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90% Rise in Four Days, Litecoin to da Moon?

Litecoin, the little brother of bitcoin, is shining brightly after five years of stagnancy. The price of per LTC has surged from $29.4 on June 16 to a new high of $56.4 on Okcoin this Monday.

Charlie Lee, creator of litecoin, says that many factors are behind the spike, including his resignation from Coinbase.

Last Friday, Lee tweeted that he was leaving Coinbase to focus on litecoin development.

Charlie Lee

This is the first major move for the litecoin community since Segwit was activated on litecoin in May. The news comes as a welcome surprise to Chinese litecoiners who believe that it will lead to a giant price rise. Some large litecoin holders “jokingly” bet that this could help litecoin rise to 1000 yuan.

It is also worth mentioning that Lee would only take one litecoin from the litecoin foundation as his salary. When be asked how many litecoins he has, he noted that he does not have as many litecoins as people have imagined.

“I know Satoshi has 1 million bitcoins, but I don’t have that many litecoins, way less than 1 million. I mined some of my litecoins and bought some from exchanges.”

At this particular moment,  many believe litecoin could take advantage of bitcoin’s civil war to move to a higher level.

As to the difference between litecoin and bitcoin, Lee believed that though bitcoin is mostly likely to grow into a cryptocurrency featuring absolute security and complete decentralization, litecoin boasts advantages like faster confirmation and lower transaction fees.

“Litecoin is perfectly complementary to bitcoin. Their networks are interconnected and litecoin can be exchanged to bitcoin easily and seamlessly. Both of them will enable the world to explore the inherent and potential value of cryptocurrencies as a means of payment.”

Apart from bitcoin, Lee also talked about other cryptocurrencies.

“This is not a game of winner takes all. Each of them could be used for different purposes, say bitcoin for the store of value, litecoin for payment and ethereum for an application platform.”

But the hard fact is that the value of litecoin has yet to be widely recognized due to its lack of practical applications. The good news is that someone donated 438 litecoins to the Litecoin Foundation that can help the litecoin development team work on potential applications.

donation

 

COMMENTS(8)

  • cliffhanger35
    6 days ago cliffhanger35

    flippening with what?

  • pereira4
    6 days ago pereira4

    Quote from: cliffhanger35 on June 21, 2017, 02:43:15 PM
    flippening with what?

    Im not sure. Maybe he means Ethereum now that it’s going down? I doubt he is talking about Bitcoin. Now Bitcoin is going to get segwit soon so Litecoin is no longer that much of an attractive option. Hold Bitcoin and see what happens its my opinion on the current situation.

  • ostsee77
    6 days ago ostsee77

    Quote from: pereira4 on June 21, 2017, 06:41:10 PM

    Quote from: cliffhanger35 on June 21, 2017, 02:43:15 PM
    flippening with what?

    Im not sure. Maybe he means Ethereum now that it’s going down? I doubt he is talking about Bitcoin. Now Bitcoin is going to get segwit soon so Litecoin is no longer that much of an attractive option. Hold Bitcoin and see what happens its my opinion on the current situation.
    Please more,It’s Very interesting. Thx

  • Haladay
    6 days ago Haladay

    I don’t see nothing shinny and new with litecoin, but chinese scam manipulators backing it.

  • Weatherby
    6 days ago Weatherby

    Quote from: Haladay on June 21, 2017, 07:48:07 PM
    I don’t see nothing shinny and new with litecoin, but chinese scam manipulators backing it.
    Look at the long list of coins available in the market,i would say that litecoin is much better than almost all of the coins out there and with the plans they have i am sure we will see more improvements in litecoin this year,lets see how fast the development goes.

  • Doofus
    6 days ago Doofus

    ltc is definitely experiencing its shining moment. the price surged from 30 dollars to 56 dollars in 4 days. the spike is partly for Charlie’s leaving from Coinbase and partly for bitstamp’s listing ltc. But today the price dropped back to 46 USD. Is this just a one-time thing or it will sustain upward trend?http://news.8btc.com/90-rise-in-four-days-litecoin-to-da-moon

  • Doofus
    6 days ago Doofus

    Charlie twitted that Lightning network has been successfully tested on LTC. And there will be a meetup in Wuhan on July 2. It seems that Charlie is ready to rock the market.

  • jmigdlc99
    5 days ago jmigdlc99

    Litecoin is definitely a sleeping dragon. Check out the litecoin project page (http://litecoincore.org/). Lots more good news incoming so id speculate now is a very good time to buy. Im ALL IN.

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