Litecoin price leaped by nearly a third on Monday, raising the sixth-largest cryptocurrency to a new all-time high.
For most of December, the litecoin price had traded between $90 and $100, but on Friday it exploded to $130 and continued to rise heading into the weekend. On Saturday, litecoin topped $160 for the first time, but Sunday brought a minor halt to the rally, and the litecoin price slid below $125.
However, bolstered by bullish sentiment among futures traders, the cryptocurrency markets posted a comprehensive advance on Monday, and litecoin has been among the day’s top performers. On Bitfinex, the litecoin price touched $185 for the first time, representing a single-day rally of more than 30 percent.
More than one-third of litecoin’s trading volume is concentrated in USD and USDT trading pairs, while LTC/KRW accounts for another 12 percent.
Although litecoin has been trending up for some time now, several distinct factors have contributed to its present rally. First, litecoin has benefited disproportionately from Coinbase’s rapidly-swelling userbase. Unlike bitcoin and ethereum — the other two cryptocurrencies that Coinbase currently supports — litecoin has little name recognition outside of the industry. Anecdotally, it appears that many new Coinbase users are purchasing a small amount of litecoin since it is available on the brokerage platform — and so much cheaper than bitcoin and ethereum.
Second, Litecoin creator Charlie Lee has been invited on several prominent new programs to discuss bitcoin futures and other developments within the cryptocurrency industry, and he has used these opportunities to pitch litecoin as a solution for everyday payments that complements bitcoin’s utility as a store of value.
Finally, investors believe that two recent announcements serve as confirmation of Lee’s thesis. First, gaming giant Steam stated that it will no longer accept bitcoin payments, citing rising transaction fees that currently make bitcoin impractical to use for small purchases. Conversely, Bitrefill — a top-up service for prepaid mobile phones — announced that it will accept litecoin, and LTC advocates believe that many other companies will follow suit in the near future.
Featured image from Shutterstock.
China's Official Government Auditor Is Looking at Blockchain Solutions
China's government auditor thinks blockchain can "open up a window" to more streamlined data storage.
In an article published Tuesday on its website, the National Audit Office of the People's Repub
MarketWatch Is Tracking Eight More Cryptocurrencies
MarketWatch, the news publishing unit of Dow Jones Media Group, announced Wednesday that it will begin tracking the market moves of eight additional cryptocurrencies.
On Wednesday, the company said
Salesforce Among 12 New Members to Join Blockchain Research Institute
Cloud computing company Salesforce is among 12 new members to the Blockchain Research Institute (BRI), the multi-million dollar global blockchain think tank announced on Tuesday.
Devoted to the stu
The First Bitcoin ATM in Mainland China Shutters Service Amid Regulatory Crackdown
The first bitcoin ATM in mainland China, which was installed four years ago in Shanghai, has ceased to provide exchange services to bitcoin investors in response to Chinese authorities’ requirem
Police in Chinese City Confiscated 600 Bitcoin Miners over Electricity Theft
April 25, 2018 – Police in north China’s Tianjin have confiscated 600 computers used to mine bitcoin after local power grid reported abnormal electricity consumption, Xinhua reported on Wednesday.
TD Ameritrade Put An Actual Ad on the Bitcoin Blockchain
TD Ameritrade planted an ASCII flag - that is to say, imprinted an advertisement - on bitcoin's blockchain earlier this month.
The online broker announced that it sent 68 bitcoin transactions to cr
Iceland's 'Big Bitcoin Heist' Suspect Has Been Arrested
Iceland's now-infamous bitcoin miner thief has reportedly been arrested.
A Dutch police spokesperson confirmed that Sindri Thor Stefansson - who is accused of masterminding the theft of $2 million
Snoop Dogg to Perform at Ripple's Blockchain Week NYC Party
Distributed ledger startup Ripple is hosting a VIP gathering featuring Snoop Dogg - and will be giving away 10 tickets to the event on Twitter.
The company announced Tuesday that Snoop would perfor