Litecoin has hit a new record today and has amassed 4,000%. The digital coin formed because of a fork from its sibling coin, Bitcoin. Litecoin is increasing in value as we speak. Currently, it is at $356.50 and rising. Litecoin first started in 2017 at about $4.33, within a few months, the YTD returns on Litecoin are about 4,215%! While many believe that Bitcoin is the star of the market, Litecoin has accomplished a stronger assembly. Bitcoin has grown to $17,065.51, per Coinbase, bringing it to a YTD return of 1,600%. Although this may be profound for Bitcoin, Litecoin’s gains are monumental in comparison.
Many say that Bitcoin and Litecoin are “birds of a feather” because they both have gained substantial value in tandem. When one grows, so does the other. This has caused investors to assume that Litecoin is just following Bitcoin’s lead. Some are speculating that Litecoin is just a “Bitcoin hedge”. Bitcoin has had a plethora of unconfirmed transactions, and investors are finding that Litecoin is a safer platform for exchange and is involved in less risk. Litecoin mimics Bitcoin in so many ways, making investors more comfortable purchasing it.