Litecoin Price Soars to $62 as Atomic Swaps Become More Feasible

Although this has been brewing for quite some time, the Litecoin price finally broke through the US$60 ceiling yesterday. After a few weeks of seemingly trading sideways, LTC has finally picked up the pace and started moving in the right direction. With Litecoin currently sitting at US$62.52, things are looking quite good for this particular altcoin. Moreover, the Litecoin market cap has grown substantially as well and is knocking on the door of US$3.3 billion.

Litecoin Price Surge is Pretty Exciting

Many cryptocurrency traders may recall the last time we saw some major Litecoin price momentum. After all, this particular trend took place back in 2013 during the first major Bitcoin price explosion. Similar to when Mt.Gox was artificially pumping the Bitcoin price, Litecoin experienced a bubble. At its peak, one Litecoin could be traded for just under US$34, which was considered a very high value at that time. Granted, Litecoin had virtually zero use cases and not too much in the way of technological advancements in 2013.

Since that time, we have seen a massive Litecoin price decline. Back in late 2014 and early 2015, the price hovered around the US$2 mark for a very long time. It took until early 2017 before things finally picked up again. People who purchased Litecoin at US$2 and still have it today have increased their portfolio value by 3,000%. It was not as profitable as holding Bitcoin over that time, but it still goes to show Litecoin is a solid investment regardless of what some people may claim.

That being said, we are now in the midst of a major Litecoin price surge. No one can deny good things are happening to Litecoin as we speak. Ever since the network successfully activated Segregated Witness, things have shifted into high gear. The activation of SegWit has elevated the Litecoin price to US$40 in recent months, which was considered to be a major price jump. However, it is also evident this is only just the beginning of what the future may hold moving forward. Some people expect LTC might go as high as US$100, although that may be a bit too optimistic.

Then again, the current trend toward US$60 is quite significant as well. With nearly US$1 million in 24-hour trading volume, Litecoin is certainly getting a lot of attention from global traders and speculators as we speak. The majority of trading volume comes from Korean and Chinese exchanges, which is pretty interesting. Bithumb is leading the charge, of course, but OKCoin and Huobi are also contributing their fair share of trading volume. No Western exchange even comes close to these markets; that much is evident.  

That being said, it is unclear why these markets are the ones currently driving up the Litecoin price. There haven’t been any major developments related to this altcoin, other than the LND client update that will make cross-chain atomic swaps a lot more convenient in the future. Do keep in mind this technology is still in the very early stages and a lot of work has to be done before it can be turned into a viable project. It does indicate Litecoin is of keen interest to a few developers and even other alternative cryptocurrencies right now.

Speculators would like nothing more than to see the Litecoin price maintain its current momentum. One has to admit, however, that will not be easy by any stretch of the imagination. So far, there is no reason to think the Litecoin price will drop again, but cryptocurrency markets have an unusual way of correcting themselves every now and then. It will be interesting to see how things evolve over the coming hours and days. Right now, the momentum is clearly in favor of Litecoin, but there are other cryptocurrencies to take into account as well.

  • Martin Klauser

    Let’s go to 250$ !

  • loganspappy

    1/4 the price of bitcoin is fair.

    • Deepak Buxani

      $1000? Brilliant!

  • Regis

    The reason litecoin has increased is due to a battle between bitcoin
    (BTC) and bitcoin cash (BCH). BCH instituted a difficulty adjustment
    making BCH much more profitable to mine than BTC. Miners flipped chains
    (BCH actually had more hash rate than BTC for awhile) but flipped back
    at the next adjustment. This lead to a wild oscillation of miners
    flipping between chains every difficulty adjustment. The
    rate of blocks mined changed drastically (even for BTC) and
    transactions piled up. This uncertainty caused people to invest in
    litecoin. Litecoin is very similar to bitcoin but uses a different hash
    function (so miners can’t flip).

    • John DeRegnaucourt

      Well said. I would add that Litecoin is a super-set of Bitcoin. It does everything Bitcoin does, plus it has 2.5 minute transaction times, 4x the transaction capacity, and a healthy (non-warring) community surrounding it. Bitcoin, on the other hand, has Devs pitted against Miners, and SegWit2x (2x blocks). The constant Bitcoin bickering keeps its price depressed by at least $2,000 USD, with an additional wait (delay) of 3 months (November) for any chance of big upward motion in price (stalled because of pending November fork).

      With the benefits mentioned above regarding LTC (2.5 minute blocks, 4x transaction capacity, and healthy community with defacto Leader Charlie Lee), as the market stalls on Bitcoin, I fully expect Litecoin to move to the vicinity of $1,000 USD, 1/4 the price of Bitcoin (4x the number of LTC versus BTC).

      Finally, if the 3rd Bitcoin variant comes online (BTC, BCH, and then B?? for SegWit 2), it may be just too much for the ‘Wall Street’ and banking types. Litecoin can then take over Bitcoin. Many people will make a lot of money when the price is just $60 USD, as it moves 10x to $600 USD, and beyond.

  • Arthur Boia

    ahem…. “nearly $1 million in 24 hr volume?”… it’s well over a Billion. That’s a pretty big difference… This article seems very slapped together