Litecoin Leaps Double Digits Overnight: Can the ‘Silver to Bitcoin’s Gold’ Shine Again? – Markets and Prices Bitcoin News
On Thursday, the cryptocurrency market experienced a slight uptick over the past 24 hours, with litecoin (LTC) emerging as one of the day’s standout performers, achieving double-digit gains against the U.S. dollar.
Litecoin Shines
In its earlier years, spanning 2013 through 2017, litecoin (LTC) held a commanding presence in the crypto rankings, maintaining a position in the top ten and, at several points, securing the second spot. Fast forward to today, LTC has slipped to the 20th position among more than 10,000 digital assets. Nonetheless, it has recently demonstrated a notable increase in value. At 9:30 a.m., LTC was trading at $119.17 per coin, reflecting a 14.6% gain in the past day.
Just a day prior, LTC was valued at $105 per coin. With its current price, litecoin boasts a market capitalization of $8.98 billion. Over the last week, its value has climbed 18%, while its year-over-year performance shows a 71.6% rise against the U.S. dollar. Some observers attribute LTC’s recent upward movement to Canary Capital’s revised S-1 registration form filed with the U.S. Securities and Exchange Commission (SEC) for the proposed Canary litecoin exchange-traded fund (ETF).
Launched in Oct. 2011 by Charlie Lee, a former Google engineer, Litecoin was one of the pioneering altcoin networks derived from Bitcoin’s open-source framework. As previously noted, it once dominated the top ten rankings. Designed to improve upon Bitcoin’s limitations, it aimed to provide faster transaction speeds and reduced fees, earning it the moniker “the silver to Bitcoin’s gold.” However, in more recent years, including after the network’s last halving event, LTC’s price has remained largely stagnant.
Currently, litecoin remains over 70% below its all-time high of $410.26, a peak reached on May 10, 2021—more than three years ago. Yet, its latest performance suggests that it may still retain relevance within an increasingly crowded and competitive cryptocurrency market. Although it no longer commands a top-tier position, its persistence and responsiveness to regulatory shifts suggest latent opportunities for growth. By 10 a.m. Eastern Time on Thursday, LTC was back down to $115 per coin after the crypto economy experienced a dip.
Whether LTC’s current momentum will endure remains uncertain, but sustained presence speaks to the enduring appeal of innovation coupled with reliability in the ever-changing crypto sphere. By 11:10 a.m. ET, litecoin (LTC) was trading above the $128 range per coin.
