This week was one of the most successful both for bitcoin and litecoin. The prices of bitcoin reach new phenomenon level. Even during one single hour bitcoin prices went up for about 4%. Today bitcoin prices stood at $1,000.
Litecoin is also getting new heights. In the beginning of November litecoin prices stood at $4, and now reached more than $16.5.
For instance, litecoin is based on the Bitcoin protocol but it can be efficiently mined with consumer-grade hardware.
Nevertheless, digital currency price rates growth could be described as a ‘sympathy play’. Which means that litecoin tends to follow his big brother – bitcoin. As effect it could stabilize or on contrary slow down bitcoin progress.
An American broadcaster and financial analyst Max Keiser agrees: “People are speculating that litecoin may be ‘the silver to bitcoin’s gold’. Some argue that as bitcoin’s value rises over time, smaller currencies will become more common for everyday transactions”.
However, it turns to become possible only if bitcoin will be accepted and adopted as the world’s digital currency of choice. To do so there are more bitcoin users and more transaction needed.
Today more than 1,000 merchants accept bitcoin payments. Every day we get more information about other ventures that chose to participate in bitcoin system.
If the litecoin prices and popularity continues to rise, big exchanges like Mt.Gox will add it in the list of digital currencies it trades.
The future of digital currency depends on its popularity growth, both for bitcoin and litecoin. How soon will the changes come?
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