Novice investors should learn from this story and form their own opinions on the media and the impact they have on asset prices, and better understand the importance of managing risk and emotions. Litecoin and Walmart have since officially debunked the news, while Intrado, GlobeNewswire’s owner, has rolled out additional user authentication steps to prevent such incidents in the future. Litecoin (LTC) is an altcoin that aims to have improved speed and transaction costs when compared with Bitcoin (BTC). The news was spread through a scam account on the GlobeNewswire press release mailing service. Such rollercoaster movements are sometimes called popcorn rallies: the trajectory resembles that of a corn kernel expanding, puffing up and shooting up,īut then hitting the cover and dropping back into the pile. How Is the Litecoin Network Secured As a blockchain-based cryptocurrency, Litecoin is secured by incredibly strong cryptographic defenses making it practically impossible to crack. The news, however, turned out to be fake, and LTCUSD returned to its usual level after 45 minutes. Litecoin price hit an all-time high in May 2021, in the latest crypto bull run, which saw it reach 386.45 on May 9, 2021. This climb also positively impacted other cryptocurrencies. Minutes, Litecoin's price rose by 36%, from $175 to $238. The founder of Litecoin, Charlie Lee, is a former Google employee and Director of Engineering at Coinbase, one of the largest exchanges and the first to list Litecoin alongside bitcoin and Ethereum. By January 2030, however, they expect the LTC altcoin to be worth around 2,920. Their analysis suggests that Litecoin will end 2021 trading at 204, breach the 1,000 mark in March 2025, and rise to 1,679 in December 2025.
The news was shared by major media outlets such as CNBC and Reuters. Litecoin was launched in the shadow of bitcoin, yet was inspired by the ‘King Coin’, particularly by its decentralized approach to currency. But unlike PrimeXBT, market analysts believe one Litecoin will only reach 3,505 in 2030. On Monday, the web was discombobulated when reports emerged that Walmart, one of the largest retailers in the world, was allegedly about to start accepting Litecoin as payment. Litecoin's price skyrockets by 36% in 20 minutes and goes back down.
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