LiteCoin (LTC) has become the crypto with the fifth largest market capitalisation following a significant increase in investment and the LiteCoin price on Wednesday morning.
LiteCoin’s market cap was $11,057,118,065 as of Wednesday 11:30 GMT, with the coin worth $200.27, according to CoinMarketCap. Interest in Litecoin had begun to grow significantly at the beginning of the day; by 3 am LTC was worth 183.55, a 14% increase in value since 3 pm on Tuesday when the LiteCoin price had been $158.04.
As of 11:30 am, the coin was worth $199.98 meaning the coin’s total value went up by nearly $2bn from $8,728,477,749 to $11,036,358,293, a 26% increase.
In terms of trading volume, the amount of LTC being traded was only $519,441,000 on Tuesday, but this had risen $836,781,000 and as of 11:30, was 1,296,460,000, meaning investors had bought nearly $500m more LiteCoins over the space of Wednesday morning.
Over the past 24 hours, Litecoin was the fourth most-traded coin with a volume of $1,313,030,000. Ethereum (ETH) was on $2,055,020,000 and Bitcoin (BTC) was on $5,976,280,000. There are currently 55,212,158 Litecoins in circulation.
Litecoin had the fifth largest market capitalisation, overtaking Cardano (ADA), which yesterday had a market cap of $9,941,370,000. This meant the total value of Cardano had been $1bn higher than Litecoin on Tuesday. Bitcoin Cash is fourth with a cap of $21,592,437,501, over $11bn more.
Across the board, Litecoin experienced the third biggest increase in the value of listed cryptocurrencies, up 28.66%. The altcoin Polymath (POLY) has seen a 42.82% increase in the last 24 hours.
The coin has been relatively stable over the past month. Yesterday the coin actually decreased in value, starting the day at $161.78 and closing at $159.55. The market cap had been 8,928,360,000.
On Tuesday, a new payment application called LitePay said it would be released on the 26th of February. The company claims that this will facilitate fast Litecoin based transactions for everyday usages, such as buying a coffee.