It jumped the price of light cone by almost one-third on Monday, increasing the sixth largest cryptocurrency to a new all-time high level.
Litecoin touches $ 185
for most of December, Litecoin was traded between $ 90 and $ 100, but on Friday, it spread to $ 130 and weekends continued to grow. On Saturday, Light Cone was at the top for $ 160 for the first time, but a minor ban was imposed on Sunday, and the price of light coins dropped below $ 125.
These futures grew stronger with the strong sense of enthusiasm, the cryptocurrency markets posted a broader advance on Monday and LiteCoin was one of the top performers of the day. At BitFinEx, the price of Litecoin reached $ 185 for the first time, representing more than 30% of a day's rally. More than one-third of its business volume of Litecoin is concentrated in USDD and USDT trading pairs, while LTC / KRW accounts have 12 percent stake.
Factor behind the rally
although Litecoin have been running for some time, however, many different reasons have contributed to their current rally. First of all, light coins have gained more from the fast-swollen user base of the Coinbase. Unlike bitcoin and other two cryptocurrency which currently support Light Coin, Coinbase is recognized as a low name outside the industry. Unknowingly, it appears that many new Coinbase users are buying Litecoin in small amounts because it is available on the brokerage platform and is very cheap with bitcoin and Ethereum.
Its second lightweight producer Charlie Lee has been invited to discuss various prominent new programs to discuss the development of bitcoin futures and other developments within the cryptocurrency industry, and they use these opportunities to pitch light coin which complement utility of bitcoin as a store of value.
At the end, investors believe that two recent announcements work as confirmation of the thesis of Lee. First of all, gaming giant Steam said that now he will not accept the bitcoin payment, citing increasing transaction fees, and making bitcoin impractical to use for small purchases at present. On the contrary, for a top-up service for prepaid mobile phones, Bitrefill announced that it would accept Light Cone, and the LTC lawyer believes that many other companies will follow the suite in the near future.
source - https://www.cryptocoinsnews.com/litecoin-price-leaps-30-to-new-all-time-high/