Litecoin Hits $321, Growing By 100% In A Single Day

Today is a good day for all the Litecoin crypto holders. It doesn’t happen too often that a cryptocurrency doubles its value in one day – and that happened to the altcoin Litecoin in only 24 hours between December 11st and 12nd 2017.

The latest price of Litecoin is $321, surpassing IOTA with a $15 billion market cap and becoming the fourth largest cryptocurrency in the world after Bitcoin, Ethereum and Bitcoin Cash. According to some research by analysts, Litecoin is now worth more than the entire cryptocurrency market from 15 months ago.

The Litecoin market cap has now passed $17 billion. What’s interesting is that no major event triggered the price of Litecoin to increase this dramatically in a 24-hour span. However, many analysts believe that the surge was caused by an increase in demand for the virtual currency in the traditional finance sector.
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For the ones who don’t know, Litecoin is a cheaper and a more currency-like alternative to Bitcoin.
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It has lower fees and faster confirmation times which is its main value. This gives it strong performance and is another factor why its price has grown so much over the past day.

The Litecoin creator (also a former Coinbase executive), Charlie Lee, revealed that the market cap of this virtual currency should be approached carefully. He said:

“Sorry to spoil the party, but I need to reign in the excitement a bit… Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy,”

He also added that there are always ‘bear cycles’ in the cryptocurrency market and traders should be prepared for them. However, the surge of almost 100% has confirmed one thing – Litecoin is definitely one of the main contenders of coming closer to Bitcoin – and one of IOTA’s largest crypto rivals.