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Litecoin surge continues: LTC rises by 23% and overtakes Solana and Shiba Inu in market cap

By Darius McQuaid

Edited by Charlie Mellor

15:25, 23 November 2022

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In this article:
BTC/USD
Bitcoin / USD
17062.35 USD
38.7 +0.230%
LTC/USD
Litecoin / USD
80.95 USD
0.41 +0.510%
SOL/USD
Solana / USD
14.2863 USD
0.1818 +1.300%
SHIB/USD
Shiba Inu / USD
0.00000973 USD
0 0.000%

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Representation of the litecoin (LTC) cryptocurrency
On 17 November LTC was the top gainer compared with the preceding 24-hour period – Photo: Getty Images

Litecoin (LTC) rose by nearly a quarter at one point on 23 November and its market capitalisation overtook both solana (SOL) and shiba inu (SHIB).     

As of 13:07 GMT on 23 November, LTC was trading at $77.78, up by 23% compared with the previous day, according to CoinMarketCap. LTC was also trending on Twitter at around the same time.

Additionally, LTC was ranked the third highest riser over the past 24 hours according to CoinMarketCap, which lists nearly 10,000 cryptos and the top riser over the past seven days, with a 37.55% increase.

LTC to USD 

‘To the moon’

The official LTC Twitter account posted an image of an astronaut holding the LTC logo suggesting the crypto is heading to the moon – the popular crypto mantra that is used to describer a digital asset that is performing well. 

With the cryptocurrency sector battling a bear market, the sudden rise in price in LTC stands out when compared with other cryptos.

The bear market was worsened after the cryptocurrency derivatives exchange FTX, filed for bankruptcy on 11 November, which sent shock waves through the industry.  

LUNC/USD

0.00 Price
-0.010% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000721

ETH/USD

1,266.05 Price
+0.260% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

XRP/USD

0.38 Price
-1.750% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00310

BTC/USD

17,062.35 Price
+0.230% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

At the time of writing, the lead crypto bitcoin (BTC) had fallen to $16,455.

Still, LTC has been on an upward trend in November as on 17, LTC was the top gainer in the past 24 hours.  

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Spawned by a BTC fork

LTC is a fork of BTC and was created by Charlie Lee, a former BTC miner and scientist who was also a software engineer at Google.

He intended litecoin to be a “lite version of bitcoin” in that it features many of the same properties as bitcoin, but was “lighter in weight”.

Lee was also director of engineering at Coinbase, the largest cryptocurrency exchange in the US between 2015 and 2017.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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