Litecoin’s (LTC) price increased by more than 10% over the weekend. The cryptocurrency achieved a new price level, market value, and position in the ranking of the largest cryptocurrencies in the market. Litecoin is now the 7th biggest coin.
LTC trades at US$38.38 per unit. Litecoin is the 7th largest cryptocurrency in the market, just behind Stellar (XLM). During the last seven days, the cryptocurrency saw an increase of 18% in the middle of the current bear market
No clear reason for Litecoin Increase
It is not entirely clear what motivated this increase in market capitalization. The region mainly responsible for LTC trading was Asia, and OKEX registered the highest trading volume for LTC. Some experts point out that the increase is a direct reaction to the recent announcement of the Litecoin Foundation that the Litecoin Lightning Network had exceeded 100 active nodes.
Others point out that “Challenge 365” helped to boost prices. The challenge commits participants to buy at least US$1 in LTC during all the days of 2019. Besides, the developments of cryptocurrency towards the adoption of privacy mechanisms and the sponsorship of UFC fights are also catalysts for the price increase.
In a recent interview with Crypto Insider, Charlie Lee, creator of Litecoin and director of the Litecoin Foundation, said that crypto money is “fair” (compared to other projects that promise several things but have not yet delivered anything).
Lee also said that being the “silver” Bitcoin helps the marketing of the coin. The creator pointed out another reason for the success of the crypto active. LTC is currently listed in all major exchanges.
“WHEN I CREATED LITECOIN I SAW A POTENTIAL NEED FOR A SILVER FOR GOLD, BECAUSE I SAW BITCOIN AS DIGITAL GOLD. SO THE IDEA AROUND BEING A SILVER IS THAT IT WOULD HAVE TO HAVE CHEAPER RATES […] I SEE THE NEED FOR AN ALTERNATIVE CURRENCY THAT WORKS ALONGSIDE BITCOIN TO MEET EVERYONE’S TRANSACTION NEEDS.”
Despite the bullishness, graphic analyst Tone Vays is not convinced that this growing appreciation will continue throughout the year. For Vays, BTC can still dive into a new downward spiral and take the entire cryptocurrency market with them.