Litecoin prices have risen recently and have risen to their highest since mid-May as digital currency networks continue to benefit from growing activities.
Originally created as a hard fork of the Digital Brothers Bitcoin, CoinDesk figures show that the cryptocurrency increased to $ 229.42 around 11:00 am eastern summer time.
At this point, cryptocurrencies that are similar to Bitcoin but differ in some basic respects such as block time and tokenomics have been trading at their highest since May 19, additional CoinDesk data reveals. I am.
In addition, it has more than doubled from the recent low of $ 104.09, which was the price reached on July 20th. Since then, digital assets have been on a broad uptrend.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Litecoin network fundamentals have also improved in the last few months.
According to Glassnode numbers, the number of transactions per second, active addresses, and new addresses have all increased over the past few months.
Network hash rates have also risen in recent months, almost doubling from 170 tera-hash (TH / s) in late June to 321.8 TH / s at the time of this writing, BitInfo Charts data said. I have made it clear.
Relationship with Bitcoin
Bitcoin, whose price fluctuations often correlate strongly with Litecoin’s price fluctuations, has also been on the rise over the past few weeks and has risen significantly since reaching the local lows on July 20. is showing.
Since falling to $ 29,306.77 that day, at the time of this writing, the world’s most prominent digital currencies have risen by more than 70% to about $ 50,356.00.
John Iadeluca, founder and CEO of the multi-strategy fund Banz Capital, examined the relationship between these two cryptocurrencies.
Litecoin is often thought of as Bitcoin’s gold and silver, he emphasizes, and trading sentiment often follows that maxim.
Since Litecoin first began to experience mainstream adoption among traders, “We are now looking at the two assets as they have shown a historically consistent and close correlation of price fluctuations. think”.
“The market usually reacts very much to Litecoin compared to Bitcoin in terms of price volatility,” he said.
“I think this is what we see in the recent rise in Litecoin prices last week.”
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ethereum and EOS.