Litecoin has seen a remarkable increase in value over the past trading day. The digital currency spiked to $105, a remarkable 24.6% increase in the past 24 hours. At the moment, the surge in Litecoin’s valuation does not appear to be linked to any particular event or press release.
Litecoin was officially listed as a tradable cryptocurrency for EDX Markets users on June 20, 2023. Litecoin experienced a boost during the first three days of trading on EDX, with the price rising from $77 to $91. The price fell slightly after this initial rise, but the rise we see today is significantly steeper, with no clear cause identified by the media or analysts as of yet.
One possible factor contributing to this increase is Litecoin’s recent exemption from the SEC’s list of tokens classified as “unregistered securities”. Litecoin is a derivative of Bitcoin and runs on a proof-of-work blockchain, so it is unlikely to be considered a security that could spark an uptick in market sentiment.
Litecoin (LTC) is a digital currency that originated in 2011 as a fork of the original Bitcoin blockchain. Its creation was intended to address concerns that Bitcoin would become overly centralized and to prevent large-scale mining operations from monopolizing the mining process. While the coin hasn’t completely stopped big companies from dominating crypto mining, it has successfully repositioned itself as a cryptocurrency that individual miners can mine and as a viable system for peer-to-peer payments.
Litecoin was invented by Charlie Lee, an ex-Google engineer, in 2009, two years after the advent of Bitcoin. Litecoin’s stated mission is to serve as a medium for everyday transactions and to provide faster transaction processing time compared to its predecessor, Bitcoin.
Today, Litecoin’s market cap is an impressive $7.74 billion, with a circulating supply of 73.26 million LTC. The maximum supply of the digital currency is set at 84 million LTC. Litecoin’s traded volume in the past 24 hours has reached $3.19 billion and the cryptocurrency has registered a 15.19% change over the past week. Litecoin price fluctuated between USD 84,300 and USD 111,260 during today’s trading.
Post Litecoin Spikes 25%: What’s Behind the Sudden Rise? appeared first on CryptoSlate.
