Litecoin Cryptocurrency is among the top performing altcoins in the top 25 cryptocurrencies by market capitalization, showing gains of 6.38% in the past 24 hours.
After its lead developer Charlie Lee sold off all his holdings in December last year, the crypto coin’s community has been concerned about its future.
But the tides seem to be turning as in the past few days it has recorded remarkable gains that have seen it retake the 6th spot after having lost it to Cardano a while back.
It is yet to pull a fast one on EOS and recover its cherished 5th spot, a feat that might prove challenging at present, seeing the massive upward momentum that seems to be propelling EOS.
At the moment LTC is trading at $169.80 with a market capitalization of $9.5 billion. Over the past week alone, the currency has made gains of more than 15% having risen from a low of $148 seven days ago.
Latest Developments on the Network
One of the biggest announcements in the recent past that could account for some of the bullish momentum is that Wirex has enabled support for Litecoin cryptocurrency.
Most of the trading action on the coin has been registered on OKEx which handles up to 30% of the trading volume on the network.
But even though it has managed to maintain a stable daily trading volume in the environs of $660 million, its total capitalization is still way below that of EOS which is currently at $15.2 billion.
A tweet by founder Charlie Lee sparked off a rumor that he would at some future point leave the Litecoin team, though he did not stipulate a time frame. However, he explained that he would be doing this for the sake of allowing for true decentralization in the network.