Litecoin has rallied lately, climbing to its highest price-point since mid-May as the digital currency’s network continues to benefit from tailwinds and growing network activity.
The cryptocurrency, which was originally created as a hard fork of its sibling bitcoin, increased to $229.42 over the weekend as overall strength grips the market.
The cryptocurrency, which is similar to bitcoin but differs in some fundamental ways including block times and tokenomics, was trading at its highest since May 19.
Since its launch in 2011, Litecoin has had a 100% uptime network activity, just like bitcoin. Prices more than doubled from its recent low of $104.09, a price it reached on July 20.
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As reported since then, the trend has been broad strokes of onwards and upwards momentum. The network’s fundamentals have also been improving over the last several months.
The number of transactions per second, active addresses and new addresses have been on the rise for the last few months, per figures from Glassnode.
The network’s hash rate has also been increasing, nearly doubling from 170 terahashes (TH/s) in June to 321.8 TH/s at the time of this writing, according to figures from BitInfoCharts.
Relationship With Bitcoin
Bitcoin, whose price movements are frequently correlated to that of Litecoin (and vice versa), has also trended higher over the last weeks, appreciating to $52,000 since reaching the local low on July 20th.
Since falling to $29,249 that day, the world’s most prominent digital currency has rallied over 70% at time of writing.
John Iadeluca, founder & CEO of multi-strategy fund Banz Capital, weighed in on the relationship between these two cryptocurrencies.
Litecoin is often seen as being the ‘silver to bitcoin’s gold‘, which is both demonstrated in its fundamentals and in its price history in comparison to bitcoin.
Both continue to demonstrate similarities as mass adoption of bitcoin unfolds.
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