Litecoin's Price Tops $50 to Set New All-Time High

After three years of ups and downs, the price of the cryptocurrency litecoin has finally set a new all-time high.

Launched in late 2011 as an optimization of bitcoin's open-source code, litecoin has since seen its share of volatility – its previous all-time high was $53.15 in November 2013. However, this figure proved so outsized that even amidst a broader increase in the cryptocurrency market earlier this year, litecoin was unable to join other cryptocurrencies in setting new highs.

That, however, has changed due to a decision by UK-based cryptocurrency exchange Bitstamp to list the asset, announcing on Twitter that it had made the decision earlier today.

In this light, litecoin has now completed a journey that began when the cryptocurrency's price began pushing higher in March, bolstered by anticipation surrounding its implementation of Segregated Witness (SegWit), a software upgrade that allows the protocol to handle more transactions.

Litecoin prices have surged more than 1,000% in the last 90 days as the network gathered the needed support and then implemented the upgrade, providing a notable contrast to the last three years when it largely strived to determine a relevant use case.

Litecoin image via Shutterstock