Following the footsteps of its bigger brother Bitcoin who is on fire to start this week as it dashed almost relentlessly towards the $10,000 peak, Litecoin is step by step making its noise as it recorded an all-time high of more than $90 today. Frequently referred to as the silver to Bitcoin’s gold, Litecoin has been struggling to gain momentum since its high point at the end of August. It has been hanging around the $55 mark in the last two months until it broke hostility a couple of days ago and it has not turned back ever since.
During the past 24 hours, trade volumes spiked $400 million, and the market cap is briskly approaching $5 billion. This resulted in being number six in the crypto chart for market capacity.
The atomic swaps which aim to bring interoperability between altcoins and the original Bitcoin attracted interests. In most cases, Litecoin is perceived as an essential component in the drive toward atomic cross-chain transactions. Litecoin is up for trading for every significant digital currency on the open market.
Litecoin Rich List, a website examining the volume of addresses and amounts held indicates that most holders own less than 100 coins. Only 3% of the wallets contain more than 100 coins while just 96 addresses own almost 38% of all the supply, the richest one possesses 1.4 million coins which is equivalent to $130 million today.
The smaller sibling Litecoin is often perceived as more stable than Bitcoin which had a roller coaster ride in the past two quarters of the year. It has become one of the fastest and most low-cost transaction units on the market. Investors are anticipating the range of innovative solutions that can be gained from Litecoin as its popularity grows. Compared to Bitcoin who is expected to increase over $10,000 soon, it remains highly affordable.
Regarding LTC volume, GDAX has been in command nevertheless South Korean Bithumb, the exchange where almost a quarter of global Litecoin is traded could efficiently manage to secure the top. Coinbase has already listed LTC available to purchase directly with fiat, and several other exchanges are expected to do the same which could lead to the coin following Bitcoin in the mainstream.
Several altcoins have been rallying at the expense of Bitcoin, but Litecoin and up-to-the-minute Ethereum proved strong gains and continued to climb up. $100 per LTC is within striking distance, and 2018 is deemed to be a bountiful year for the coin.