Litecoin has surged forth to reach a new all-time high at the $300 USD mark despite mounting fears the cryptocurrency may see a harsh correction.
Litecoin has proven a breakout in 2017, amassing gains sitting presently at more than 5,500% this year alone. While the cryptocurrency traded at sub-$5 USD values at the start of the year, it has now reached the $300 USD mark – prompting joy from early investors.
The digital currency has posted strong gains in amongst other contenders such as Bitcoin, Ethereum, and Dash, and may be surging in value thanks to a sense of ‘fear of missing out’ in more established markets where new players seek to invest in cryptocurrency.
Speculation remains, however, that the digital currency may see a harsh correction before the close of 2017. Litecoin itself has appreciated more than 75% in the past 24-hours alone, leading a charge that has seen its market capitalization climb to the $15 billion USD mark.
Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space.
How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly. https://t.co/ozcR11N68o
— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017
Litecoin founder Charlie Lee himself has warned that the cryptocurrency may soon be privvy to an incoming bear cycle, and has warned that new investors could expect a drop as markets begin to consolidate.
At the time of writing, Litecoin continues to push upwards and is trading at the $290 USD mark.
What are your thoughts? Can anything stop the Litecoin freight train? Be sure to let us know your opinion in the comments below!