After a long time litecoin was excelled. A twenty percent appreciation in a single week overshadowed the other nine most common cryptocurrencies.
On Friday afternoon, litecoin cost nearly $ 70, a week earlier its price was $ 15 lower. According to technical analyzes, the explanation is clear: litecoin has managed to break free of the downward trend, and breaking the resistance in the form of a 200 days price average encouraged speculators to make further purchases.
Even in December, one litecoin could be bought for half the current price. The $ 35 price tag therefore appears more and more clearly as an imaginary bottom where the cryptocurrency fell from last year’s $ 140 price peak. From this point of view, current growth is therefore part of natural cycles. In addition, some speculators now tend to perceive the movement of the Litecoin price as a harbinger of a further upsurge in the entire virtual coin market.
According to Cointelegraph, speculators expect a similar development of the entire cryptocurrency market that occurred at the beginning of last year. It was then that the mood of investors began to reverse, and it was Litecoin that was the first to see the price boom of the more widespread virtual coins.
His several hundred percent gains bitcoin repeated with delay. If this reasoning is confirmed, it is said that in the coming months, a price tag of around hundred dollars can be expected for litecoin.
Despite the recovery of the Litecoin exchange rate, however, its mining is still not worth much. The aggregate computing power of the mining equipment that drives the Litecoin network remains about 70 percent weaker compared to June, when the exchange rate was twice as high.
In particular, Litecoin offers faster transaction confirmation in comparison with the best-known bitcoin – it can be confirmed instead of ten minutes in just 2.5 minutes. Along with even lower transaction fees.
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