The cryptocurrency market is trading well today, as Litecoin outperforms other digital tokens.
Increasing by 9.44 percent overnight, Litecoin has more than tripled the gains seen by competitors like Ripple and Ethereum.
As of 6pm, Litecoin was trading at $136.44, soaring above the rest of the pack.
Bitcoin rose 1 percent to trade at $8,059, while Ethereum is trading at $523 and Ripple is seeing a strong trade at $40.669, but LTC is growing well above them all.
Is Litecoin recovering?
2018 has not been kind the cryptocurrency market and Litecoin has suffered a lot.
A poor first quarter for the entire market saw more than 50 percent of Litecoin's value wiped off in three months.
A series of negative, bearish trends dragged LTC further down as the market plunged.
This was shortly followed by news that Litecoin’s hotly anticipated transaction app, LitePay, would be ceasing operations only a week after its launch.
The app was designed to speed up transaction processes and contend with the bigger cryptocurrencies, but a statement released by app developers less than 7 days after its launch in March told users it was closing.
The announcement said that the company had been “less than transparent” and “could not explain where some of the money was going”.
Prices tumbled after the news and have stagnated since.
Further gloom was expected for LTC as the US prepares for the tax deadline today.
The deadline day was expected to begin a mass sell-off in order to raise money to pay capital gains tax for American traders.
The predictions appear to be false, however, as prices for Litecoin, and the market in general, soar.
Beating resistance at $136, Litecoin is in good stead to continue on a bullish trend in the short-term.
On the increasing prices of LTC, founder Charlie Lee cautioned buyers of the risks of a volatile market. Lee said in an interview with CoinTelegraph: “If you can’t handle Litecoin going to the high, then don’t invest.”
He added: "Long term is good, short-term – no one knows!"
The news was also bolstered by the announcement that Litecoin would be trading on the South Korean exchange, Korbit.
One of the oldest Korean exchange, Korbit, currently supports the trading of Bitcoin [BTC], Ripple [XRP], Ethereum [ETH], Bitcoin Cash [BCH], Bitcoin Gold [BTG], and Ethereum Classic [ETC].
According to the official website, Mr Lee, will personally send LTC to the top traders during the first week of trading. Rank 1 trader will be given 50 LTC, rank 2 will receive 25 LTC, rank 3 will receive 10 LTC, and rank 4-6 will be given 5 LTC each. Only users who trade LTC/KRW will be eligible for this.
Charlie Lee celebrated the news and tweeted: “Tomorrow, Korbit will launch LTC trading. It’s awesome that one of the oldest Korean exchanges will now support Litecoin. I still remember asking Korbit many years ago. I have donated 100 LTC for a promotion”