Zoom, zoom, zoom, we’re going to the moon. If you want to take a trip, climb aboard my rocket ship. I can imagine Charlie Lee humming the tune just as he distributes virtual tickets for his Litecoin rocket ride. That rhyme may have found true meaning today. Today’s Litecoin news update is exhilarating.
Litecoin prices shot for the moon in the past 24 hours. It has been a pure joy ride for LTC owners. LTC prices have climbed over 78% since our last update yesterday, and are, at the time of writing, a few cents short of $300.00. With that, our original LTC price target for 2018 has been breached. (More on prices shortly).
But let’s first give it up to the man who’s making it possible. Litecoin founder Charlie Lee is out vigorously marketing his creation. Just yesterday, before Litecoin prices took off for another rally, he was on CNBC promoting it as a Bitcoin alternative that can also coexist with Bitcoin and simultaneously grow in value.
Just a reminder that fiat money, as we know it, has two key uses that grant it value—it’s a store of value and a medium of exchange.
To Lee, Bitcoin is a good “store of value,” but Litecoin is striving to become the better “medium of exchange.” It makes sense.
With insane swings in Bitcoin prices occurring on a daily basis, it’s better to buy it and tuck it away under the pillow, than to use it for your weekend grocery shopping. Just imagine; you pay 0.06BTC today to buy an “iPhone,” only to wake up tomorrow to find Bitcoin prices are up another 20%.
This is where Litecoin comes in. It is not only cheaper (takes lower processing fees) and faster (transactions take low processing times) than Bitcoin, it has relatively been maintaining its value.
The only task at hand is to take it to the masses. The more people learn about Litecoin as being the better alternative to Bitcoin, the faster it can become a more common medium of exchange than Bitcoin.
That’s exactly what the Litecoin founder is wanting to achieve with his recently announced marketing drive.
And things are already starting to look up.
What’s Happening with Litecoin Prices Today?
The LTC to USD rate has touched a new high at $299.71. Meanwhile, the LTC to BTC rate is also up to $0.01780. Trade volume in the past 24 hours has surpassed a whopping $6.0 billion, with sellers far outnumbered by the buyers.
Daily Litecoin Price Chart
Chart courtesy of TradingView.com
Most of this demand is flowing from within the U.S. where Coinbase‘s sister exchange GDAX is pulling in about one-fourth of the total volume. The LTC price on GDAX has already crossed $320.00 and even the most liquid of all cryptocurrencies, Bitcoin, is far lagging in volume.
South Korean exchange Bithumb is driving the second-highest volume, where the LTC to USD rate is near $305.00. Taiwan’s Bitfinex comes out third, contributing about 11.27% to the digital currency’s total volume trades.
At the rate cryptocurrency prices are moving, we won’t be surprised if Litecoin manages to pull off another 50% increase in price in the coming days.
Nonetheless, we’re revising our Litecoin price forecast, setting a new LTC price target of $400.00 for 2018.