Litecoin price (LTC/USD): LTC loses fourth place following major correction

The Litecoin price (LTC/USD) has been overshadowed by a major competitor after seeing a significant price correction on Wednesday.

The digital currency experienced a couple of drops on Tuesday, with its price dipping below the $43 mark. However, the coin was able to recover in the final hours of the session and eventually finished in the red. LTC closed the session at $43.93, up from its opening price of $43.17.

Litecoin enjoyed some positive price action in today’s morning session, which allowed it to rise to as high as $44.51. However, the digital coin has lost all of its earlier progress due to a recent downward correction. At the time of writing, the Litecoin price was hovering around $43, according to data from digital currency tracker Coinmarketcap.

Litecoin’s shrp pull-back has allowed EOS to reclaim the position of the fourth-largest digital currency on the market. Litecoin had overtaken both EOS and Bitcoin Cash (BCH) by market capitalisation following its massive rally on Friday.

Some observers attributed last week’s rally to news that Litecoin the Litecoin Foundation has approached blockchain start-up Beam regarding the possible implementation of the privacy-focused Mimblewimble protocol. However, in a recent technical analysis piece, industry website Coindesk suggested that the coin’s gains might have been driven by investors, pricing in Litecoin’s upcoming mining reward halving, which is scheduled for August 8.

While the event, which will see the reward for discovering blocks on the Litecoin network dropping to 12.5 LTC, is still months away, investors may already be looking to take into account the upcoming reduction in Litecoin supply. Coindesk noted that a similar pattern had been observed in the months leading up to Litecoin’s first reward halving, which took place in August, 2015.

In today’s trading, the Litecoin price stood at $42.97, as of 13:29 GMT. The digital coin has lost 0.8% of its value in the past 24 hours.

For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.