Litecoin just drastically with no-stop increasing climbed past the $80 mark with a 15 percentage surge in the last 24-hours. All following the total cryptocurrency market declining which happened in a very short amount of time that took place after Litecoin was testing the resistances around and over the $90 level against the US Dollar.
The major correction and sell-off happened while China declared its position against Initial Coin Offerings (ICOs) while tanking in any possible way the price of Ethereum, Bitcoin Cash, Bitcoin and Litecoin, as the “Silver Coin” did fall low to the $59 mark which has not happened for more than a week.
The monthly increase of Litecoin against the USD is around 75 percent while weekly it is quite unchanged. Among the top-ten virtual currencies it has the 3rd highest upward climb in the last day just behind Bitcoin Cash for 18.41% so hitting the $637 mark and IOTA for 14.27%.
The price soar is not happening as an island just for Litecoin but more a surge in interest for all cryptocurrencies in a global scale and institutional so it is being dragged by the market as a whole.
While its known as “The Silver to Bitcoin’s Gold,” the team together with Charlie Lee – the creator of Litecoin, is aiming to widespread the idea of LTC being used as a payment method, in which function the leader and dominator of the pack – Bitcoin is quite lacking.
As Lee did put it:
“Litecoin will provide a niche where it will be more used for payment, whereas bitcoin will be more used for storing.”
For the quick term traders – a lot not to say everything depends from Bitcoins next movement, while for the longer understanding it all depends on what kind and how efficient the niche creation by Litecoin will be done on the next year and so on. However, its technology in contrary with its smaller market is looking quite advanced and optimistically forwarding.