The price of Litcoin stands at $206.56 as of 8pm on Wednesday February 14, having surged in price by 30 percent in the past 24 hours.
The markets opened with the value of Litecoin sitting at $159.55 and the price of litecoin has since grown over the course of the day, peaking at a value of $218.23 at around 2pm.
Founder of Litecoin Charlie Lee said: “LTC/BCH has just surpassed 0.02. This is higher than when I sold my litecoins. In other words, LTC has outperformed BTC since that time. Just saying!
“The market agrees that my efforts on Litecoin adoption is overcoming the negatives.”
Litecoin – which uses the acronym LTC – is a peer-to-peer cryptocurrency and was launched in October 2011 by engineer Charlie Lee.
Nicknamed as the silver to bitcoin’s gold, it was created using the original bitcoin source and incorporated some of bitcoin’s code, but was intended to have higher transaction speeds compared to bitcoin and lower processing fees.
Why is Litecoin going up?
The announcement of Litepay has been the most important news released by the company in the past month and may be part of the reason why the cryptocurrency has increased in price recently.
Litepay is the new payment processor for Litecoin which means businesses can accept payment in Litecoin.
Charlie Lee said Litepay is on track for a February 26 released, having been made public just before Christmas.
Iqbal Gandhum, UK Managing Director at eToro, said: “The surge can be explained by reports of the launch of a new payments solution, Litepay.
“Any news that bring the currency closer to the mainstream is bound to have a positive impact.”
Will LTC fall again?
The value of LTC has been incredibly volatile over the past few months.
In early December, the price of LTC crashed to $97 after months of relatively stable prices.
The cryptocurrency then rebounded back and reached a height of $327 on December 12 in a staggering victory for the currency.
However once again, LTC crashed again on February 6 when it plummeted to $115 and since then it has taken an upward course, culminating in the 30 percent increase on recent prices.
It is unclear where the price of Litecoin is heading, as the past few months show how quickly the prices of cryptocurrencies can rise and fall.