Litecoin has officially reached a new all-time high, which will please the community quite a bit. For the longest time, the LTC value has been kept artificially low, by the look of things. Earlier tonight, LTC rose to US$50.77, which is a new all-time high. The previous price record was US$50.27 at the end of 2013. The bigger question is how things will move forward from here on out.
It is quite interesting to see Litecoin come out of the shadows right now. It was only a matter of time until it happened, though. With the value being kept around US$4 for over two years, something had to give sooner or later. Then again, few people expected this meteoric rise to over US$50.5 all of a sudden. Just a week ago, the value was below US$30, which goes to show how spectacular this price increase really is.
The Litecoin Chickun is Not Done Yet
Ever since SegWit got activated on the network, things have been looking good for Litecoin. This massive development has not caused the major price spike people anticipated, though. Then again, it was highly unlikely LTC would go for US$4 to US$100 or more overnight. It was certainly a possibility, but a lot of LTC holders took profits at an early stage. It is possible they now regret doing so, though.
No one will be surprised to see Korean and Japanese traders dominate the markets right now. One could argue Litecoin is the new Bitcoin since it has a scaling solution in place. Moreover, it provides cheaper transactions compared to Bitcoin as well. The coin supply is higher, though, but no one expects LTC to hit US$2,000 anytime soon. For now, the Chinese and Korean exchanges generate over half of the global trading volume. In those countries, LTC is valued at US$52 and US$53 respectively.
It will be interesting to see how things evolve for Litecoin from here on out. Things could get quite exciting, to say the least. It is unclear if more big gains are on the horizon, though. This surge to US$50 is quite significant already, yet there is still a lot of momentum to take things up a notch. Rest assured there will be some significant market resistance for the next few days. If LTC could successfully get past 0.02 BTC, anything can happen.
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