The price of the litecoin surged nearly a third on Monday, raising the sixth cryptocurrency to a new historical record.
Litecoin Price Reached $ 185
During most of December, the price of litecoin was negotiated between $ 90 and $ 100, but on Friday it exploded to $ 130 and continued to increase over the weekend . On Saturday, the litecoin broke the $ 160 mark for the first time, but on Sunday, the rally was interrupted and the price of the litecoin dropped below $ 125.
However, supported by the bullish sentiment of futures traders, the cryptocurrency markets posted a global lead on Monday, and the litecoin was among the best performers of the day. On Bitfinex, the price of the bedecoin reached $ 185 for the first time, representing a day rally of over 30%.
More than a third of Litecoin's trading volume is concentrated in USD and USDT trading pairs, while LTC / KRW accounts for 12% more.
Factors behind the gathering
Although litecoin has been on the rise for some time now, several distinct factors have contributed to its current rally. First, litecoin has benefited disproportionately from the rapidly growing user base of Coinbase. Unlike bitcoin and ethereum – the other two cryptocurrences that Coinbase currently supports – litecoin has little name recognition outside of the industry. For the record, it seems that many new users of Coinbase are buying a small amount of litecoin since they are available on the broker platform – and a lot cheaper than bitcoin and ethereum.
Second, Litecoin's creator, Charlie Lee, was invited on several new programs to discuss future bitcoin and other developments in the cryptocurrency industry, and he used those opportunities to set up the litecoin as a solution for daily payments. store of value.
Finally, investors believe that two recent announcements serve as confirmation of Lee's thesis. First, the game giant Steam said that it will no longer accept bitcoin payments, citing rising transaction fees that currently make bitcoin impractical to use for small purchases. Conversely, Bitrefill – a recharge service for prepaid mobile phones – has announced that it would accept the litecoin, and LTC advocates believe that many other companies will follow in the near future.
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