Litecoin, the bitcoin rival founded by the widely-respected managing director of the Litecoin Foundation Charlie Lee, has popped higher today, rising 10% over the last 24 period and boosting the wider cryptocurrency market, including ethereum, Ripple’s XRP, and bitcoin—despite recent warnings over the
health of the bitcoin market.
The litecoin price rose to $37 after falling under the psychological $30 price last month amid a bitcoin and cryptocurrency bear market that’s dragged on the sector for the last 13 months. Litecoin fell to lows of around $22 late last year as the so-called crypto winter took its toll, down some 93% from its all-time high.
Litecoin’s rapid rise saw it overtake first bitcoin cash, an offshoot of the original bitcoin, and then EOS, an ethereum rival, moving into fourth place on the list of the world’s biggest cryptocurrencies by market value, according to CoinMarketCap prices.