Litecoin is flying high this morning, jumping up in a positive chart this morning.
LTC increased 6.85 percent this morning to trade at $161.83, as of 13:30.
Litecoin isn’t the only cryptocurrency to see a jump either.
Bitcoin rose to $9,316, with Bitcoin Cash trading for $1,512.
Ethereum is going for $690 and Ripple is now trading at $0.918.
A difficult Q1 of 2018 is slowly turning into a positive rest of the year, as the market continues to rise.
Is Litecoin on the rise?
Litecoin has gone from a difficult few months to suddenly become a strong contender for the top cryptocurrency.
In March, the digital coin was slammed in the news, when hotly anticipated digital payments app, LitePay, announced it would be ceasing all operations less than a week after its launch.
LitePay released a statement to customers apologising for the change, citing a “less than transparent” management from the owner.
LTC took a big hit as the prices slumped in the following weeks, but it was already suffering from a difficult winter.
Q1 of 2018 saw the entire cryptocurrency market lose more than half its market cap in three months.
Litecoin suffered considerably, dropping down to $120 per coin throughout March.
April was expected to be a difficult month for cryptocurrencies, as the April tax deadline in America threatened to cause a mass sell-off.
Litecoin managed to survive the ordeal and is now posting strong results.
Positive news now surrounds the currency, particularly this week, when a massive transaction was completed through Litecoin.
One user transferred $99 million worth of Litecoin to another wallet owner halfway round the world.
Normally, such a transfer would cost an immense amount of money in transaction fees, but the deal was done for a measly $0.40 and was processed in a matter of seconds.
That kind of transaction would normally take days to process and would incur heavy charges, but the speedy coin impressed the world with the results.
Reddit user b30, who authored a thread about the transaction, wrote.”Worth surfacing up here that the $99 million transactions cost just $0.40 and took 2.5 mins. Holy moly.”