Cryptocurrency Litecoin (LTC) managed to see a 24% climb to its highest level in the past seven days after signing an agreement with Wanchain which will be one of the biggest successes for the digital asset.
It is understood that LTC is able to generate a large amount of profit even though other cryptos only benefit slightly, such as the mother of all cryptocurrencies Bitcoin (BTC) generates 1.65% while other digital assets record a profit of up to 5% only.
While LTC hit a low of $49.55, the digital asset continued its bullish move on October 21 and continued its positive momentum into November by setting a new daily high yesterday around $73.29.
In general, most of the gains generated by LTC were on November 1 following MoneyGram allowing US-based customers to buy the digital asset and other cryptocurrencies within the app.
Nevertheless, LTC is most likely to make a horizontal momentum again as the digital asset has reached the highest level of price increase.
This follows as the price of LTC made a sustained rally shortly after hitting a low in June and retesting the resistance level in the last week of last month.
Meanwhile, LTC is said to be increasing due to traders who want to reap benefits quickly and this is a golden opportunity for short-term traders.
The Litecoin Foundation commented that the difficulty of mining LTC which jumped by 17.99 million in block 2,363,70 has made miners increase the competition and made it more challenging to make a profit.
