Litecoin, the silver to Bitcoin’s gold sees massive rallies as the rest of the cryptocurrencies collapse and show no signs of recovery. The price of Litecoin is currently by up a massive 7% in the 24-hour time frame as per the data obtained from CoinMarketCap.
LTC trading at $32 on January 4, 2019, UTC took a downturn and fell as low as $31. The prices didn’t stay there but rose up in a short-term rally causing the prices to increase back to the prior level.
The prices corrected themselves at this point and started another rally but this time by only $0.51. The next rally was substantial as the prices reached $33.33 mark. The market cap at this point was scratching the $2 billion line. After this point, the prices went into a sideways movement more than seven hours and reached $33.06.
The prices went on a final rally to reach a price point of $34.52, while market cap reached $2.06 billion. In the 7-day time frame, the prices of Litecoin have seen almost the same amount of increase, which is about 7%.
The seventh largest cryptocurrency has seen massive adoption in the past year, especially the recent one, where Litecoin became the first cryptocurrency ever to sponsor UFC 232. The Litecoin logo appeared on the canvas of the octagon, which is a massive step in the right direction for Litecoin’s adoption.
Apart from the above, Twitter users shared their excitement about the recent rally of Litecoin. A user ‘Thought about it’ commented:
“Litecoin is experiencing an ongoing UFC bounce in terms of crypto community confidence Viva la Litecoin!”
Another user Litecoin Master tweeted:
1. It’s undervalued 37x less market cap than bitcoin
2. It’s on same path as bitcoin 7 yrs vs 10 yrs
3. #Litecoin halving is Aug 2019, inflation drops from 9 to 4%
4. Litecoin will add privacy
5. Litecoin on network
6. UFC partnership
Another user, Edin Jusupovic commented:
“When Litecoin hits $1000, assuming a 70M LTC circulation, that’s only a small $70B market cap. Apple single-handedly wiped out $64 billion in just a matter of hours after revising revenue projections.
Litecoin is sound money for the world, and it’s worth 10x more than Apple.”
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