Litecoin, the shiny to bitcoin’s gold, is on track to finish the year on a strong note. The cryptocurrency is already up by 5,800 percent this year and set a new platter confidentially by surpassing $300 this morning. At 14:35 UTC, the cryptocurrency was trading at $341.72, a spectacular broaden of 90.42% in the last 24 hours.
Litcoin’s total market capitalization is $18.3 billion, a $6 billion pounce in the last 24 hours, as of this writing. (See also: Is Litecoin The Coming Of Cryptocurrency?)
While it has not announced significant updates, Litecoin has experienced a check in trading volumes within the last week. There could be multiple reasons for investor prevail upon in the cryptocurrency. For example, Charlie Hayter, founder of cryptocompare, told CNBC that Litecoin typically receives a shoe when bitcoin slows. (See also: Litecoin’s Phenomenal Year.)
But bitcoin’s appraisal itself has been surging on the back of a futures trading debut. Affair from investors in Asia could be a possible explanation. Bitcoin is important for 34.76% of all trades at Bithumb, a South Korea-based exchange.
“As the wealth of those take bitcoin continues to rise, especially among traders based in Asia, genuinely they will be seeking to diversify their portfolio into other crypto-assets,” Thomas Glucksman, a cryptotrader, make knew CNBC.
Another possible reason could be investor interest in surrogate cryptocurrencies after bitcoin’s successful debut on futures markets. In latest times, attention has focused on the surge in bitcoin’s memory pool, which clutches bitcoin transactions that have not been validated. Over the weekend, developers speculated that it could be the outcome of a spam attack.
In contrast, Litecoin offers a “drama-free” community, faster negotiation speeds, and a larger supply of coins(84 million to bitcoin’s 21 million). It may be tenable that investors see potential growth in the cryptocurrency’s stable ecosystem.