Litecoin (LTC) underwent something of a rally during the past month, gaining 20 percent in value over the last 48 hours alone. The two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have also seen significant (but smaller) gains in the past two days.
Pump up the Volume
Litecoin started its latest ascent on Feb 8, with a price pump from $33 to $43 over 36 hours. At the same time, the 24-hour dollar volume almost tripled. Further mid-February gains saw the price briefly troubling the low-50s, before dropping back to $45.
However, since Tuesday, the price has been rocketing once more — gaining $10 to reach $57. Again, this accompanied a boost in 24-hour volume, which almost doubled in the same period.
Litecoin started the year at around $30 per coin.
According to Forbes, it may have something to do with initiatives in crisis-torn Venezuela. The government last month introduced sanctioned cryptocurrency remittances to the country in an attempt to profit from increasing bitcoin usage.
The scheme allows…