Litecoin costs have surged over the previous 24 hours, reaching a brand new all-time excessive following a month of typically sideways buying and selling.
Peaking final evening at 21:24 UTC, the fifth-largest cryptocurrency by market capitalization reached a file excessive of simply over $64 – a 36 p.c enhance over the week. At press time, litecoin’s worth had dropped to $62, in line with information from CoinMarketCap.
Vigorous buying and selling in South Korea appears to be no less than partially accountable for the rise, a pattern additionally seen for bitcoin money, monero and Ripple’s XRP in recent days.
CoinMarketCap signifies that Korean alternate Bithumb was accountable for as a lot as 25 p.c of the quantity within the final 24 hours, although Chinese language exchanges OKCoin and Huobi noticed 18 and 15 p.c respectively.
Imminent regulatory modifications relating to cryptocurrencies in South Korea have been cited as a motive for the sudden development in curiosity within the nascent crypto asset class.
Wanting extra broadly, the mixed market cap for all cryptocurrencies has once more reached a brand new excessive, brushing the $159 billion mark at 00:07 UTC in the present day, in line with CoinMarketCap.
Disclosure: CoinDesk is a subsidiary of Digital Foreign money Group, which has an possession stake in Ripple.
Litecoins picture by way of Shutterstock