Litecoin Is Back in Top 5 Crypto Currency List
Following the path of Bitcoin, Litecoin is back I top 5 crypto currency list after a long time. Thanks to the rapid rise in prices with Litecoin, two old acquaintances of Bitcoin is now ranked 5. Meanwhile, the crypto market is heading for half a trillion US dollars. After Ripple, Ethereum, BCH, IOTA and NEM, the Litecoin continues to attract attention. Last week, the silver coin was able to climb to over $ 100 for the first time since it’s inception. This week we are now talking about a price increase to well over $ 300 and a jump back to fifth place in overall market.
The sudden increase in the price of Litecoin is not too strange considering the current market trend. With the price of Bitcoin over $ 17,000 price of LTC at $300 looks cheap. LTC aims to target small and cheap payments for daily transactions. Indeed it has faster transactions than BTC.
Litecoin beats Bitcoin by 4.8X times in term of overall growth. Year 2017 for was an exceptional year for Bitcoin, the cryptocurrency has surpassed different price levels and is enjoying a stellar increase, but the rise of Litecoin is way much stronger. The Bitcoin has risen to a maximum of $ 17,364.56, which brings the rise from 1 January 2017 to 1,600%. Litecoin has risen 7700% in the same time, thus making the rise of Litecoin in the same period much higher than that of his digital brother.
Litecoin started the big jump on Tuesday morning when, after days of continuous growth. LTC suddenly jumped a whopping $ 100 in just 5 hours from $ 240 to $ 340. The market capitalization of LTC scratched then at the mark of 19 billion US dollars, which makes the Litecoin back to number 4 of all crypto currencies. However, the Litecoin was not be able to enjoy this position for too long. Shortly The ripple token XRP jumped 70% up and with a value of 50 cents. Ripple claimed spot number 4 thus making Litecoin to shift at number 5. Litecoin now stands at a market value of about $ 304 and a market capitalization of just over $ 16 billion.
This accelerated demand of litecoin has caused many exchange houses to temporarily suspend their services with LTC. Coinbase, one of the most popular and established litecoin exchange suspended its services for some time. According to a message posted to its mobile app. “litecoin and ethereum buys and sells are temporarily disabled“. We apologize for any inconvenience.” According to data from CoinMarketCap. LTC market across all exchange houses has seen more than $5.8 billion in volume in the past 24 hours. That’s why Litecoin is back I top 5 crypto currency list after a long time
The reasons for the rise of Litecoin. First, The creator of Litecoin, Charlie Lee, has recently been on several television broadcasts. The prime time visibility seems to have helped the widespread acknowledgement of his cryptocurrency. Second, Litecoin is more scalable by nature. Given the current situation of unconfirmed transactions on Bitcoin network it seems more and more a better tool to bet on. Third is accessibility, Litecoin is being traded on all major exchanges thus make it highly accessible to the average investor.
Note : Don’t store your precious litecoins on online exchange. We recommend you to store your litecoins on hardware wallet like trezor or paper wallet. Litecoin Paper Wallet is a free option and no hacker can steal your coins from paper wallet. If you don’t know how to make one, follow the instructions here to generate a secure and safe litecoin paper wallet.