Litecoin Prices Climb 30% as Investors Pour into Altcoins

Litecoin prices surged nearly 30% today to an all-time high, as alternative coins showed solid gains across the cryptocurrency space.

Investors were still phased by Bitcoin prices fluctuating wildly on Coinbase and the site crashing yesterday (Dec. 8, 2017).

Litecoin pricesCrypto Asset Management Director Tim Enneking told Forbes that Litecoin is "absolutely cruising in BTC's wake!"

This weekend, the Chicago Board of Exchange will launch Bitcoin futures trading for the first time ever. Citigroup Inc. (NYSE: C) and JPMorgan Chase & Co. (NYSE: JPM) announced that they will not take part in clearing Bitcoin futures transactions for clients.

However, Goldman Sachs Group (NYSE: GS) - always eager to make a dollar from clients - announced it will take part in the frenzy starting next week.

Below is a recap of the top cryptocurrency prices at 1:30 p.m. EST.

  • Bitcoin: $15,919.30, -3.05%
  • Ethereum: $464.99, +7.54%
  • Bitcoin Cash: $1,477.09, +9.58%,
  • IOTA: $4.64, +24.09%
  • Ripple: $0.251, +10.86%
  • Litecoin: $125.20, +29.87

Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...

Cryptocurrency Markets Today

On Friday, the market capitalization of the global cryptocurrency sector hit $427.10 billion. Bitcoin now comprises 62.1% of the global cryptocurrency market.

Top performers from the largest 50 cryptocurrencies by market capitalization included NEM (up 65.68%), Populous (up 44.82%), Steem (up 24.86%), Nxt (up 19.70%), IOTA (up 19.31%), Veritaseum (up 18.44%), Decred (up 10.29%), Ripple (up 10.26%), and Dash (up 9.75%).

Must Read: 3 Bold Bitcoin Price Predictions for 2018 and Beyond

The worst performers from the top 50 largest cryptocurrencies by market capitalization included Stratis (down -9.47%), Komodo (down -6.18%), Dogecoin (down -4.73%), BitConnect (down -4.59%), QASH (down -4.42%), and Waves (down -3.81%).

Hackers Steal $78 Million in Bitcoin

Add another cryptocurrency site to the victim list...

Yesterday, hackers hit Slovenia-based crypto-mining platform NiceHash and stole $78 million in Bitcoin. The platform allows users to mine various cryptocurrencies and receive Bitcoin in exchange.

The firm instructed users to change their passwords while they investigate the cyber breach.

Litecoin Prices Hit All-Time High

Yesterday, Litecoin founder Charlie Lee announced that he will appear on Squawk Box on Monday, Dec. 11, to discuss Bitcoin's recent surge and the benefits of Litecoin.

Litecoin supporters are making more efforts to market the coin and show its value to mainstream audiences.

APMEX Takes Bitcoin

Ahead of this weekend's launch of Bitcoin futures, one of the world's largest online gold dealers has announced it will accept Bitcoin for payments.

The company said that it will offer a discount for users who make purchases with Bitcoin, in order to drum up interest in the markets.

Up Next: Never Miss a Cryptocurrency Opportunity Again

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About the Author

Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.

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