The Litecoin price reached $ 300, surpassing IOTA with a market capitalization of $ 15 billion. The largest cryptocurrency in the world behind Bitcoin Cash.
Ari Paul, a prominent bitcoin analyst and co-founder of Blocktower Capital, noted that Litecoin's market capitalization surpassed any assessment of the cryptocurrency market 15 months ago.
"Litecoin is now worth more than just the cryptocurrency market only 15 months ago," said Paul.
Exceeded market capitalization of $ 10 billion
Earlier in the day, Litecoin's creator and former Coinbase executive Charlie Lee revealed that Litecoin's market capitalization was over $ 10 billion and had increased by 4,000% since the beginning of the year.
Since, less than 24 hours after Litecoin's market valuation exceeded $ 10 billion, it reached $ 15 billion, reaching $ 230.
While a single big event did not push Litecoin's price by nearly 80% over a 24-hour period, many analysts believe that the recent surge in the price of the Litecoin was caused by an overall increase in interest and demand for the cryptocurrency market of the traditional financial sector.
Since Litecoin is a cheaper alternative and closer to the bitcoin currency because of its lower fees and faster confirmation times, it is likely that the strong performance of bitcoin during last three months tend to mid-term Litecoin's prices positively.
Yet, despite the strong recovery of today, Lee pointed out that investors should approach Litecoin and any other cryptocurrency on the market with caution, as any currency could undergo a correction important value.
"Sorry to spoil the party, but I need to reign a bit in the excitement … The purchase of SLD is extremely risky. I'm waiting that we have a multi-year bear market like the one we just had where LTCs have lost 90% of their value (from $ 48 to $ 4.) So if you can not handle LTC fall to 20 $, do not buy, " says Lee.
He added that every bubble launched on the cryptocurrency market was followed by a bearish cycle, and that the last 76% rise in the price of Litecoin could result in a major correction to short term.
"Every crypto-bull that I saw was followed by a bear cycle.The market needs time to consolidate.It's just my 7 years of experience looking at this space – how long and how long it will be TBD People need to be aware of this opportunity and invest responsibly. "
Litecoin's trade is not centralized in South Korea
Given all the variables and recent events, it is optimistic that Litecoin's trading is not highly centralized in Litecoin, as Bitcoin Cash was in November. GDAX, Coinbase's flagship trading platform, has processed more than $ 1 billion of Litecoin transactions in the past 24 hours. That is, nearly half of GDAX's daily trading volume of $ 2.25 billion is allocated to Litecoin.
Due to the toll-free system of major cryptocurrency trades in the industry, South Korean cryptocurrency trading market had a negative reputation because No-cost exchanges make trade vulnerable to trading.
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