Virtual currency Litecoin achieves an all-time high with the price of $87 per token as of writing. With the cryptocurrency market’s performance proving to be firm, it’s no surprise that people are projecting the digital currency’s price to reach the $100 level (or even surpass) before 2017 is over.
Over a day’s length, Litecoin trading almost reached $381 mln, a clear indication that it’s well on its way towards an all-time high, just as the top cryptocurrency Bitcoin surpassed $9,000.
A large number of Litecoin’s trading volume is influenced by Bitfinex and GDAX, two digital asset exchanges that outdid the performance of Bithumb. The trading data also indicated that among the top three there are also three fiat currency trading pairs, specifying that new capital is coming into the market for these digital currencies.
Virtual currencies giving a great performance
Besides Litecoin breaking new ground, there have also been other positive occurrences in the community. An example will be Bitcoin and Ethereum posting an increase in prices, which were then followed by altcoins Monero and Dash, which both set all-time highs for themselves in terms of price growth.
This new phenomenon is being seen as an indication that the whole market for cryptocurrency will be experiencing subsequent growth not long from now. Before, altcoins usually stumbled around whenever Bitcoin performed well in the market. And now, the fact that altcoins are experiencing sustained progress all the while Bitcoin is breaking new barriers are signs that these altcoins are also finding an audience of their own.
Litecoin’s recent upswing signifies that industry players are already recognizing the possibilities with cryptocurrency. This also raised the market capitalization of digital currencies to more than $4.5 bln. However, only time will tell if Litecoin will be able to sustain this performance in the coming days.