Litecoin (LTC) has had a rough patch during the second quarter of the following year when EOS took its place as the fifth-largest currency only to have Stellar (XLM) additionally surpassing LTC in the ranking list by the market cap as well.

Despite the negative trends in the market that robbed Litecoin for its spot among the top five cryptocurrencies, during the last week, LTC managed to jump above the value of 60$ that way motivating the community.

In the meanwhile, the dev team behind Litecoin announced that the new version Litecoin Core 0.16.2 is officially released.

However, despite the fact that the team has made some important updates, LTC plummeted below the price of 60$, now touching the value of 54$ per one Litecoin.

Litecoin Core Version 0.16.2 Officially Released

On September 8th the team behind the 7th largest currency, Litecoin, has announced that the new version of Litecoin Core called 0.16.2 is officially released.

Although Litecoin has shown an immense progress during the previous week while touching the value of 60$ and even going above in what appeared to be a decent bull run, the currency soon plummeted despite the new releases to the system.

The team behind Litecoin didn’t make pomp out of this occasion as they have only shared the news about the release in one of the recent posts on their official Medium page as well as on Twitter.

In the announcements that Litecoin team shared, the team representatives described the new version 0.16.2 as a minor addition to the system updates where numerous bug fixes are added to improve the overall performance of the network.

The team also added in their announcement that the new version of Litecoin Core also comes with performance improvements in form of new additions to the system besides from bug fixes and several new features.

Litecoin was created as a fork of Bitcoin with the idea of speeding up the process of verifying transactions, that way making up for a lightweight blockchain-based payment method, being almost 5 times faster than its mother chain, Bitcoin.

However, despite the fact that LTC is carrying out a pretty successful adoption campaign, Pay with Litecoin, and the most recent core update, Litecoin has seen a downfall in its market price, going below the value of 60$ once again.

During the last week, Litecoin has made quite an impact on the community as it reached the value of 60$ also going above this price. However, the value of LTC soon went down again with the currency still taking the place of the seventh-largest coin by its market cap.

Within the statement on the release of the new Litecoin version, the team also added that the newly generated Litecoin wallets won’t work with the older version of the system while the already existing wallets will be able to run both on the older version and on the version 0.16.2.

The work on the latest update is said to have lasted for months, although the version is not made to be compatible with Windows XP. The team has also notified the community and LTC users to make sure their wallets are backed up before accepting new updates to the system as there might always be unforeseen bugs seeking for attention.

Litecoin in the Market

Litecoin has definitely seen better days since it was first launched as a hard fork derived from the original crypto, Bitcoin, as it lost its long-held spot as the fifth best currency for quite some time before it was taken out by the uprising EOS (EOS).

Additionally, Stellar got pass Litecoin not that long after, bringing it down to the seventh spot on the official ranking list.

Litecoin was then one of the top performers during the previous week, touching the value of 60$ and further going above that price.

However, despite the team releasing the new version of Litecoin Core that brought bug fixes also improving the overall performance of the network, LTC went down below 60$ once again.

With the latest decrease in the market, LTC went down by -1% against the dollar, being traded at the price of around 54$ on September 10th.

In the meanwhile, the Litecoin team is promoting the annual LTC summit that will be held on September 14th and September 15th in San Francisco, known to be one of the main centers of blockchain technology.