Benzinga – Litecoin (CRYPTO: LTC) is trading lower by 10.9% to $97.91 Monday afternoon. Shares of several altcoins are trading lower amid Bitcoin falling some 3% for the session.
Bitcoin is the largest and most dominant cryptocurrency in terms of market capitalization and trading volume. As a result, it often sets the tone for the entire cryptocurrency market. When Bitcoin experiences a significant price drop, it can shake investor confidence in the broader crypto market, leading to a sell-off across various cryptocurrencies, including Litecoin.
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Litecoin is also often seen as a “silver” to Bitcoin’s “gold” due to its similar technical features but with some differences, such as faster block generation times and a different hashing algorithm. Despite these differences, Litecoin’s value proposition is closely tied to Bitcoin’s performance, and if Bitcoin’s price…
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