Litecoin price has leapt high up to 30% which is the largest cryptocurrency to a new all-time high. It was on monday that the Litecoin price leapt by nearly a third.
What is Litecoin?
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, the global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Litecoin Price Touches $185
For most of the December, the litecoin price was not raised which was traded between $90 and $100. On Monday suddenly it jumped to $130 and it continued to rise heading into the weekend. For the first time, the litecoin price was leapt to $160 on Saturday. But on Sunday there came a slight variation in the rise and the litecoin price downed to below $125.
However, as it pillowed by the optimistic sentiments among the futures traders made the cryptocurrency markets to post a comprehensive advance on Monday. Thus the litecoin has been the day’s top performers among them. For the first time, the litecoin price touched $185 on Bitfinex, represented a single-day rally of more than 30%.
More than one-third of litecoin’s trading volume is concentrated in USD and USDT trading pairs. At the same time, LTC/KRW accounts for another 12%.
Factors Behind the leap
The Litecoin price has leapt breaking all the previous records. There are some factors that contributed to its leap. The most important thing was that the litecoin has benefited disproportionately from Coinbase’s rapidly- selling user base. Bitcoin and Ethereum are the other two cryptocurrencies that Coinbase currently supports. Unlike them, litecoin has more publicity outside of the industry. As the litecoin is cheaper than bitcoin and Ethereum, it is available on the brokerage platform. So, many new Coinbase users are purchasing a small amount of litecoin.
Another factor is that Charlie Lee, the creator of the Litecoin is invited on several prominent programmes to discuss the bitcoin futures and other developments within the cryptocurrency industry. And he used these opportunities to raise litecoin as a solution for everyday payments that complements bitcoin’s utility as a store value.
Recently two announcements were made a great change and confirmation about the thesis of Lee. One announcement was made by gaming giant Steam, stated that it will not accept bitcoins as payments. He cited that the transaction fees rising that currently, the bitcoin is impractical to use for small purchases. Opposite to this Bitrefill which is a top-up service for prepaid mobile phones announced that they will accept the litecoin. Now the LTC advocates believe that many other companies also will follow it in the near future.
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