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Litecoin Price reaches a record high value

Dec 12, 2017 Posted /  1275 Views

Litecoin Price reaches a record high value

Litecoin today touched the record high value by extending its current gains and elevating its YTD (year-to-date) returns to over 4000%. The reports depicted that the digital currency increased to as much as $186.89. After opening in 2017 at $4.33, this most recent hike epitomized a YTD return of approximately 4,215%.

Competition with Bitcoin

Litecoin, which is the sibling and hard fork of Bitcoin, had encountered an agile lobbying in comparison to Bitcoin, which had a respectable year, breaching through various record high worths and benefited from a dramatic growth. Bitcoin escalated to as much as $17,364.56 on the Bitcoin Price Index (BPI); depicting a YTD gains have over 1,600%.

The decentralized cryptocurrency ascended to further greater level by beating $18,300 on CoinMarketCap and elevating to more than 1,800% in the year 2017.

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Although these values are very spectacular and been able to create myriad of headlines about the sharp climb and the term "Bitcoin Millionaires", Litecoin's YTD gains are double of its digital sibling.

Kin of Parallelism

Bitcoin and Litecoin have sustained parallel growth and have always gained in tandem. Even the reports in the first of the present year suggested that Bitcoin and Litecoin are “family” accentuating that both these digital currencies have recurrently chased each other in the price graphs and indexes.

Some critics though hypothesize that Litecoin is basically riding on Bitcoin's proceeds. Even managing director of Crypto Asset Management, Tim Enneking in a press encounter acknowledged that Litecoin is "absolutely cruising in BTC’s wake!" He even pointed out that despite the fact that Bitcoin has been gathering headlines; Litecoin has not publicized any chief developments as of late.

An Alternative with good prospects

Other market observers took a different tack, describing Litecoin as an investment that has been receiving tailwinds as market participants flock to cryptocurrencies. Jeff Koyen, an advisor for 360 Blockchain, remarked that the highlight given to Bitcoin has helped to improve the values all the other cryptocurrencies. He further adds that Bitcoin is having huge buyers and investors lined up however the price of Ethereum is appearing comparatively dull, which is why the people are moving towards Litecoin.  Most of the researchers of Litecoin state that it is a cryptocurrency with trustworthy foundation and an adequate amount of resemblance to bitcoin which is why it more of a comfort purchase than any other cryptocurrency except Bitcoin.

Many are weighing this alternative approach to Litecoin and soon the market will witness a steady flow of alt-coins. It is notable here that these alt-coins are driven by an assorted range of diversification, nonetheless, they all are worthy of providing gains to the investors.

Notably, the market is full of speculations at present and ascertaining the alt-coins, which will perform the best. The populace and the digital enthusiasts feel that those cryptocurrencies, which provide utmost convenience and will emerge with a more user-friendly face, will gain majorly. In this scenario, Litecoins have an extra edge over its competitors as it is highly accessible to the average investor and is provided on the major exchanges.  

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Tags: Litecoin price Litecoin digital currencies

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