The Litecoin price (LTC/USD) has managed to rebound after falling to a more than one-month low on Thursday.
The fourth-largest digital currency on the market suffered a major drop during yesterday’s morning session, which sent its price below the $100 mark for the first time since late May. The digital coin fell to a near seven-week low of $97.28 during the opening hours of the session. While the coin managed to recapture the $100 mark in subsequent trading, it finished the session at $102.64, down from its opening price of $108.57.
Litecoin had a slow start to today’s session, but it was able to defend the $100 level, even though it saw a couple of minor dips in early trading. LTC’s performance has since improved, allowing the coin to recoup some of its Thursday losses. The coin rose to as high as $106.28, before pulling back to slightly lower levels. At the time of writing, the Litecoin price was hovering around the $105 level, according to data from digital currency tracker Coinmarketcap.
Even with the latest correction, Litecoin has more than tripled its value since the start of the year. The increase has been largely driven by excitement over the upcoming halving of LTC mining rewards. The event, which is scheduled for August 5 will tighten the supply of LTC coins.
In other LTC-related news, the Litecoin Foundatin announced earlier today that Litecoin had become the “official cryptocurrency” of NFL team the Miami Dolphins.
“Launching for the 2019 NFL season, the collaboration with the Miami Dolphins gives Litecoin the ability to tap into one of the NFL’s largest and most passionate fan bases through in-game branding and advertising opportunities at Hard Rock Stadium, as well as inclusion across the team’s various online properties and digital content,” the foundation wrote in a blog post.
In today’s trading, the Litecoin price stood at $105.29, as of 12:42 BST. The digital currency has gained 2.8% in the past 24 hours.
Featured image: Wit Olszewski / Shutterstock.com
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