The Gains From Litecoin are Over 1,500% for This Year Alone
The price of a single litecoin has jumped a staggering 1,500% this year reaching $70.24 at the beginning of September. This number is an incredible 1,520% higher than the price it stood at during the beginning of the year which was $4.33.
The steep price increase has helped to make Litecoin’s market capitalization reach a high number of $3.7 billion which is up rom its $210 million at the beginning of the year. This data is according to CoinMarketCap figures.
Since Bitcoin has been at the top of the digital currency world for quite some time, it only makes sense that another player can come into the space. Many are equating Litecoin as a silver to Bitcoins gold. This helps to ensure that the prices of the two are correlated as they both represent the market as a whole.
The chief investment officer of Shuttle Fund Advisor, Brad Chun, stated that the relationship between the two has helped to place upward pressure on both coins prices. Since the relationship is incredibly prevalent given similar technology between the two, and many other factors, their increases are also similar.
Charles Hayter, co-founder and CEO of cryptocurrency platform CryptoCompare stated that “Litecoin is seen as Bitcoin’s little brother. While there are many other alternative cryptocurrencies out there, Litecoin has withstood the test of time and has accompanied Bitcoin through its ups and downs.”
Cryptocurrency seems to be taking over the financial market and has helped to make a significant dent in the way we use money. With projections expecting the market caps of the various leaders in the industry reaching high amounts, it is no wonder that many are projecting the market to increase as well. Digital currency will help to form a new way to use money in the near future, and its increase in price will hopefully continue to occur.