Litecoin Awakens from an Extended Slumber

cnn.com

The beginning of 2018 has been quite a ride for virtual currencies with many of them experiencing some surge for the first few days of January. One of last year’s favorite however, remained in slumber and even slightly dropped while the rest were on a roll. Litecoin has finally awoken during Monday morning’s Asian trading session and it’s taking an upward path.

Like many of its crypto siblings, LTC had an awesome year in 2017 starting at around $4 and making a steady hike ten times over to reach stability around $50 where it stayed for several months. In November it climbed up again towards the $100-level where it again remained for a while. From December 8 to 13, Litecoin went parabolic and surged to $340, it reached an all-time high a few days later at $375.

Since its hay days, the altcoin has headed on somewhat a downward movement for three weeks to lows of just a little over $220. Reports saying that founder Charlie Lee had sold all his holdings of LTC left a bad taste in the community. Holders are becoming worried as the rest of the altcoins were performing really good while Litecoin is lagging behind.

However, things started to improve Monday morning during the Asian trading session when LTC broke through its weekly resistance level of $225 and skyrocketed in just a few short hours to a little over $300. Litecoin has finally awoken from its sleep to again break the $300 mark for the first time since 22nd of December. Most of the trading occurred on the Hong Kong exchange OKex in Bitcoin Cash, followed immediately by GDAX and South Korean Bithumb.

Charlie Lee is still exalting his brainchild and Tweeted this pertaining to the transfer volume:

“Over $12B worth of LTC has been sent in the last 24hr. That’s almost 95% of its marketcap. See how this stacks up against the other coins. Litecoin IS the payments coin!”

Meanwhile, reports that Japan entertainment conglomerate DMM revealed details of a crypto exchange that will be released next month could have given Litecoin a boost since it will be carrying 7 currencies with Litecoin being one of them.

Litecoin is presently up 21% on Monday, with a market capacity of $16 billion and has lost a few spots in the cap charts to Cardano and the lately surging Ripple. If this behavior continues, Litecoin could reach its earlier high and even go as far as $400.