Litecoin, a cryptocurrency that has been anointed the “silver” to bitcoin’s “gold,” is having a spectacular year. So far, its price is up by more than 4,000 percent this year.
At 19:37 UTC on December 11, its price was $196.47, an increase of approximately 28% in the last 24 hours.
Analysts have focused on four possible reasons for Litecoin’s phenomenal rise in 2017. The first one is related to bitcoin’s price. The second possible reason for Litecoin’s rise this year could be increased interest from Asian investors. Litecoin’s capabilities also have come into sharp focus as bitcoin’s shortcomings are highlighted. Finally, analysts have surmised that the run-up in Litecoin's price might be an investor move to hedge bitcoin investments.
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