulting in a sell-off throughout varied cryptocurrencies, together with Litecoin.
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Litecoin can also be usually seen as a “silver” to Bitcoin’s “gold” because of its related technical options however with some variations, comparable to quicker block technology occasions and a special hashing algorithm. Regardless of these variations, Litecoin’s worth proposition is intently tied to Bitcoin’s efficiency, and if Bitcoin’s worth falls considerably, traders might understand Litecoin’s worth proposition as weaker, resulting in a lower in demand and worth.
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