Bitcoin (BTC), Cryptocurrency, Litecoin (LTC) –While most investors focus on the price movement of Bitcoin when approaching $ 4,000, Litecoin has quietly recorded the highest price gain of the day for currencies classified in the top ten.
Litecoin, which currently holds the seventh position in total market capitalization, has risen by 11% against the US dollar in the last 24 hours, marking the first rally of the currency to start the new year. While 2018 was a terrible year for LTC and almost all the tokens – with the price of a single Litecoin down 90 percent in the twelve months, the currency started vigorously in the first week of 2019.
The currency managed to reach an intra-day peak of $ 36.14 before returning to its current price of $ 34.76 (at the time of writing). While the LTC rally accompanied a positive day for Bitcoin, with the number one cryptocurrency by market capitalization near a turnaround of $ 4,000, Litecoin widely traded the latest news with the OKEx encrypted exchange. On January 3rd, OKEx announced extended support for its perpetual exchange function, including the addition of LTC, Ethereum and XRP among several other currencies.
Even with investors confident about OKEx's announcement, Litecoin has managed a long history of trading as "silver" for "Bitcoin" gold. While the two currencies' pairing has declined during the prolonged bearish cycle of 2018, with LTC losses exceeding that of Bitcoin from their respective historical highs, Litecoin has again benefited from its close association with Bitcoin.
In addition, the Litecoin Foundation was one of the most active crypto organizations, which promoted a recent promotion with the UFC so that the logo would be displayed in the ring for a pay-per-view combination. UFC 232, with a audience Reportedly, over 2 million and announcing the return of superstar wrestler Jon Jones, featured Litecoin and the LTC logo as an official partner of Cryptocurrency for the event
Excited to announce that the Litecoin logo will be on the canvas as an official partner of Criptovaluta di @UFC 232 out of 12/29 at Inglewood CA! Further information: https://t.co/y4yvPWb6rj pic.twitter.com/ddML54j5GH
– Charlie Lee [LTC⚡] (@SatoshiLite) December 26, 2018
The non-orthodox foundation of the Litecoin Foundation for advertising was a positive sign after a number of demolished developments hampered the growth of LTC in 2018, including the closure of the Litepay project profile. With the peak of today's prices, Litecoin is approaching a significant "flappy" achievement for the coin in the overtaking of Stellar XLM for the sixth position of market capitalization.
Charlie Lee, founder of Litecoin, also contributed to the positive development of the day by repeating the tweet that the LTC Lightning network had exceeded 100 active nodes.
– Litecoin.com (@LitecoinDotCom) 5 January 2019
Lee, who has been criticized for infamously selling his LTC stake at the all-time high in December 2017, has been trying to help the currency recover. The founder of coins explained at the time of the sale that it was his intention to improve the decentralization of Litecoin and move the spotlight away from him as a vocal supporter of the currency. Lee had also warned investors to be cautious about the bullish market that continued indefinitely, as the cryptocurrency approached a trillion dollars of market capitalization and being ready for a bear market to follow, which could take years to recover, a forecast which is proving salient while the industry enters 2019 with a shaky assessment.