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Created by Charlie Lee, Litecoin has become one of the most popular altcoins on the market today.
Litecoin prides itself on being faster and cheaper to use than Bitcoin, making it perfect for everyday payments. Litecoin’s price history is attached to that of Bitcoin. When you see Bitcoin go through a big pump, Litecoin will most likely follow. In a bear market, you can expect Litecoin to plummet once again to the depths below.
Litecoin currently sits in sixth place in the cryptocurrency rankings at a price of just over $70 and a market capitalization of over $4 billion. Where did it all start?
The early days of Litecoin price history
Litecoin was launched in April 2013 and was a fork of the Bitcoin client. This fork offered different parameters. At launch, Litecoin was valued at $4.30 or 0.031 BTC. The price fell to around $1.50 until the first bull run started, with Bitcoin leading the way.
Litecoin closely followed Bitcoin’s tail when money first began flooding into cryptocurrencies and altcoins. The cryptocurrency managed to reach heights of around $44 just before the beginning of 2014 and then fell back.
The cryptocurrency steadily fell down. First, in the $20 range, and slowly but surely back to the value of a single dollar for the rest of 2014.
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From mid-2014 to early 2017, Litecoin was relatively stable as interest in cryptocurrencies waned. The original bubble of 2013/14 died down, so Litecoin was not the only one to see this pattern.
After bottoming out at $1.28, the coin remained hovering between this before slowly climbing up to around $4. This lasted for two years despite developments made on the platform and earning the nickname of being the “silver”. of Bitcoin “gold”.
The bullfight of 2017
If you entered the cryptocurrency market in December 2016, you could have blindly thrown a dart at any cryptocurrency and most likely made a profit. The rise in cryptocurrency prices across the board was spectacular.
Litecoin was no different in this case. Having started the year below $4, Litecoin defied expectations and reached a high of $375 in December 2017. This growth in price is unlikely to be sustainable. Money flowing into the cryptocurrency markets from retail investors created another bubble and many FOMO newcomers entered the scene.
Unfortunately, bubbles usually burst sooner or later.
Controversy surrounding Charlie Lee
In December 2017, the creator of Litecoin, charlie lee, posted a tweet declaring that he had sold his Litecoin holdings. in a Reddit post, Lee explained that he “no longer needs[ed] link financial success to the success of Litecoin.” He also assured the public that he would continue to improve Litecoin. He also stated that his decision to sell did not affect the market either.
The conflict of interest that Lee felt as a creator and influencer meant that he believed in moving away from cryptocurrency, so that Litecoin could survive on its own.
2018 onwards
After topping its price, Litecoin fell back to just below $30, but has since recovered slightly as the market appears to be turning around. Currently at just over $70, the price of the cryptocurrency is in much healthier shape than it was before 2017.
Litecoin, regardless of price, has continued to develop. It was one of the first cryptocurrencies to implement Segwit, paving the way for Bitcoin to implement the upgrade.
Conclution
Like any other cryptocurrency, it is impossible to determine if the heights of 2017 will be seen again. There are always dramatic predictions but, in such an unpredictable market, nothing is guaranteed.
Litecoin’s price history is coupled to the price of Bitcoin, just like the rest of the cryptocurrency market. For altcoin prices to rise significantly, the price of Bitcoin must rise as well. Altcoins may one day decouple from Bitcoin, but this is unlikely to happen any time soon.
If you want to see Litecoin price increase, watch out for Bitcoin price increase as well.
The charge What is the price history of Litecoin? first appeared in coin rivet.
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