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Litecoin's Price Tops $50 to Set New All-Time High
Spurred by a sudden exchange listing, the price of the cryptocurrency litecoin hit a new all-time high today above $50.
After three years of ups and downs, the price of the cryptocurrency litecoin has finally set a new all-time high.
STORY CONTINUES BELOW
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
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
