Litecoin Reaches New High, Up Nearly 3,000% This Year

Litecoin prices, which have been having a great year, recently surged to a fresh, all-time high.

The digital currency, a fork of Bitcoin, rose to as much as $132.34 earlier today, according to CoinMarketCap.

By reaching this level, Litecoin has risen more than 2,950% from its price of roughly $4.33 at the start of 2017, additional CoinMarketCap data shows.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Close Relationship With Bitcoin

Litecoin, which has risen to several record price levels this year, has been rallying as Bitcoin has also climbed to fresh, all-time highs.

Bitcoin, the largest cryptocurrency by market capitalization (market cap), has surged to more than $17,000 in the last few days, according to CoinDesk Bitcoin Price Index (BPI), a measure that draws data from various exchanges.

By this measure, Bitcoin prices have risen more than 1,600% year-to-date (YTD), additional BPI figures show.

While Litecoin’s YTD rise has been far greater than that of Bitcoin, it is worth noting that the two digital currencies have frequently followed each other in terms of price.

CoinDesk analysis of Bitcoin and Litecoin prices that was published in March showed that over the last several years, there were six separate quarters where the price correlation between the two cryptocurrencies was at least 0.7…

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