Litecoin has significantly increased in value in recent trading days. The digital currency surged to $105, a notable gain of 24.6% over the past 24 hours. At this time, the sharp rise in Litecoin valuation does not appear to be related to any specific event or news release.
Litecoin was officially listed as a tradable cryptocurrency for EDX market users on June 20, 2023. Litecoin surged in his first three days of trading on EDX, with the price rising from $77 to $91. After this initial rally, prices fell slightly, but the surge seen today was significantly steeper and no clear cause has yet been identified by media and analysts.
One potential factor contributing to this surge is the recent removal of Litecoin from the SEC’s list of tokens classified as “unregistered securities.” Since Litecoin is a derivative of Bitcoin and operates on a proof-of-work blockchain, it is unlikely to be considered a security, which may have caused a surge in market sentiment.
Litecoin (LTC) is a digital currency that was born in 2011 as a fork from the original Bitcoin blockchain. This creation was intended to counter concerns that Bitcoin is overly centralized and to prevent large-scale mining operations from monopolizing the mining process. Although the coin did not completely stop the dominance of cryptocurrency mining by large corporations, it did succeed in reclaiming its place as a cryptocurrency that individual miners could mine and as a viable system for peer-to-peer payments.
Litecoin was invented by former Google engineer Charlie Lee in 2009, two years after the advent of Bitcoin. Litecoin’s stated mission is to serve as a medium for everyday transactions and offer faster transaction processing times compared to its predecessor Bitcoin.
Litecoin currently has a staggering market cap of $7.74 billion, with a circulating supply of 73.26 million LTC. The maximum supply of this digital currency is set at 84 million LTC. Litecoin trading volume in the last 24 hours reached $3.19 billion, with the cryptocurrency registering a 15.19% change over the past week. In today’s trading, Litecoin price fluctuated between $84.300 and $111.260.
Litecoin Soars 25% Article: What’s Behind The Sudden Rally? First appeared on CryptoSlate.
