Litecoin Cryptocurrency Has Increased By More Than 1,700%
Litecoin, another popular cryptocurrency has enjoyed a massive rally in price on a year to date basis. In fact, that number is now surpassing one thousand, seven hundred percent right now. The cryptocurrency reached more than $80. It has been closely compared to similarities in bitcoin as well. At the beginning of the year, Litecoin was under $5 (talk about hindsight).
Even though Bitcoin has climbed to nearly $5,000, the total return has been eclipsed by gains in Litecoin. But even so, Bitcoin has been no slouch as its price has increased by more than 400%; one quarter to that of Litecoin.
“Litecoin already had [SegWit] implemented before [Bitcoin] did,” noted Iqbal Gandham, UK Managing Director at eToro, a multi-asset broker and social network trading company.
One new factor of bitcoin has been the expansion of the Segregated Witness or “SegWit”. This upgrade that the cryptocurrency implemented has allowed litecoin to increase the capacity of transactions before Bitcoin.
The cryptocurrency’s price could benefit even greater than bitcoin’s. This is in light of the current trend that the entire sector has been seeing over the first 8 months of the year. Of course, this is increasing the temptation for investors to get into litecoin before other cryptocurrencies.
The total market capitalization of all digital assets has continued to hit new highs. These gains include not only Litecoin, but Bitcoin and Monero also.