28 Dec Price of Litecoin Climbs at a Whopping $80 As Market Heals Itself from the China ICO Ban
Since the Bitcoin era has arrived, the digital currency has always been under the radar of controversies all over the world. The crypto markets in full force recovery mode and have regained a massive amount of $25billion between Tuesday morning and Wednesday night.
With the impact of China’s ICO ban, the cryptocurrency market saw a significant downfall and almost every Bitcoin trader was affected by this cause. Also, a prominent trader- Whale Panda noted that China’s ICO ban had a detrimental effect on very few crypto projects.
Litecoin Price Recovers Past $80
Among the various Cryptocurrencies, there was one which was badly affected by the caused displayed above. Yes, Litecoin saw a sudden downfall which caused some severe effects on the digital currency system. Going in through the weekend, litecoin was in the same state as that of a Bitcoin. Further, as Bitcoin rose to enormous heights time after time, Litecoin also achieved milestone after milestone. After the whole process, Litecoin extended their boundaries up to $92 on September 2.
At that given point of time, Litecoin was in its growing phase. Following the next 24 hours, the Litecoin price rose 25% to $75. This rally continued with full force which made Litecoin rise to heights of infinity and it got break past $80 at 11:45 UTC. At this time, the Litecoin market had a cap of a whopping $4.2 billion which was quite magnificent on its own.
This rally of Litecoin was majorly attracted by Chinese traders. However, during the phase of downfall, most sell-offs and coins with CNY pairs felt intense downward pressure which was disheartening for the traders.
As of now, LTC and CTY which is worth $350 million in daily pricing are priced at a competitive price with respect to litecoins other pairs. If we talk about a collective pricing, Litecoin price exceeded $800 million which was only a few trails behind Bitcoin and Ehtereum.
Can Litecoin reach $100?
Litecoin showed a drastic pickup after the developer Charlie Lee achieved success in the testing of Lightening transactions on LTC network. LTC network is a development which was made possible by the activation of SegWit.
Seeing the market recovery of cryptocurrency, it is not a matter of debate that, Litecoin will reach the level of 100$ in the upcoming time. But, the tables may turn around as Bitcoin is also in the lineup and can give a tough competition to the everlasting Litecoin. Bitcoin has also activated SegWit and their developers are also looking forward to using Lightening technologies on BTC block chains. Thus, those lightning channels will help cross-blockchain transactions and will bring in some innovations like Instant payments. With such features, users will find it far easy to invest in the digital currencies and hope to get higher revenue out of such investment.
Consequently, investors should have a keen consideration on the Litecoin rising that it will benefit them to a great extent. All in all, with the rise of Litecoin and Bitcoin in use of the Lightening technology, it will be a thrill to see the race of these two digital currency giants.