Litecoin Hits $300 After Skyrocketing Transactions

On January 6, 2018, Litecoin managed to hit past $300, a new all-time high for this year. The boost in the price is due to the robust increase in transaction volume over the past 24 hours.

According to CoinMarketCap data, the price of one Litecoin rose as much as $323.12, rising by 27% in just one day.  The last time Litecoin reached the $300 mark was on December 24, 2017.

Litecoin Reaches $300 January 7

Just weeks before the surge, Litecoin went through a decline after its founder, Charlie Lee, announced that he would sell his entire holdings to avoid any form of conflicts of interest.  During this period, Litecoin lost its momentum and fell below $300.

The leap last Saturday is one of the biggest boosts after Lee mentioned about potentially selling his holdings.  Such comment was also followed by a strikingly surprising announcement on Twitter when he mentioned about the possibility of stepping away from Litecoin.  This crypto coin was at $320 when Lee made the announcement and slipped to $220 two days after it.

In a report published by The Business Insider of January 7, 2018, Lee was quoted, saying,

“Seeing how people lost trust because I sold makes me more convinced that it was the right move. Litecoin was too centralized and dependent on me. Eventually, for Litecoin to succeed, I need to step away.”

Lee, who created this cryptocurrency, also mentioned that he would step away once Litecoin has returned to its all-time high. Litecoin remains as one of the top 10 cryptocurrency coins today.