Litecoin reached its latest high above $350, climbing 8,000% YTD. (Photo by Dan Kitwood/Getty Images) Litecoin has skyrocketed in value this year, with its latest all-time high bringing the altcoin’s year-to-date (YTD) gain above 8,000%. The digital currency, which is very similar to Bitcoin, rose to as much as $360.93 today, according to CoinMarketCap.
At this price, Litecoin had risen more than 8,200% YTD, additional CoinMarketCap figures show. The cryptocurrency later pulled back somewhat, trading at $350.52 at the time of report.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] Litecoin has been enjoying a continued, upward movement this year, which has resulted in some very handsome gains.
When explaining this sharp appreciation, market analysts have repeatedly pointed to a handful of variables. Some market observers have emphasized the tight price relationship between Bitcoin and Litecoin, noting that the two digital currencies have frequently moved in tandem.
Bitcoin has had a very strong year, climbing from less than $1,000 to nearly $20,000 on the CoinDesk Bitcoin Price Index (BPI). As Bitcoin prices have marched higher, Litecoin has managed to follow in its wake, according to Tim Enneking, managing director of Crypto Asset Management. Read more from forbes.com…
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