Litecoin has succeeded in surging past the $50 USD mark – a 1000% increase in the past 90 days – as Bitstamp has announced trading support for the cryptocurrency.
Litecoin has succeeded in setting a new all-time high in the wake of a tumultuous three-year period today, as the cryptocurrency has surged past the $50 USD mark.
The last record set by the cryptocurrency was $53.15 USD in November of 2013 – thanks to the decision by UK-based cryptocurrency exchange Bitstamp to list the cryptocurrency, prices have been sent soaring. Read: Is Bitcoin the future of currency, or just a commodity bubble?
Litecoin’s growth first accelerated in March this year, when it was announced that the cryptocurrency would implement Segregated Witness – a software upgrade that allows the handling of more transactions.
Some of the price momentum behind Litecoin’s success has been attributed to Chinese and Korean traders, as in both regions interest in cryptocurrency has boomed and – along with it – interest in Litecoin itself. OKCoin and Huobi together combine for $400 million 24-hour trading volume; the first trading exchange pitting Litecoin against the US Dollar is GDAX, which has recorded a $41.45 million trading volume.
Interest in Litecoin continues to grow in addition to other alt currencies such as Ethereum; Ethereum has seen stunning growth at over 4650% since January of 2017; in contrast, Bitcoin has grown just 177%. The former currency is now valued at $380 USD at the time of writing, and has amassed a market cap of $36 billion USD – some 80% of Bitcoin’s total market cap. Read: The United Nations leverages the Ethereum Blockchain to send aid to Syria
What are your thoughts? Do you plan to invest in either Litecoin, Ethereum, or any other cryptocurrency? Be sure to let us know your opinion in the comments below!
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