Thereâs no stopping the litecoin (LTC) freight train.
Fuelled by trading on Coinbaseâs GDAX exchange, one of the most trafficked onramps for new buyers, the worldâs fourth-largest cryptocurrency by value is trading at an all-time high near $300, up from under $5 at the start of 2017.
With the move, the assetâs year-to-date gains stand at more than 5,500 percent, three times more than bitcoinâs 1,800 percent rally. Litecoin prices have also jumped close to 200 percent from the Dec. 8 low of $95.40.
The meteoric rise could be associated with the broad-based rally in the cryptocurrency space, though litecoinâs accessibility to more user-friendly buying tools, and the general fear of missing out (FOMO) ongoing in developed markets, are perhaps the biggest drivers.
LTC has appreciated 75 percent in the last 24 hours. The rally is also backed by strong volumes. The 24-hour trading volume has jumped above $5 billion and the market capitalization has jumped to $15 billion.
While the broader outlook remains bullish, charts suggest potential for a minor technical pullback
On the chart above:
Litecoin image via Shutterstock