The Litecoin price (LTC/USD) has seen a significant pullback after setting a new all-time high in yesterday’s session.
The cryptocurrency, often referred to as the ‘silver to Bitcoin’s gold’, rose to $341.80 on Wednesday, a bit higher than the record of $341.72 it had set in the previous session. However, Litecoin was once again unable to maintain its momentum at those price levels and eventually closed the session at $302.60.
After trading sideways for most of today’s session, Litecoin fell below $300 in the early afternoon trading and then quickly dropped to an intraday low of $265.66. The cryptocurrency has found some positive momentum in more recent trading and is currently hovering around $285, according to data from Coinmaarketcap.
Litecoin’s remarkable run in the past week has prompted some prominent figures in the crypto-sphere to advise traders to be more cautious with their purchases. Among them, the coin’s creator, Charlie Lee, who felt that he needed to “reign in the excitement a bit”.
“Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy,” he said in a tweet on Tuesday.
Also on Tuesday, billionaire investor and avid Bitcoin supporter, Mike Novogratz, expressed doubts over Litecoin’s growth potential.
"I don't think it will have the same legs that bitcoin would. I would sell it here versus buying bitcoin," Novogratz said in a recent interview with CNBC.
In today’s trading, the Litecoin price stood at $286.24, as of 17:37 GMT. The cryptocurrency has lost 6.6% of its value in the past 24 hoursл
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.