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In the last 24 hours, with some good news on Litecoin, LTC is recording quite impressive gains. For several days, the seventh-largest digital currency by market capitalization balanced just below $ 50, has not been able to reach this important milestone (again).
However, this has changed recently, when the price of the LTC has risen by almost 3%, which allowed the currency to reach the $ 50 mark at the end, and even exceed it. At the time of writing, the price of the currency is just over $ 54, an increase of 0.1% in the last 24 hours.
While many LTC supporters have accepted this news of Litecoin, the currency has not yet stabilized. Due to the fact that the market has not yet left the downward trend, LTC could still fall at its old price.
However, many see this as great progress, believing that Litecoin will remain above $ 50. This is supported by the fact that LTC has already recorded a slight decline since it exceeded this milestone, but its price has not gone below it. While it is still too early to say that $ 50 is the new fund, many hope that his will will prove to be true.
All the forecasts made at this time are unreliable, as Litecoin is trying to stabilize itself after finally making this progress. Since rising initially, its price was jumping up and down, usually a few cents.
However, the trading volume has, indeed, increased by quite a few. After the news of Litecoin, the volume of LTC rose to $ 372 million. The forecasts of previous prices for LTC claimed that the currency would hit up to $ 600 by the end of the year. Considering how things are now, this will almost certainly not happen, and it would take a good run for LTC to get closer to this milestone.
Numerous analysts agree that something like this can still happen in 2019. At the moment, Litecoin is clearly growing and is trying to assert itself at its new price. The effort is clear to both analysts and investors, and the currency community has been thrilled to see such progress.
Why does Litecoin attract attention?
Despite the fact that Litecoin is decentralized, it still managed to attract the attention of institutions and even encrypted funds. Investments have begun, and this is probably the reason for the current growth. It's also open source, offers better speed than Bitcoin and is a cheaper option for those looking to make transactions.
Furthermore, the extraction process is simpler, the volatility is lower than that of BTC, while the developers are quite able. In addition, the total offer is relatively low, with 84 million tokens, all the hardware portfolios support the currency and, finally, LTC is one of the favorite currencies of the Chinese people. Of course, LTC has a lot of positive things and has a lot to offer.
While it is unlikely that 2018 will end with LTC hitting $ 600, it is undeniable that the currency is making serious progress.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
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