Litecoin has continued cryptocurrency’s price rally into the weekend, with the currency up 8 percent as of writing and making a push to the critical $100 mark. While Bitcoin may be garnering the majority of the attention in crypto’s sudden bull run, LTC has continued to be one of the more eye-opening, and surprising gainers of 2019.
Since the start of the year, Litecoin is up 210 percent, with the most recent cryptocurrency rally making a push for the coin to top $100. LTC has not traded at or above $100 since June of last year, with the current price for the coin representing its relative high in both 2019 and over the last 10 months of trading. Should the currency continue its meteoric run, it will further the case for being the strongest cryptocurrency gainer throughout the first half of the year, driven in no small part by the actions of the Litecoin Foundation.
As analysts continue to survey the current cryptocurrency market, LTC investors are sitting flush on price gains of over 200 percent since the beginning of the year. However, the coin also experienced some of the most severe losses throughout 2018 among top cryptocurrencies. While the entire market entered a bear cycle, which saw coin prices plummet more than 80 percent across the board, Litecoin fell 93 percent from its all time high in late December 2017. In the span of twelve months, the coin was trading in December 2018 at $23, leaving many investors to question whether the currency was going to continue to wither away despite having strong adoption relative to the market.
Instead, it appears December’s low represented the floor for LTC pricing in this bear cycle. Since that time, the coin has skyrocketed over 200 percent in value, with the potential for more gains if the crypto rally continues. Compared to other coin projects, Litecoin has benefited significantly from the efforts of the Litecoin Foundation.
Coin foundations may not have the same control that companies and executive boards hold over traditional stocks, but they can make their presence felt in the industry and develop rapport with investors and community members. While crypto continues to be a decentralized technology, the presence of organizations like the Litecoin Foundation give a focal point to coin projects and provide direction in their adoption.
For example, the Litecoin Foundation has been instrumental in the marketing of the currency and increasing its appeal to broader base. In particular, the coin has managed to gain a foothold and partnership in the MMA ring, and encouraged endorsements from some of UFC’s most recognizable fighters.
Such small efforts may seem trivial in the larger scale of cryptocurrency use and adoption, but they do send a message to investors. Compared to the majority of coin projects, which have little direct interaction with their userbase and even smaller influence on the broader world, Litecoin and the Litecoin Foundation have managed to carve out a significant presence.