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Litecoin Hits New Highs Courtesy Of Recent Solid Gains
Cryptocurrencies seem to be adopting an upward trend which is perhaps due to their rising popularity and the fact that more people are buying them. Litecoin has not been an exception to the current trend. The altcoin has been registering significant gains which saw it reach new highs on 13th December with prices reaching $341.80.
The new highs were achieved after the currency benefited from massive gains earlier this week. The Litecoin price went up to $165 from $136 on Monday within a span of 24 hours. This movement sparked speculation that the currency would continue to experience huge gains and that is exactly what happened. In fact, the prices shot up so high that it had doubled by Tuesday with highs of $318 before breaking that barrier and reaching a new high at $341.80 on Wednesday.
The movement in the value of the altcoin was quite a huge milestone that surpassed expectations. In fact, some analysts had not expected the price of Litecoin to reach $100 before the end of the year perhaps because it took long before reaching that mark. Others believed that the altcoin should have gotten there sooner. It was thus quite surprising when the cryptocurrency hit the $200 mark and even higher.
A surge in prices has been evident in all major cryptocurrencies over the past few weeks and especially this week and last week. The hype is believed to have been driven by the massive surge in the price of Bitcoin which saw it hit a new high of more than $17,000. The surge in Litecoin could also be attributed to the fact that people have started to gain a deeper understanding of the digital currency world and understanding the advantages of altcoins. Litecoin for example, is characterized by low fees and faster transaction speeds.
These advantages offered by Litecoin come due to the fact that the coding process of this cryptocurrency aimed to tackle some of the downsides of cryptocurrency especially as seen with pioneer cryptocurrency, Bitcoin. Newer cryptocurrencies are thus expected to be better since developers are constantly gaining a better understanding of the underlying technology.
The massive surge in the value of Litecoin makes it one of the fastest growing cryptocurrencies in the market. In fact, its growth rate has far outpaced that of Bitcoin by a wide margin since the beginning of 2017. Bitcoin has gone up by 1,731 percent this year while Litecoin has surged by an astounding 7,291 percent.
Analysts have provided a theory suggesting that the surge in Litecoin is a direct result of the fact that investors are starting to show preference to Litecoin over Bitcoin. Some investors believe that the price of Bitcoin has been overstretched and are thus shifting to other alternatives. If that is the case, then there is a high chance that the price of Litecoin might continue to go up in the future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of BTC Keychain via Flickr