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Litecoin Hits Latest All-Time High, Up More Than 4,000% Year-To-Date, Litecoin’s Phenomenal Year

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Litecoin Hits Latest All-Time High, Up More Than 4,000% Year-To-Date, Litecoin’s Phenomenal Year

Litecoin reached a brand new report in the present day, extending its current good points and growing it’s year-to-date (YTD) returns to greater than 4,000%.

The digital forex, which is a fork of digital sibling Bitcoin, rose to as a lot as $186.89, in keeping with CoinMarketCap.

After beginning out 2017 at $four.33, this newest excessive represented a YTD return of roughly four,215%.

Sibling Rivalry

Whereas Bitcoin has had an excellent 12 months, breaking by a number of value ranges and having fun with a meteoric rise, Litecoin has skilled an excellent stronger rally.

Bitcoin has risen to as a lot as $17,364.56 on the CoinDesk Bitcoin Price Index (BPI), representing a YTD achieve of greater than 1,600%.

The digital forex has climbed much more by some measures, surpassing $18,300 on CoinMarketCap and rising greater than 1,800% for the 12 months.

Whereas these figures are spectacular, producing numerous headlines about Bitcoin’s sharp climb and all of the so-called “Bitcoin Millionaires” it has produced, Litecoin’s YTD achieve is greater than twice that of its digital sibling.

Sustained Correlation

Bitcoin and Litecoin have each pushed larger this 12 months, however that is actually not the first time that the worth of the 2 cryptocurrencies has risen in tandem.

Earlier this 12 months, a CoinDesk article described Bitcoin and Litecoin as “birds of a feather,” emphasizing that the 2 have regularly adopted one another of their value actions.

This growth has led some to invest that Litecoin is solely using Bitcoin’s coattails.Litecoin Today Price

Tim Enneking, managing director of Crypto Asset Management, just lately acknowledged that the previous forex is “completely cruising in BTC’s wake!” 

He emphasized that whereas Bitcoin has been producing headlines, Litecoin has not introduced any main updates as of late.

Bitcoin Hedge

Whereas the aforementioned explanations could present a greater sense of why each Bitcoin and Litecoin have pushed larger this 12 months, sure analysts have begun providing completely different factors of view.

A few of them have asserted that Litecoin is a “Bitcoin hedge,” because the latter forex’s community is coping with a excessive stage of unconfirmed transactions.

Mati Greenspan, a senior market analyst for eToro, was on this camp.

“Litecoin is extra scalable by nature and with bitcoins, mempool at the moment flooded with unconfirmed transactions Litecoin is trying significantly better than BTC as a medium of trade,” he mentioned. 

Charles Hayter, co-founder, and CEO of digital forex platform CryptoCompare, additionally agreed that Litecoin is a Bitcoin hedge, stating that whereas the 2 are very comparable, the altcoin has better upside potential and fewer drawback threat.

Bitcoin Various

Jeff Koyen, the strategic advisor for 360 Blockchain, acknowledged: 

“All the eye paid to bitcoin prior to now few weeks has served as a rising tide for all cryptocurrencies,” he mentioned.

“However with bitcoin overbought in the meantime and Ethereum comparatively flat, they’re turning to Litecoin — a grande dame crypto with dependable underpinnings and sufficient similarities to bitcoin that they are snug shopping for.”

Yazan Barghuthi, challenge lead at Jibrel Network, additionally weighed in on the scenario: 

“We’ll see a whole lot of worth stream into alt-coins pushed by portfolio diversification and realization of good points,” he acknowledged. 

“In a speculative market, with new non-savvy entrants, the alt-coins that can do one of the best are those with the highest accessibility. With LTC being supplied throughout the principle exchanges - i.e. is extremely accessible to the common investor, it’s no shock to see a big chunk of the Bitcoin to Altcoin stream in the direction of LTC.”

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