Litecoin rebounds from 17-month low on short-covering

Litecoin rose nearly four percent, or over $1 on Monday away from June 2017 lows on limited short-covering after sustaining heavy losses recently. 

As of 06:49 GMT, Litecoin rose 3.87% to $32.768, with an intraday high at $32.839, and a low at $31.483. 

Litecoin is still heading for the seventh monthly loss in a row, marking the longest such streak since the first half of 2015 after tumbling 26% last week, the worst weekly performance since March. 

Cryptocurrencies are experiencing an overall exodus of cash and investments, instigated partly by uncertainty surrounding Bitcoin Cash, which led the decline last week. 

Last Wednesday, International Monetary Fund head Christine Lagarde suggested on global central banks and their respective governments the possibility of issuing their own digital currencies to make them more stable and controlled and accessible for all sectors instead of the current mayhem in that market. 

Lagarde believes that payments through digital currencies would be instant, safe, and cheap, and while they would be anonymous, central banks will keep a database of all payments, cutting out fraud and money laundering operations. 

The Path of Litecoin

Litecoin was first publicly offered in the first half of 2013 at only $3, marking record lows at below $1 in early 2015 before taking off on its long and spotted journey higher. 

The cryptocurrency pierced $100 for the first time on November 29, 2017, before scaling a record high at $370.78 on December 19, and plummeting back below $100 on June 12, before marking 14-month lows this week at $31.535.