Litecoin, an early fork of Bitcoin and often referred to as the silver to Bitcoin’s gold, has jumped to sixth in market cap rankings after rallying to a nine-month high of $75.77, up around 10 percent in the last 24 hours.
This has seen the coin take over from the controversial, and recently forked again Bitcoin Cash. Litecoin now has a market capitalization of $4.81 billion, higher than Bitcoin Cash– which underwent its latest hard fork on Sunday – at $4.65 billion.
Litecoin is one of the older and more established cryptocurrencies in the top rankings of the market caps, but it has seen some lows in recent years as its market cap pales in comparison to Bitcoin’s $310 billion.
In September, the coin was trading around $40 and in one of its lulls but it has seen a surge thanks largely to the decision by payments giant PayPal to include the altcoin in its recently launched crypto offering.
Litecoin forging ahead, but Bitcoin winning
The growth of Litecoin in the short term has been mirrored in its long term growth over the year. The coin is up 80 percent but Bitcoin has gained over 120%. The original cryptocurrency reached a 33-month high of $16,885 on Monday and was last seen at $16,700. Prices have risen by more than $6,000 since early October, given a push by investments from notable companies, also including PayPal.
Bitcoin is often seen as the leader in the general cryptocurrency markets. When the major coin is doing well, most of the top 10 usually follow suit and there is nothing different this time when it comes to Litecoin particularly
Other altcoins, like Chainlink‘s LINK and Stellar‘s XLM have gained around 5% on a 24-hour basis, while XRP is up by almost 10%. Ether, the second-largest cryptocurrency, is up over 2% at $465. However, unlike Litecoin and bitcoin, many top altcoins are yet to challenge their respective third-quarter highs.
Bitcoin Cash drops on fork
The recent move from Bitcoin Cash to avoid a ‘miner tax’ from its community has not done its market any good as the coin is down around 5 percent for the week. The controversial product began its life after a so-called civil war on the size of Bitcoin blocks and has tried to claim the title as the real Bitcoin ever since.
Following that there was the hard fork that led to a Bitcoin SV being formed under the watch of Craig Wright — who claims to be the creator of Bitcoin, Satoshi Nakamoto. Now, while only one chain has survived this hard fork, it again speaks of issues as the community and some developers have different ideas for the project.