Litecoin has surged forth to reach a new all-time high at the $300 USD mark despite mounting fears the cryptocurrency may see a harsh correction.
Litecoin has proven a breakout in 2017, amassing gains sitting presently at more than 5,500% this year alone. While the cryptocurrency traded at sub-$5 USD values at the start of the year, it has now reached the $300 USD mark – prompting joy from early investors.
The digital currency has posted strong gains in amongst other contenders such as Bitcoin, Ethereum, and Dash, and may be surging in value thanks to a sense of ‘fear of missing out’ in more established markets where new players seek to invest in cryptocurrency.
Read: Dash inks new deal to place itself as Zimbabwe’s forefront digital currency
Speculation remains, however, that the digital currency may see a harsh correction before the close of 2017. Litecoin itself has appreciated more than 75% in the past 24-hours alone, leading a charge that has seen its market capitalization climb to the $15 billion USD mark.
Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space.
How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly. https://t.co/ozcR11N68o— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017
Litecoin founder Charlie Lee himself has warned that the cryptocurrency may soon be privvy to an incoming bear cycle, and has warned that new investors could expect a drop as markets begin to consolidate.
At the time of writing, Litecoin continues to push upwards and is trading at the $290 USD mark.
Read: Bitcoin bites into gold as the latter hits a new low point
What are your thoughts? Can anything stop the Litecoin freight train? Be sure to let us know your opinion in the comments below!
Follow Bryan Smith on Twitter: @bryansmithSA
