Litecoin Reaches Three Figures For The First Time in 16 Months, Bitcoin Surges Back From $40K

January 15, 2021, by Cris
Litecoin took advantage of Bitcoin’s meteoric rise with a move above the $180 level.
Bitcoin price

There was no stopping Bitcoin as the world’s largest cryptocurrency crossed $40,000 this Wednesday evening and Thursday morning and saw a market cap of over $750 billion.

The Litecoin Foundation shared another exciting development with news that Flare is bringing ‘smart contracts’ to the Litecoin network. Smart contracts are written into the blockchain code and could allow the exchange of money, property, shares, or other items without the use of a middleman. This could see some exciting use cases for the LTC network and adds another element to the coin’s potential for mass adoption.

LTC saw a high of around $186.30 and this was near the highs from April 2018. The Litecoin price has since retreated to trade under $150. The rise of the last two weeks brings a risk of a correction before any further gains.

Bitcoin’s Moon Shot

Legendary Wall Street investor Bill Miller has said in an interview that Bitcoin will become less volatile. Miller told CNBC: “One of the things that’s interesting about bitcoin is that it gets less risky the higher it goes”.

The former Chairman of the Legg Mason fund titan added:

For those people who are waiting for the pullback, they got it in the first quarter. You could have bought bitcoin at $4,000 in the first quarter. You have to expect that it’s going to be very, very volatile… But its volatility is the price you pay for its performance.

Bitcoin traded at highs near $42,000 during the weekend and rose once again on Wednesday evening and Thursday morning, climbing past the $40,000 mark before the coin pulled back to the $37,300 level.

The US faces instability from another round of political drama with President Trump Impeached by the House for a second time, which will put pressure on risk assets such as Bitcoin.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.