Created by Charlie Lee, Litecoin has gone on to grow to be one of the in style altcoins available on the market at present.
Litecoin prides itself on being faster and cheaper to make use of than Bitcoin, making it good for on a regular basis funds. The Litecoin value historical past is connected to Bitcoin’s. Once you see Bitcoin going by way of an enormous pump, the chances are Litecoin goes to comply with. In a bear market, you may anticipate Litecoin to plummet as soon as extra to the depths under.
Litecoin at the moment sits in sixth place of the cryptocurrency rankings at a value of simply over $70 and a marketcap of over $4 billion. The place did all of it start?
The early days of the Litecoin value historical past
Litecoin went stay in April 2013 and was a fork of the Bitcoin consumer. This fork provided totally different parameters. On launch, Litecoin was valued at $4.30 or 0.031 BTC. The value dipped to round $1.50 till the primary bull run kicked off, with Bitcoin main the cost.
Litecoin adopted intently on Bitcoin’s tail as cash started to flood into crypto and altcoins for the primary time. The cryptocurrency managed to achieve heights of round $44 simply earlier than the start of 2014 after which got here crashing again down.
The cryptocurrency tumbled steadily downwards. Firstly, into the $20 vary and slowly however absolutely again into single greenback worth all through the rest of 2014.
From the center of 2014 to the beginning of 2017, Litecoin remained comparatively secure as curiosity in cryptocurrencies waned. The unique bubble of 2013/14 subsided so Litecoin was not alone in seeing this sample.
After reaching a backside of $1.28, the coin remained floating between this earlier than slowly creeping as much as round $4. This lasted for 2 years regardless of developments being made on the platform and gaining the moniker of being the “silver” to Bitcoin’s “gold”.
The bull run of 2017
In the event you entered the cryptocurrency market in December 2016 you may have blindly thrown a dart at any cryptocurrency and most probably have made a revenue. The rise in costs of cryptocurrencies throughout the board was spectacular.
Litecoin was no totally different on this case. Having began the yr at a tick underneath $4, Litecoin defied expectations and rose to a excessive of $375 in December 2017. This development in value was unlikely to ever be sustainable. The cash flowing into the cryptocurrency markets from retail buyers created one other bubble and plenty of newcomers FOMO’d into the scene.
Sadly, bubbles usually pop eventually.
Controversy surrounding Charlie Lee
In December 0f 2017 the creator of Litecoin, Charlie Lee, launched a tweet declaring that he had offered his Litecoin holdings. In a Reddit put up, Lee defined he “now not want[ed] to tie monetary success to Litecoin’s success”. He additionally reassured the general public that he would proceed enhancing Litecoin. He additionally said that his resolution to promote didn’t have an effect on the market both.
The battle of curiosity that Lee felt as each a creator and influencer meant that he believed in stepping away from the cryptocurrency, in order that Litecoin may survive by itself.
After reaching the highest of its value, Litecoin crashed again down to only under $30 however has since recovered barely because the market seems to be turning. Presently sitting at simply over $70, the worth of the cryptocurrency is in a a lot more healthy form than pre-2017.
Litecoin has, no matter value, continued to develop itself. It was one of many first cryptocurrencies to implement Segwit, paving the best way for Bitcoin to implement the improve.
Like some other cryptocurrency, it’s unattainable to find out whether or not the heights of 2017 will ever be seen once more. There are all the time dramatic predictions however, in such an unpredictable market, nothing is ever assured.
The Litecoin value historical past is coupled to the worth of Bitcoin, a lot the identical as the remainder of the cryptocurrency market. For costs to considerably rise in altcoins, then the worth of Bitcoin should rise as nicely. Altcoins might nicely someday decouple from Bitcoin however that is unlikely to occur anytime quickly.
If you wish to see the worth of Litecoin rise then be careful for the worth of Bitcoin rising as nicely.