Looking at the past 7 days bitcoin reached a new all-time high of over 23000 USD it is up by almost 27% at the time of this article while Litecoin the sec known cryptocurrency in the market was up by almost a whopping 50% over the last week and outperforms bitcoin in this bull market. This is why I always have ltc in my portfolio.
Disclaimer: I am not your financial adviser and all information available below is for purely educational purposes. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.
Litecoin Overview
Litecoin was released via an open-source client on GitHub on October 7, 2011, by Charlie Lee, a Google employee and former Engineering Director at Coinbase. The Litecoin network went live on October 13, 2011.
There is a strong community base for litecoin first which supports litecoin in a major way, unlike other cryptos. The second reason is from what I know is Litecoin is the go to coin for most crypto beginners.
Litecoin's Raise
As with almost all cryptocurrencies, the price of litecoin is heavily dependent on the price of bitcoin. As bitcoin raised to above $20,000 breaking 2017 All-time High and set a new ATH of $23,800 it leaves a lot of possibilities for altcoins and its price started to increase.
In relation to Bitcoin's ascent, most altcoins are suffering against BTC. Though most alts are rising in dollar value, most are collapsing against BTC!
On the eleventh of December, Litecoin started to upward thrust in opposition to Bitcoin and keeps to do so. Looking on the beyond 7 days on Coingecko, BTC is up a large 22%, whilst LTC is up a whopping 50%! This may be very considerable as organization favorites together with ChainLink and Polkadot aren't acting nicely in any respect while as compared to Bitcoin.
Why does Litecoin price keep raising?
While most other altcoins have some utilities to define their value and usage litecoin doesn't and don't need to. Litecoin is very much similar to bitcoin as a store of value. While bitcoin is considered as the digital gold litecoin is considered as digital silver.
Silver was basically the simplest way to store price however conjointly a way to be ready to purchase things at constant time. Litecoin aims to accomplish a similar finish by making value over time that may even be used as a reasonable payment network.
There continue to be tons of topside for altcoins ahead and even BTC, thus keep your head within the game. The real game is just getting started for Cryptocurrencies.
check out this article about why litecoin is better than Ethereum Classic.
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