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Litecoin Prices Reach All-Time Highs, but Charlie Lee Has a Warning
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Litecoin Prices Reach All-Time Highs, but Charlie Lee Has a Warning

By Garrett Baldwin, Executive Producer, Money Morning • December 12, 2017

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Garrett BaldwinGarrett Baldwin

Litecoin prices skyrocketed 86% as investors poured money into the alternative coin thanks to a new marketing push from Charlie Lee and the Litecoin Foundation.

Lee, the creator of Litecoin, appeared on CNBC yesterday (Dec. 12, 2017), and he also did an interview with Glenn Beck last week. Litecoin was meant to be the "silver" to Bitcoin's "gold," and it currently offers faster transactions and lower fees.

However, he warned his Twitter Inc. (NYSE: TWTR) followers that buying Litecoin is still extremely risky...

Litecoin prices

In Bitcoin news, the price of Bitcoin pushed back above $17,000 and hit a new all-time high on Coindesk's Bitcoin Price Index (BPI).

The price continued to climb to increased optimism fueled by the Chicago Board of Exchange's (CBOE) recent launch of Bitcoin futures trading.

Many in the Bitcoin community are convinced that CBOE's futures launch will reignite demand for exchange-traded funds (ETFs) linked to the cryptocurrency. The SEC has received multiple recent proposals, including the VanEck Vectors Bitcoin Strategy ETF, the REX Bitcoin Strategy ETF, and the REX Short Bitcoin Strategy ETF.

Below is a recap of the top cryptocurrency prices at 8:30 a.m. EST.

  • Bitcoin: $17,425.80, +5.12%
  • Ethereum: $585.61, +23.99%
  • Bitcoin Cash: $1,561.23, +13.12%
  • Litecoin: $335.71, +86.75%
  • IOTA: $4.68, +12.13%
  • Ripple: $0.27, +10.30%

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

Cryptocurrency Markets Today

On Tuesday, the market capitalization of the global cryptocurrency sector hit $466.2 billion, as the entire sector continues on its breakneck pace to top a half trillion dollars, possibly by the end of the year.

Some of the top performers from the largest 50 cryptocurrencies by market capitalization included TRON (up 43.38%), Populous (up 37.91%), NEM (up 22.88%), Ardor (up 22.74%), Waves (up 19.74%), EOS (up 19.45%), Veritaseum (up 17.70%), and Basic Attention Coin (up 16.56%).

The worst performers from the top 50 largest cryptocurrencies by market capitalization included Vertcoin (down -9.34%), Einsteinium (down -5.15%), SALT (down -4.63%), Bytecoin (down -2.96%), and MonaCoin (down -2.53%).

Bitcoin Tops $17,300

The Bitcoin market capitalization hit $291 billion Tuesday morning.

The jump came as former Congressman Ron Paul questioned the long-term perspective of Bitcoin.

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

Recently, Paul conducted a survey where he asked participants if they would invest $10,000 in Bitcoin, gold, or treasuries. The majority of voters chose Bitcoin.

Paul went on to question why investors would chose the new Bitcoin craze over the time-tested view of gold.

"Of course, Bitcoin is very exciting, and it's booming, but [Bitcoin investors] don't have a long-term perspective. What's it going to be like in 10 years? Nobody knows," Paul said.

Ethereum Hits All-Time Record

The price of Ethereum is climbing near $600, as investors piled into the second-largest cryptocurrency by market capitalization.

Ethereum received a boost from news that major banks around the globe are aiming to streamline their compliance challenges by using the Ethereum network.

According to CoinDesk.com, firms including UBS Group AG (NYSE: UBS), Barclays Plc. (NYSE: BCS), and Credit Suisse will take part in a project known as the Massive Autonomous Distributed Reconciliation platform.

Hong Kong Aims to Curb Crypto Futures

While traders are cheering the launch of Bitcoin futures in the United States, Hong Kong regulators are moving against the tide.

The Securities and Futures Commission of Hong Kong has released a rule stating that only licensed investment firms will be allow to sell futures products like the contracts on CBOE.

In addition to warning investors about unregulated Bitcoin and futures exchanges, the commission also warned about liquidity and volatility issues surrounding the global cryptocurrency markets.

Up Next: Never Miss a Cryptocurrency Opportunity Again

Did you know we have a free research service that finds the most profitable opportunities in cryptocurrencies today?

It gives you real-time recommendations and price updates on only the best ways to make money now.

Here's everything you need to know.

FollowĀ Money MorningĀ onĀ Twitter,Ā Facebook, andĀ LinkedIn.

Join the conversation. Click here to jump to comments…

Garrett BaldwinGarrett Baldwin

About the Author

Browse Garrett's articles | View Garrett's research services

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.

… Read full bio

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Justin
Justin
5 years ago

Nice article! I plan on buying as much Litecoin as I can afford to lose.

Spelling Error: " and it currently offers faster transactions and lower lees."
"" and it currently offers faster transactions and lower fees."

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Corina Heich
Corina Heich
5 years ago
Reply to  Justin

Hi Justin,

That error has been corrected. Thank you for your comment and for reading Money Morning!

– Corina Heich, Editor

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David Peek
David Peek
5 years ago

knowlage is power

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