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Litecoin is seeing a surprising rebound of late. At the time of publication, Litecoin was changing hands at $62.40, up 17.12% in the last 24 hours and down 5.19% in the last seven days, according to CoinMarketCap data.
Shortly after reaching highs of $73.29 on Nov. 7, LTC fell to lows of $47.50 on Nov. 9, exacerbated by the market crash earlier in the week.
In a price U-turn, Litecoin rose from this low, sustaining its climb for a second day to reach intraday highs of $64.12 as of press time. From its Nov. 9 low of $47.50 to its current intraday high of $64.12, Litecoin has gained 36% within 48 hours.
Litecoin turns 11 years old
Inspired by Bitcoin, Litecoin was among the earliest altcoins, created in October 2011. Technically speaking, Litecoin originates from a slightly modified Bitcoin codebase. Due to its underlying similarities to Bitcoin (the "digital gold"), Litecoin is often referred to as the "digital silver."
Since its creation more than 10 years ago, Litecoin has indeed come a long way. This year, Litecoin added optional privacy features via a soft fork through the MWEB (MimbleWimble extension block) upgrade.
Litecoin is sound money more than ever. 11 years of flawless activity. The most fungible currency in existence.
— Litecoin (@litecoin) November 10, 2022
You choose. pic.twitter.com/kyr5OmJ2t1
As Litecoin turns 11, a tweet posted by the Litecoin Foundation reveals it has processed over 33 million transactions without any downtime.
An earlier tweet indicated that Litecoin mining difficulty is also at new highs, nearing 19 million hashes. According to the Litecoin Foundation, mining difficulty remains an important metric for mining and might suggest how the Litecoin network controls new coin issuance.