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:
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Source: https://cryptoticker.io/en/litecoin-news-ltc-why-is-litecoin-price-up/