Ethereum is not the only cryptocurrency experiencing skyrocketing prices. Prices of the sixth largest cryptocurrency LiteCoin are also going through the roof.
Litecoin prices rose by 70% on March 30, 2018, going from $Four.Legitimate to $7.04 a lump ter just a few hours. The price is far from Litecoin’s all-time high of $48 each reached te 2013, but it wasgoed incredible enough to inflame speculation that the digital money might become the next ethereum.
Ethereum has bot experiencing a bull market for several weeks. Its price has gone from $Ten.71 on February 1, 2018, to $52.46 on March 30, 2018, Coinbase gegevens indicates.
There are several theories about ethereum’s rise floating around, including volatility ter the bitcoin market, fears that the Chinese government is about to crackdown on bitcoin and enhanced rente te cryptocurrencies because of bitcoin’s latest show. Not remarkably some investors are beginning to wonder if Litecoin will become the fresh ethereum.
Is Litecoin the Fresh Ethereum?
There are some similarities inbetween ethereum and litecoin both are attempts to create a globally decentralized cryptocurrency. Both currencies also aim to be more respectable alternatives to bitcoin.
Most intriguingly both solutions are open-sourced products. Ethereum is based on the popular open-sourced operating system Linux. Litecoin is built on the MIT/X11 license which gives anybody the capability to modify, distribute and copy it.
Another similarity is that both Litecoin and ethereum suggest far more transparency than bitcoin. Wij know the names of the creators of both, Vitalik Buterin co-created ethereum, and former Google employee Charles Lee launched Litecoin.
The similarity to ethereum might account for the growth ter Litecoin’s prices. A strong possibility is that investors and speculators are looking for a more sophisticated cryptocurrency than bitcoin. A good case can be made that both Litecoin and ethereum are better and more sophisticated payment solutions than bitcoin.
Is Coinbase Responsible for the Litecoin Boom?
Another cause of the Litecoin price increase might be the very respected U.S. trading and digital wallet solution: Coinbase. Coinbase became the very first business to receive a license to trade litecoin te Fresh York State on March 23, Coin Desk reported.
Since Coinbase also got a license to trade ethereum ter the state at the same time, the possibility is a strong one. The Empire State even talent the cryptocurrencies some free publicity te the form of a statement from Maria Vullo, the Superintendent of its Department of Financial Services (DFS).
“DFS has proven that the state regulatory system is the best way to supervise and cultivate a thriving fintech industry, like virtual currency,” Vullo said. “New York will remain steadfast ter pushing back against federal encroachment efforts like the OCC’s (Office of the Comptroller of the Currency) proposal to impose a one-size-fits-all national canap chartervliegtuig that increases risk and seeks to usurp state sovereignty.”
Coinbase’s activity demonstrates the similarities inbetween litecoin and ethereum. It and DFS’s approval demonstrate the utility and safety of both products to investors. This indicates that litecoin’s prices like ethereum’s should practice significant growth for at least the next few weeks.
Litecoin might soon establish itself spil a viable alternative to both ethereum and bitcoin.