Litecoin, currently the world’s fifth largest major cryptocurrency by value, has leaped higher today following a steady rise over the last few days, pushing bitcoin, ethereum, and the wider cryptocurrency market higher.
The litecoin price, which is some 85% down from its all-time highs, has risen 17% over the last 24 hours to a year-to-date high of $55. Litecoin began the year at just over $30 per coin.
Bitcoin has meanwhile added 3%, according to CoinMarketCap data, as traders and investors again try to cross the psychological $4,000 mark, with data signaling the long-running bitcoin bear market could be coming to an end. Ethereum rose almost 8% over the last 24 hours, buoyed by the wider market.
Use of bitcoin, litecoin and other cryptocurrencies in Venezula has risen over recent months as people trade on platforms such as LocalBitcoins to dodge international sanctions and the collapsing bolívar.
There were more than 25 billion bolívars traded on LocalBitcoins last week, according to CoinDance data.
Others have meanwhile suggested litecoin has benefitted in recent months from developer efforts to improve security and privacy and several high-profile partnerships—as well as its upcoming halving event.