2018 has not been a good year for cryptocurrencies. 2017 ended on a high, when prices saw a steep increase, but as quickly as they rose, they came shooting back down again, showing just how volatile the cryptocurrency market could be.
Although the majority of them have started to pick up in value again, there is one that has really shone through and that is Litecoin. It is one of the few cryptocurrencies that will be leaving February in the green.
Litecoin is a leading altcoin, which is the fifth largest virtual currency by market capital in the world. During the past month, it has increased in value by more than 21% which is far more than the number one cryptocoin, Bitcoin, which saw a 4% drop in value.
Bitcoin is not the only coin that has lost value this year. Ethereum and Ripple XRO; the second and third largest virtual coins respectively are down 20% and 22%. In total, the whole cryptocurrency market has fallen by 8% this past month, and according to CoinMarketCap, the market is valued at $449 billion.
So why has Litecoin faired as well as it has? One of the best things that could have happened to this virtual currency, was being added to the Bloomberg Terminal in the second week of February, which instantly gave it a boost. This allowed financial clients from all across the world to track the price of Litecoin alongside other main coins, such as Bitcoin, XRP, and Ethereum, just to name a couple.
Despite Litecoin performing well over the past month, it is still way off the all time high of $365, which it hit at the end of last year, in December, when all of the coins saw a huge boom in price. Like we previously mentioned, the beginning of this year has not faired as well, but this just goes to show how volatile a market it really is.
Original Image Source: Pixabay