Litecoin surge continues: LTC rises by 23% and overtakes Solana and Shiba Inu in market cap
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.
????????⚡LITECOIN⚡???????? pic.twitter.com/P0Q5jXtEbt
— Litecoin (@litecoin) November 23, 2022
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.
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.
What is your sentiment on LTC/USD?
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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