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Article source: Golden Finance
After falling 85 percent from an all-time high last year, Litecoin rose 17 percent the past day to a year-high of $55.
As the fifth-largest cryptocurrency in the world by value, Litecoin has risen steadily over the past few days and rose sharply yesterday, pushing the Bitcoin, Ethereum and cryptocurrency markets all the way up.
Previously, the price of Litecoin had fallen by about 85% from its all-time high last year, but had risen 17% in the past day to a year-high of $55. You know, at the beginning of the year, the price of Litecoin was just over $30.
CoinmarketCap's data shows that the bitcoin price is up 3%, and traders are once again trying to break through the psychological mark of $4,000. Data suggests that the long-running Bitcoin bear market may be coming to an end. Boosted by the broader market, Ethereum has also gained nearly 8% over the past 24 hours.
Venezuelan policy led to an increase in Litecoin
Meanwhile, along with the rise of Litecoin, crisis-hit Venezuela has launched a government-approved cryptocurrency remittance service that allows users to send Bitcoin and Litecoin domestically.
In recent years, Venezuela has been battling economic collapse and hyperinflation. Venezuelan President Nicolas Maduro has insisted on remaining in power despite the forces of U.S.-backed opposition leader Juan Guaido and international sanctions.
Venezuela launched the service, which is designed to "guarantee social security and financial inclusion for the Venezuelan people," but warned that it could be cancelled at any time "depending on the availability of the bolivar."
"Remesas is a service of the Patriya platform that allows you to send money within Venezuela in cryptocurrency," the Venezuelan government's patrina website said. "Once the transfer is confirmed, the cryptocurrency sent will be obtained in the form of a bolivar in the patriya wallet."
The use of Bitcoin, Litecoin and other cryptocurrencies has increased in recent months as people trade on platforms such as local localbitcoins to evade international sanctions and the bolivar collapse.
Coindance's data shows that the local bitcoin trading volume exceeded 25 billion bolivars last week.
The Litecoin halving plan is in the spotlight
Others argue that in recent months, Litecoin has benefited from developers' efforts to improve security and privacy, high-profile collaborations with several partners — and the upcoming halving campaign.
"The climb in trading volumes and their ability to sustain this level have brought about a welcome change for investors." Mati Greenspan, a senior market analyst at brokerage etoro, said: "Over the past 24 hours, this in turn has given crypto prices a real boost, allowing market momentum to stretch again."
"Litecoin's strong rebound shouldn't come as a surprise, and now is the time for rapid growth in the community and user base. Investors may also be watching Litecoin's upcoming halving campaign, so they may have already digested the plan, which is scheduled for August. ”
Bitcoin is currently in a long-running bear market, and over the past 12 months, banks have suspended their high-profile plans to get involved in bitcoin and cryptocurrencies as its application stagnated, and the value of cryptocurrencies around the world has evaporated by about $400 billion.
Bitcoin's epic bull market in 2017 was largely attributed to the expectation that institutional investments and large banks would soon provide support to Bitcoin. In 2018, the investment did not appear, and many investors and traders flinched, dumping their Bitcoin and cryptocurrency positions.
However, many Bitcoin investors and traders are looking to the bakkt Bitcoin platform and ETFs to boost the price of Bitcoin. However, these expectations have weakened recently as the Securities and Exchange Commission (SEC) fears that bitcoin prices could be manipulated.
Link to the original article: https://www.forbes.com/sites/billybambrough/2019/03/06/litecoin-is-rocketing-boosting-bitcoin-and-ethereum-heres-why/?utm_source=twitter&utm_medium=social&utm_term=carrie%2f#257555d21140
By Billy Bambrough
Disclaimer: This article is the work of the author of "Mars" and does not represent the official position of Mars Finance. Please indicate the source, author and link to this article
Tip: Investment is risky, and you must be cautious when entering the market. This information is not intended as investment and financial advice.