Litecoin (LTC) is Back Over $300. Is this Cryptocurrency Back in the Game?

Litecoin (LTC) has experienced a couple of bad weeks when it comes to price growth. After reaching an all-time high in the $350s on December 19, LTC retreated. It gradually fell down toward the $210s and waded in the mid-$200s until yesterday.

Yesterday was when the turnaround began. Now, Litecoin is having the best growth day out of all the top 19 most valuable cryptocurrencies.

In the past 24 hours, LTC has gained about 20%. That brings its growth from the past week to 32%, as you can see below. It is now trading at a steady $304.40.

That brings Litecoin’s total market value to a whopping $16.6 billion. At the time of writing, that means that it is the 6th most valuable cryptocurrency worldwide.

This altcoin is having a much better run of it than some of its rival currencies. Top bitcoin alternatives that have recently stole the show – Ripple (XRP), Cardano (ADA), and TRON (TRX) – are now trading down for the day.

What’s Going on with Litecoin (LTC) and Why It’s Making a Price Comeback

This crypto coin is definitely a survivor. It was founded by a guy named Charlie Lee back in 2011, and even at that time it was already a viable and popular alternative to Bitcoin (BTC). Even after the past 6-plus years, it is somehow currently in the top 10 most-valuable ranking. Even more importantly, this coin has enjoyed some spectacular growth. It’s up 216% from one month ago, and it was trading under $30 just this summer.

That kind of growth is almost unbelievable. But it’s not just the growth that has driven investors to beef up their LTC wallets. The decentralized ledger technology bolstering LTC is actually pretty robust. It also boasts some very specific advantages over Bitcoin (BTC).

Litecoin was designed not so much to be a competitor to BTC, but rather to complement it. It was designed to work in the same payments universe as Bitcoin, which is considered the gold to Litecoin’s silver. LTC is faster and more geared toward low-value transactions compared to BTC.

How is Litecoin (LTC) Different from Other Altcoins on the Market

This coin has certainly been eclipsed by other top altcoins since a little bit before Christmas. It was a day ago that TRON (TRX) had briefly become more valuable than LTC. TRON briefly kicked it to number 8 last week. The two cryptocurrencies have somewhat been duking it out.

At least that what their owners make it seem like. Charlie Lee posted this on Thursday, clearly a clever swipe at TRX:

In a response, TRON’s founder Justin Sun tweeted this:

It’s true, Charlie Lee did in fact sell all his LTC. It was a strange decision and a lot of investors freaked out. But, defending himself, Charlie responded with this:

TRON and LTC are both faster coins than BTC. In fact, there are a lot of super-fast and super-anonymous altcoins on the market – especially in the top-25. It’s not super clear why LTC is better than Ripple or IOTA.

Whether Litecoin will be able to keep its competition at bay is a question of time. There are a lot of hot up-and-comers. This coin has a lot of advantages, and it is already over $300. But there are sub-$5 coins that actually seem more accessible in the eyes of average Joe crypto investors.

We’re keeping our eyes on LTC.


Please enter your comment!
Please enter your name here