Litecoin prices have risen sharply over the last month, climbing more than 100% since mid-September.
The alternative protocol assets price reached $66.19 today, after falling to nearly $32 on September 15, according to CoinMarketCap.
The digital currency has pulled back a bit since then, trading at roughly $64.35 at the time of report, additional CoinMarketCap figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
As for what caused Litecoin’s sharp ascent, analysts generally pointed to two major variables.
Follow The Leader
Several analysts pointed to Bitcoin’s recent gains when explaining Litecoin’s upward price movement.
The two digital currencies have frequently displayed a strong price correlation, CoinDesk reported.
However, some market experts contended that Litecoin has been merely following its digital sibling higher.
“Litecoin is just cruising in Bitcoin’s wake,” said Tim Enneking, managing director of Crypto Asset Management.
Digital currency trader Marius Rupsys provided similar input, asserting that Bitcoin’s recent rally has been the primary driver of Litecoin’s recent gains.
Charles Hayter, co-founder and CEO of leveraged