Litecoin reaches record highs up over 4000 percent for the year

Cornelia Mascio
Dicembre 13, 2017

During the open trading hours on Tuesday, Litecoin was traded at more than $325, approximately 7200% greater in worth than it was at the inception of 2017. In the past 24 hours alone Litecoin has surged over 45%, while the 24-hour trading volume for Litecoin has crossed $4.68 billion.

Just this weekend, Bitcoin analyst Nic Carter had suggested that there was a spam attack of low-fee transactions which resulted in a clogged Bitcoin mempool, which prevented the Bitcoin Blockchain network from clearing transactions and processing payments.

Bitcoin has reached new peaks of $17,000 while Ethereum is enjoying the lofty heights of over $600 but it is the surprise cryptocurrency Litecoin that absolutely exploded over the last 48 hours.

It is also the first of the big currencies to use to Segregated Witness, a change to the transaction protocol by which bitcoin is mined (no idea) which will allow it to use Lightning Network transactions (also no idea) - another way in which it can be quicker and less costly than Bitcoin. Despite the press that Bitcoin is receiving, this year, to date, Litecoin has grown twice as much, rising over 4000%.

Litecoin was priced at less than $100 at the start of the month. LTC has been having a monster run over the past four days, climbing nearly 150% from $100 on Friday to over $250 today.

On Monday morning, Litecoin creator Charlie Lee also appeared on CNBC and talked about the link between the cryptocurrency and the technology that supports it. Litecoin has managed to benefit from Bitcoin's good press as a sort of cheaper, less well-known alternative cryptocurrency that offers similar features. Both cryptocurrencies are trading at an all-time high right now.

Its rise has been remarkable, but we ask you will litecoin hit $450 today? The former was introduced in 2011 as more lightweight clone to Bitcoin, while Ethereum is a different sort of distributed ledger software that is a popular platform for so-called token sales or "initial coin offerings". As I am looking at Coinmarketcap.com, the price average for the most valuable cryptocurrency is $16,899, which gives it a modest gain of 1.89 percent day-over-day.

LTC is the fourth largest cryptocurrency apart from Bitcoin, Ethereum and Bitcoin Cash in terms of market capitalization.

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