The cryptocurrencies NEM and Litecoin have surged dramatically. NEM’s price doubled while Litecoin climbed more than 60%. Recently, such sudden and sharp price jumps have become more frequent. Often, after a correction, the affected cryptocurrency stabilizes at a significantly higher level than before the move.
The price of the virtual currency NEM had traded sideways for a long time, similar to Ripple, without any major breakouts. Yesterday at 17:30 the price was around €0.24, whereas it now stands at €0.41 — a short-term increase of about 100%.
Market capitalization rose from roughly $3 billion to approximately $4.2 billion, pushing NEM into ninth place among the largest cryptocurrencies by market capitalization.
The Litecoin price was €80.33 at 7:00 yesterday morning but has since settled at a new local high of €133.14. That represents a gain of more than 60% within 24 hours.
At the start of this year, one Litecoin was worth $4.33 (data from coinmarketcap.com). That equates to overall growth of roughly 3,000% since the beginning of the year for the Bitcoin-forked “crypto silver.”
Many critics consider Litecoin a superior coin compared with Bitcoin in certain respects. Litecoin offers several notable advantages:
- The Lightning Network has been successfully tested on Litecoin
- Atomic swaps were executed successfully in test runs between Bitcoin and Litecoin
- Transactions are faster and fees are lower than on Bitcoin
These are some of the technical and practical points that favor Litecoin. Still, it is important to emphasize that Bitcoin benefits from a vast community, and several other competitors are also technically strong. To date, however, none of them pose a decisive challenge to Bitcoin’s market dominance.
With the Bitcoin price currently easing, some investors may rotate into altcoins such as Litecoin. Whether this trend continues will become clearer in the coming days.
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