Litecoin, the sixth largest cryptocurrency by market
capitalization, was gunning for $300 a coin on Saturday after
weeks of declines. The coin was trading at $283 at the time of writing, according
to data from Markets Insider.
That’s up more than 16% against
the US dollar. The digital currency fell below $300 after its founder Charlie
Lee, a former director at cryptocurrency exchange Coinbase,
said he would sell all of his holdings to avoid conflicts of
“Litecoin has been very good for me financially, so I am well off
enough that I no longer need to tie my financial success to
Litecoin’s success,” Lee said in a Reddit post. It fell from around $320 on December 20 to $210 just two days
later as rumors swirled the interwebs around Lee’s intentions in
selling off his coins.
Some cryptocurrency watchers said the move indicated that Lee had
lost faith in the digital currency, while others said he was
swapping his litecoin for positions into other digital
currencies. Saturday’s gains represent one of its biggest rallies since Lee
said he would sell his holdings.
It also follows another surprising announcement by Lee. He took
to Twitter on December 30 to say he would “need to step away”
from litecoin for it to thrive. Read more from businessinsider.com…
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