The cryptocurrency market is soaring today after a generally positive week for the industry.
Litecoin posted positive results, increasing by 4.95 percent today to trade at $149.19 as of 5:30pm.
Litecoin wasn’t the strongest performer of the day, with Ripple taking 18 percent to trade at $0.858.
Bitcoin is trading at $8,506, Ethereum $586 and Bitcoin Cash increasing by 13.64 to trade at $1,069.
Will Litecoin hit $200?
Litecoin has had a rollercoaster 2018.
The cryptocurrency had lost more than 50 percent total market cap in Q1, but charts show a strong return to form.
Litecoin prices slumped close to $100 during this time and bad news seemed to stalk the token.
In March, Litecoin’s hotly anticipated transaction payment app, LitePay announced it would be ceasing all operations after it became known the owner was less than transparent with the funds.
Litecoin Foundation director of operations Keith Yong said the NPO refused to assist with further investment, after the LitePay CEO asked for further funding.
Yang said: “Prior to that, the foundation had approached Kenneth regarding his less than transparent nature with the company and to express our, and the community’s, concerns regarding his recent Reddit AMA.
“It was at this time that Kenneth asked the foundation for more funds to continue operations. The foundation refused any further funding as he was unable to provide a satisfactory picture of where the money had been spent and refused to go into exact details about the company and show objective evidence to back up his statements.”
Litecoin founder, Charlie Lee, took to Twitter to apologise, saying: “Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”
One month later TenX has announced it will support LTC, while Korbit, South Koreas biggest exchange, launched Litecoin trading.
TenX launched LTC on its wallet platforms without an official announcement last week, to ease the pressure on its systems while it finalized live testing.
Furthermore, TenX have stepped up and hope to provide a card service for Litecoin, one of the features LitePay had promised during it’s failed development:
“We are also excited to announce a new partnership; we have reached out to, and are working with the Litecoin Foundation to introduce a co-branded card for which more information will be available soon. We hope to become the preferred payment platform for fans and owners of Litecoin.”
TenX has already launched LTC support on Android and iOS.
Korbit’s support of Litecoin coincides with a slight uptrend in value since a recent low at the start of April.
South Korea is a cryptocurrency trading hub, and the appetite for virtual currencies is still voracious. Finally garnering support in South Korea could have positive ramifications for LTC.
Rumours are also swirling that online ‘crypto-friendly’ currency account service, Wirex, could also be about to partner with Litecoin.