NOTE: It seems the two events are correlated and help explain the $10 gains Litecoin saw sine the event.
Causality aside, the price increase and new listing are both good news for anyone who has been holding Litecoin, as Litecoin’s value as been rather stagnant since the summer with a few exceptions.
With that said, it is common for coins to enjoy a temporary bump when they first get listed on a major exchange. Litecoin, being a longstanding and solid crypto could well see prices on the rise from here forward, but its probably a little too early to get overly excited.
Litecoin saw a high of almost $70 back in October, but as recently as last week had be nearing $50 (during Bitcoin’s rise from the high $5ks to mid-$7ks). In other words, a bump from $55 to $60 (what we are seeing now), as nice as it is, doesn’t necessarily tell us what is in store for Litecoin’s future.
With that said, Litecoin is one of the top coins by market cap, so discounting is perhaps even less wise than assuming we’ll be headed straight for $100 Litecoins again like we saw in the summer.
One thing is for sure, this is good for Litecoin and investors should keep their eye on this faster-than-Bitcoin Bitcoin alternative.
TIP: We aren’t offering investment advice. Make sure to do your own research before investing in cryptocurrencies!
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