Litecoin is a cryptocurrency just like bitcoin, which started off as a bitcoin spinoff or altcoin in 2011. Maybe many people believe that bitcoin is the only successful cryptocurrency. Well, by now, you should already know that’s not the case.
Bitcoin hasn’t really changed much in value for weeks now, while Litecoin has been increasing in value for the past 48 hours non-stop. Yesterday, within few hours, Litecoin value increased by 30% following the announcement by Litecoin foundation of a potential collaboration that can change the world of cryptocurrency in terms of privacy.
In other words, Litecoin value increased to $43.90 from $27.80 just within 24 hours. Litecoin has some dark days late last year when its value dropped to below $30 due in what’s called crypto-winter. Early this year, Litecoin was ranked globally as the world’s 7th valuable crypto. But as of today, it has risen to the 3rd most valuable, according to WorldCoinIndex, just behind Bitcoin and Ethereum.
This rise in value of Litecoin has also affected the value of other altcoins as most of them have risen by 10-14% recently. Litecoin announced that they will be sponsoring this year’s Hollywood Mammoth film festival which is considered one of the largest film festivals in the world.
So, if you’ve been keeping some Litecoin for a while, now may be a good time to exchange some of them for good dollars or if you’re a risk taker, hoard it further till Litecoin goes up a little more.