It’s a good day to be a hodler.
Following years of anticipation, doubts, bubbles, crashes, and a yearlong bull run that almost no one expected, the bitcoin price punched through the $10,000 threshold on bitcoin exchange Bitfinex, home to the largest BTC/USD trading pair.
The achievement sent a wave of euphoria throughout the bitcoin community, and it was particularly satisfying for early adopters who endured years of derision as they fought to help bitcoin become a mainstream financial instrument.
— Ted Rogers (@tedmrogers) November 29, 2017
But the celebration did not end there.
Minutes later, the litecoin price quietly crossed the $100 threshold to punctuate its own record-setting run and raise its market cap to $5.5 billion.
And now LTC $100!!! 🎉🚀 https://t.co/TIXF9M8Rp4
— Charlie Lee [LTC] (@SatoshiLite) November 29, 2017
Since the beginning of the year — when LTC was trading at just $4.33 — the litecoin price has increased by more than 2,200 percent — a surge that eclipses even bitcoin’s unprecedented climb.
As with bitcoin, the rally was led by South Korean traders who bid LTC up to a significant premium. While LTC/USD and LTC/BTC slowly crept toward $100, Bithumb’s LTC/KRW pair was already testing $120.
Of course, it’s important to note that litecoin could never have reached this historic milestone without the benefit of bitcoin’s tailwinds, and — given that it hit $100 just minutes after bitcoin reached $10,000 — it quite literally rode to this record on bitcoin’s coattails.
That said, Litecoin has demonstrated a commitment to innovation in 2017, as evidenced by its adoption of the SegWit scaling upgrade months before it activated on the Bitcoin Network. Litecoin served as a real-world sandbox for SegWit, and its successful implementation likely hastened its eventual integration into Bitcoin. Consequently, it is fitting that these two “founding fathers” of the cryptocurrency ecosystem should cross their respective milestones on the same day, almost hand in hand.
And, with the advent of lightning network technology over the coming months and years, the link between bitcoin and litecoin is expected to grow even stronger.