Litecoin’s Price Reaches New All-time High of $56 as Competitors Lose Momentum

The past few weeks have been exciting for Litecoin. Now that LTC broke its previous all-time high earlier today, things are looking good for the altcoin. This price increase is a culmination of all of the good news surrounding Litecoin over the past few months. With this in mind, Litecoin seems to be a more solid investment than both Bitcoin and Ethereum at this time.

LITECOIN SURGES PAST $50 TO TEST NEW ATH

Many people in the Litecoin community feel the LTC currency is vastly undervalued. There is some truth to that sentiment, as Litecoin scales better than both Bitcoin and Ethereum right now. It also provides faster payments compared to those two as well. However, Litecoin’s price stayed well below $40 for a very long time. It appears that trend is coming to end, as Litecoin has hit a new all-time high of $56.03.

That is a significant price increase. Signs of an upward trend were visible all day yesterday, with the price going well past $50. However, many speculators felt there would be a sharp pullback. Considering how Litecoin’s price was just $41.09 two days ago, such a sharp price increase is often followed by an even sharper retrace. That does not appear to be the case, which will please quite a few Litecoin users.

Things have looked promising for Litecoin over the past few months. All of the major mining pools came together to ensure Segregated Witness would activate on the network. Such a degree of collaboration seems unthinkable among Bitcoin users and miners. Otherwise, we would have seen SegWit activate months ago on the Bitcoin network. This also goes to show the Litecoin community is very different from Bitcoin’s.

More good news for Litecoin came as Charlie Lee left Coinbase. This development surprised many people, since there was no real indication Charlie would leave the company. However, he decided to focus on developing Litecoin full-time once again. It remains unclear which new developments the community can expect, but the news was well-received by the community.

Litecoin is in high demand across Asian cryptocurrency exchanges these days. The top three LTC trading platforms are Bithumb, OKCoin.cn, and Huobi. Other platforms, with the exception of Poloniex, do not even come close to these trading volumes. With close to $1 billion traded in 24 hours, things are looking extremely good for Litecoin right now. Assuming more merchants enable Litecoin payments in the future, things will get even more interesting moving forward.

Compared to the two other top cryptocurrencies, Litecoin is in a league of its own. Bitcoin has seen a lot of sideways momentum with some sharp pullbacks now and then. Ethereum is hemorrhaging value, although it is unclear what is triggering this negative market pressure. From an investment point of view, Litecoin may be the better choice for the time being. If this momentum keeps up, LTC may finally break that three-digit value sooner rather than later.