Litecoin’s trading value surges almost 37% this week as it rallies to multi-year highs to $360. LTC/USD hit its lifetime high of $420 in December 2017.
Litecoin rose to almost $360 on Thursday, May 6. It rose sharply by 16% on May 5, the largest single-day spike for Litecoin. Litecoin hit a lifetime high at $420.00, which it reached in December 2017.
Litecoin has been trading within a range of $222 and $310 over the past four weeks. On Thursday, it surged higher to touch levels of $360.00 during trading hours. After breaching strong resistance at $225 in April, LTC/USD has surged higher.
LTC may see a huge rally in the months to come, say experts. Litecoin has gone up more than 600% over the past eight months. The increase in LTC’s trading volume has helped in the sharp surge in prices and overcome resistance at $120. Litecoin is most used for microtransactions as it charges lower fees and provides quick transactions to users.
Litecoin Creator Charles Lee Joins BTCS
LTC, the ninth-largest cryptocurrency by the market was created by Charlie Lee. It was created in the footprints of Bitcoin. It uses scrypt as proof of work and is based on an open-source payment network used across the globe for easy transactions. Litecoin’s block generation rate is faster with a speedy confirmation time on transactions. Lee created Litecoin in 2011 while working in Google as a software engineer.
Mr. Lee has joined BTCS as the third independent director. BTCS Chief Executive Officer Charles Allen welcomes Charlie Lee into the board, saying he is truly honoured to have the innovator and visionary of the Blockchain space. BTCS is one of the first publicly traded companies in the US that uses Blockchain technology and digital assets.
Lee sold most of his holdings in Litecoin after it hit life-high in 2017. It gradually fell to around $30 by the end of 2018 but has recovered to move towards $355 in May 2021. He was accused by critics of recognizing the mania beforehand and liquidating his position in the cryptocurrency.
Litecoin Market Capital in 2021
In January 2021, Litecoin’s market capitalization was at $10.1 billion, but it has surged to around $21.15 billion in May.
Litecoin attracts users for its low fees and microtransactions. The recent surge in Litecoin prices makes it one of the best-performing cryptocurrencies of 2021. Trading volume has increased almost 130% above its average volume, and there is a significant surge in volume for the past two months. It attracts speculators and merchants as the fee charged is comparatively lower, while transactions are speedier.
Its token value, which was at $124 at the beginning of 2021, is now trading at $350 levels as of May 6, 2021. Litecoin saw a massive single-day surge on May 5 of 16%. Though LTC has performed well in 2021, its performance in the previous years has not been good.
US Treasury Secretary Janet Yellen
US Treasury Secretary Janet Yellen had earlier warned that crypto usage was “extremely inefficient” for monetary transactions. Her recent remarks that there is no proper framework for cryptocurrency regulations hint that a regulatory task force may be formed, to look into regulations.
The cryptocurrency market saw a huge sell-off on Tuesday when US Treasury Secretary Yellen stated that interest rates have to be hiked to overcome current problems in the country. The US stock market saw a sharp sell-off on Tuesday, though it recovered later.
Cryptocurrencies do not come under government control or manipulation. It is this unique characteristic that attracts more users into the crypto market. There are more than 4.000 cryptocurrencies in existence that are gaining popularity backed by many communities and investors.
Major Cryptocurrencies Surge in May
Ether had hit a record high of $3,530 on Thursday. The second-largest cryptocurrency in market capitalization has crossed the $3,000 psychological barrier to rise to a record high. ETH/USD is growing at a faster pace than Bitcoin, and it may reach $5,000 levels soon, say experts.
Bitcoin, which went to high levels in April to touch a record high at $64,700, moved lower by the end of the month. Though bitcoin went before the psychological support level at $50,000 on April 25, it has moved higher towards $58,000 levels in the first week of May.
Ripple’s XRP is also consolidating at around $1.66 after hitting a high of $1.93 in April. XRP moves within a range between $1.40 and $1.68 in May. XRP has surged higher from $1.00, where it was trading in the last week of April.
Dogecoin has been increasing in value to become the front-running cryptocurrency by market capitalization, as it surged to life-high value at $0.65. However, there is high volatility in its price whenever Tesla CEO Elon Musk tweets on it.