Litecoin follows in bitcoin’s wake, touches $100

Litecoin saw breakout performance following similar pops from Bitcoin Cash and Bitcoin SV. However, after rocketing to $100 the price crashed back down to $73, with LTC now hovering in the high 80’s. Litecoin Soars (and Falls Back Into Line) Litecoin, the medium-of-exchange complement to Bitcoin, has experienced wild trading volatility within the last 24-hours. The price of LTC jumped from surged from $82 to $100—a 22 percent jump—following similar breakouts from BCH and BSV, according to Coinbase Pro data. However, LTC’s heights were short lived. Within three hours of hitting $100 the price plummeted to lows of $73 before rebounding to a range between $80 and $90. The price has since held, posting 24-hour gains of 8 percent according to CoinMarketCap data. Coinbase Pro data on Cryptowat.chMeanwhile, over the last 7 days, LTC has gone from $61.4 to $87.3—a 42 percent increase—based on aggregated CoinMarketCap data. Community Reaction The price surge garnered attention from some respected members of the crypto community. Michael Novogratz, billionaire and CEO of crypto investment firm Galaxy Investment Partners, was perplexed why a “glorified test net” was seeing this kind of price growth: Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc. — Michael Novogratz (@novogratz) April 3, 2019 Shortly after the tweet, the price dropped. However, other known crypto enthusiasts argued that Litecoin had additional upside in addition to what Novogratz suggested: Your general point stands. IMHO the gap exists because $LTC represents the scenario in which $BTC was the correct design, but a one-time flaw or external action takes down $BTC and leaves $LTC as the heir to the Shelling Point. Gold and Silver don’t really have that dynamic. — Naval (@naval) April 4, 2019 Primer on Litecoin’s Role in Crypto Litecoin’s goal as a cryptocurrency is to be a medium-of-exchange that complement’s Bitcoin’s proposition as a store-of-value. Since its inception, LTC has played a critical role in the development of Bitcoin, often acting as a testnet before major upgrades. In 2016, Litecoin demonstrated its important role as a testnet by adopting SegWit, an innovation that reduced the amount of data needed to be stored on the blockchain with each transaction. The update was ultimately rolled out to Bitcoin after uncertainty around the technology was dispelled. Related: $62 Million Litecoin Transaction Sent for Fifty Cents: The Potential of Crypto TransactionsLitecoin also works closely with Bitcoin’s core development team, with devs from the projects sharing and collaborating for the benefit of both protocols. Another notable achievement of the cryptocurrency is its status among exchanges and wallets. According to Litecoin community manager Ilir Gashi, LTC is one of the few cryptocurrencies listed on all major exchanged and major wallets—with the other two being Bitcoin and Ethereum. Regardless of what people’s opinions are on the role of Litecoin in crypto, it appears that people are buying. Over the past week, Litecoin’s market dominance has increased from 2.63 to 3.08 percent, indicating that its share of the overall market is increasing. Litecoin, currently ranked #5 by market cap, is up 7.48% over the past 24 hours. LTC has a market cap of $5.33B with a 24 hour volume of $5.88B. Chart by CryptoCompare Litecoin is up 7.48% over the past 24 hours. Filed Under: Litecoin, Price Analysis, Price Watch, Trading Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.