Litecoin (LTC) has seen a steady increase in price after previously struggling to reach the $50 mark for several months. The coin had suffered some setbacks but has recovered well to embark on a bull run which has seen it pass the $50 mark in the past week.
The recent price increase saw the coin embark on a rise of around 2.3% which saw the coin attain a height of $56.86 and saw an increase in trade volume within this period. The fourth biggest coin by market capitalization appears to have consolidated this run.
Bitcoin (BTC) Rise Has Been Attributed To The Bullish Run Of Litecoin (LTC)
It is believed by many analysts that the increase in the value of premium coin Bitcoin is the driving force behind the recent bullish run of Litecoin. Litecoin (LTC) is basically a fork coin of Bitcoin and any development to the later would affect the former positively or negatively.
Bitcoin is set to reach the $4000 mark in the next few weeks as the major coins have begun to weather the bearish trend that has affected the trading market since the end of 2018. Litecoin appears to be in a good position to break even in the coming weeks.
Litecoin (LTC) Has Continued With Planned Updates
Litecoin (LTC) has also continued to gain traction with its unique payment platform which is considerably faster than Bitcoin. Also, the coin has continued to develop new updates to its platform to ensure that it attains fungibility.
These developments have seen crypto analysts predict good numbers for the coin as we inch closer to the second quarter of the year. As one of the oldest coins in the market, Litecoin has proven with its recent bullish run that it is a tried and tested project with the potential to reach its 2017 price levels.
Litecoin (LTC) Among Coins Supported By Netcent’s Crypto Banking Stack (CBS)
The recent announcement by Netcents that Litecoin would be among the supported coin for its Crypto Banking Stack (CBS) is good news for the coin. The online payment processing platform would integrate the qualities of a traditional banking system with this new crypto banking platform.
This is good news for Litecoin hodlers as they would have access to saving, withdrawal and performing payment transactions with this Crypto Banking Stack platform.