The litecoin’s exchange rate has reached $11.39 after a week of sudden surge. It is now the world’s fourth cryptocurrency by market cap.
According to CoinMarketCap, litecoin began its ascend at the end of March. Within the last two days of the month, the cryptocurrency grew almost twofold, from $4.26 to $7.06. From the beginning of April to date, litecoin has added 46% in price reaching $10.33. The highest price registered was $11.39 on 6 April, before correction brought it slightly down.
Due to the price growth, litecoin is currently ranked the fourth most capitalised cryptocurrency. It has outperformed Dash pushing it to the fifth place. The total market cap of litecoin has reached $514.24 million (436,725 BTC).
The demand for the cryptocurrency is likely caused by the upgrades integrated into the new version of Litecoin Core 0.13.2 in January 2017. In particular, it includes the Segregated Witness solution. As of 7 April, more than 68.2% of blocks have signalled support of SegWit. The solution would trigger at 75% support.
On 6 April, litecoin launched an open-source Bitcoin blockchain explorer that can be used for creating web wallets and other apps.
The key exchanges trading litecoin are Poloniex (30.09% share of the total trading volume), OKCoin (13.29%), Huobi (11.84%). More than a third of litecoins are traded in pairs to bitcoin. The remaining two-thirds are traded in pairs to the Chinese Yuan and US dollar.
Litecoin is an open source peer-to-peer cryptocurrency. Miners are currently awarded 25 new coins per block. Halving occurs every 4 years or every 840,000 blocks. The network’s issuance limit is 84 million coins.