Litecoin prices saw a sharp increase in the last week. The price of Bitcoin’s “little brother” has recently risen massively despite the bear market. This sharp increase came as a surprise while many other coins struggled to rise. Why is Litecoin price up? Here is the latest Litecoin news.
What is Litecoin?
Litecoin is one of the oldest and most established cryptocurrencies on the market. It is often referred to as bitcoin’s “little brother” and was created in 2011, just two years after bitcoin. Litecoin is based on an open-source protocol and is technically implemented almost identically to Bitcoin.
The aim of Litecoin was to implement the Bitcoin system faster, more efficiently, and more reliably. Bitcoin’s scaling problems should be increased by increasing the processing time of the blocks. A new block is created on the Litecoin blockchain four times faster than on the Bitcoin blockchain.
Is Litecoin PoW or PoS?
Just like Bitcoin, Litecoin also uses the proof-of-work (PoW) mechanism to secure its network. The block is then verified by mining software and visible to all miners who want to see it. Once any miner verifies this block, it enters the chain and is recorded as a transaction. The first miner who successfully verifies a block is rewarded with 12.5 Litecoin. This reward goes lower with time.
How did Litecoin Perform in the last few days?
The Litecoin price saw a strong increase in the last 1-2 days. During the weekend, the price moved sideways like almost all other cryptocurrencies. But that all changed on Tuesday when Litecoin saw a sharp rise in price over a short period of time. The price rose from $61 to $69.
After a brief stabilization, we saw another strong price increase on Wednesday. From $70, the price saw a rise to $80. In the last few hours, prices stabilized again. Overall, Litecoin has gained over 30% in the last 7 days. In the last 24 hours alone it was around 11%.
Why is Litecoin Price UP?
If we’re looking for a specific reason for the Litecoin surge, we will have a hard time finding it. There hasn’t been a major update in the past few days. There was also little other positive regarding Litecoin in its community. Only Michael Saylor found words of praise for Litecoin and assigned it a function similar to that of Bitcoin. Saylor is a big fan of Bitcoin and a critic of altcoins.
Some theories state that many investors now want to invest in “safe” cryptocurrencies after the crash. This makes Litecoins the best alternative to Bitcoin. This flow to Litecoin could have caused a chain reaction of investors switching to Litecoin.
Another factor could be an integration of the cryptocurrency on MoneyGram’s crypto platform. This took place at the beginning of the month. The FTX crash was able to prevent an immediate increase. But now the Litecoin course could have risen late.
Is Litecoin a Good Buy before 2023?
The Litecoin price has seen a sharp increase in the last 2 days. This has given Litecoin a little more attention after a long time. This could lead to some light FOMO from many investors, so the rally will continue for a few more days.
A multi-week surge is unlikely unless the overall market sees a significant rally. As such, the rise could be short-lived. However, it shows that Litecoin will still be relevant in 2022 and that the course can see high profits again in the future.
How to Buy Litecoin?
Litecoin tokens can be bought on more than 50 exchanges. However, it is important to choose solid exchanges. The latest FTX crash showed how important is it to choose the right broker. Centralized exchanges are still the gateway from legacy finance into blockchain tech. We at CryptoTicker recommend the following trusted exchanges:
Offer from CryptoTicker
Are you looking for a chart analysis tool that doesn’t distract you with community messages and other noise? Check out GoCharting! This is an easy-to-use online charting tool that requires no downloads or prior knowledge.
Click here to get a 10% discount on your first payment (monthly or yearly)!
CLICK THIS LINK TO TRADE LITECOIN AT BITFINEX!
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Litecoin Price Prediction– How High Can LTC Rise by the New Year?
- Litecoin is DEAD? Here’s why Bitcoin might be the Better Pick
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Should I Invest In Litecoin $LTC In 2022?
- Litecoin Price Prediction: How high can the price of LTC rise by 2025?
- Can Shiba Inu Price Reach 10 Cents?
- Litecoin prediction for the end of February– Can the LTC price rise sharply again?
- Conservative Prediction: Can XRP reach $5 in 2023?
- LTC Price Prediction: Can Litecoin Price Reach $100?
- Top 3 Cryptos to BUY in January 2023 – The Bullrun is HERE?
- LTC Price Analysis: Can Litecoin Reach $500?
- The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
- Top 5 Cryptocurrencies Of The Week – Week 47
- Litecoin Price UP! Should you BUY LTC Today? Check this out First
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- How will Shiba Inu Perform in Q1 of 2023? The Numbers are IN!
- Ethereum Price Prediction – ETH BOOMS 20%, Bullrun Finally Here?
- Ripple Price Prediction – How High will XRP reach in 2050?
You might also like
More from Altcoin
Those 3 Altcoins can BOOM in the next few weeks! Do you Hold any?
Now that Bitcoin is nearing $30,000, which altcoins will follow and boom? Here are the top 3 altcoins to look …
XRP Prediction for the next 3 months – can XRP reach 70 cents soon?
The banking crisis is making the situation very uncertain. Let's analyze XRP and see where its prices can reach in …
Bitcoin Price Next Big Move: Will It Hit the Million Dollar Mark in 90 Days? Potential Scenarios Explored
In this Bitcoin price prediction article, we'll explore the potential scenarios for Bitcoin's big move and what it could mean …