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Litecoin Price Records 36% Growth in Days as Network Turns 11

Fri, 11/11/2022 - 11:18
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Tomiwabold Olajide
Litecoin has gained 36% within 48 hours
Litecoin Price Records 36% Growth in Days as Network Turns 11
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Litecoin is seeing a surprising rebound of late. At the time of publication, Litecoin was changing hands at $62.40, up 17.12% in the last 24 hours and down 5.19% in the last seven days, according to CoinMarketCap data.

Shortly after reaching highs of $73.29 on Nov. 7, LTC fell to lows of $47.50 on Nov. 9, exacerbated by the market crash earlier in the week.

Litecoin Price Takes Giant Leap After Adoption News: Details

In a price U-turn, Litecoin rose from this low, sustaining its climb for a second day to reach intraday highs of $64.12 as of press time.  From its Nov. 9 low of $47.50 to its current intraday high of $64.12, Litecoin has gained 36% within 48 hours.

Litecoin turns 11 years old

Inspired by Bitcoin, Litecoin was among the earliest altcoins, created in October 2011. Technically speaking, Litecoin originates from a slightly modified Bitcoin codebase. Due to its underlying similarities to Bitcoin (the "digital gold"), Litecoin is often referred to as the "digital silver."

Litecoin Outperforms with 25% Weekly Gains, Reenters Top 20

Since its creation more than 10 years ago, Litecoin has indeed come a long way. This year, Litecoin added optional privacy features via a soft fork through the MWEB (MimbleWimble extension block) upgrade.

As Litecoin turns 11, a tweet posted by the Litecoin Foundation reveals it has processed over 133 million transactions without any downtime.

An earlier tweet indicated that Litecoin mining difficulty is also at new highs, nearing 19 million hashes. According to the Litecoin Foundation, mining difficulty remains an important metric for mining and might suggest how the Litecoin network controls new coin issuance.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.