The price of litecoin continued to rise overnight, as the coin often referred to as “silver to bitcoin’s gold” followed in the path of its so-called elder brother. At press time 1 LTC was worth $74.40 USD, an all-time record.
Recently, litecoin’s price relationship to bitcoin has chopped and changed, sometimes echoing BTC and sometimes trending in the opposite direction.
This differs from earlier bull and bear markets, where LTC generally tracked BTC. Over the last few years, as both coins spent time in the doldrums, litecoin was given the nickname “The Rock” by #crypto Twitter, as it sank to its bottom and stayed there.
But ever since the current bull market erupted, coinciding with creator Charlie Lee’s decision to return to the project full time, the LTC/USD pair has been on a steady uptrend from $4 to the current price of just shy of $75.
In terms of LTC/BTC price it has reached highs over .02 BTC and lows just under .01 BTC, currently sitting at just over .015 BTC.
Wtf shall I do with all these flying rocks pic.twitter.com/Il3gmCCi6S
— cobie (@CryptoCobain) September 1, 2017
Does Litecoin Have Bitcoin Turmoil to Thank?
The catalyst seem to have been Bitcoin’s scaling impasse over the implementation of SegWit. Lee pushed for the bug fix and blocksize efficiency increase to be enabled on Litecoin. The market began to price this in, possibly seeing litecoin as a test bed or heir to the cryptocurrency throne if bitcoin were to flounder.
As such, the price began accelerating dramatically, although many in the market remained stuck in disbelief. Well known Bitcoiner and CEO of Civic, Vinny Lingham, had an exchange on Twitter that highlighted just how the long bear market affected many users’ perceptions.
not in my lifetime
— Vinny Lingham (@VinnyLingham) December 26, 2016
As is to be expected, Lingham is being held to account on Twitter, and it seems the subconscious mind of the market is drawing the price towards “The Vinny Level”.
While Lingham has attempted to explain his reasoning – and to be fair, a price target in December 2016 of $75 did seem far fetched – others have pointed out two other possible drivers of the LTC price. One is the distribution of Bitcoin Cash to current bitcoin holders, which they may have sold and re-invested into litecoin.
— Tuur Demeester (@TuurDemeester) August 19, 2017
Two is the fact that the implementation of Lightning Network and Atomic Swaps over Litecoin is slated for the near future, led by a raft of respected developers.
— Charlie Lee (@SatoshiLite) August 31, 2017
Further to this, a swathe of other factors seem to be contributing: Lee’s mainstream media appearances, the integration of hardware wallets and partnerships with companies such as Open Dime.
It would therefore be crazy to try and pick a top in a market with such momentum, but if you’re inclined to try, just be wary that it may just come back to bite you in the future.
Are you a Litecoin hodler? Tell us what you think about it.
Images via Pixabay, Coincap.io