Summary:
- Charlie Lee warns Litecoin bulls not to get too carried away
- Tweets expectation for multi-year bear market ahead
- Litecoin up more than 280% in just five days
The rally seen in Litecoin in recent days has been nothing short of sensational, with the cryptocurrency gaining a scarcely believable 284% from Friday’s open of 96 to today’s peak of 371. Proponents of the currency believe that it is well positioned to rise given it’s favourable characteristics regarding speed and cost compared to Bitcoin.
Litecoin has rallied extremely strongly since last Friday and made a new all-time high today at 371. Source: xStation
GDAX is one of the most widely used crypto exchanges and the past 24 hours have seen a surge in activity in Litecoin with the trading volume dwarfing that of Bitcoin and Ethereum – the two largest players in the cryptospace.
The traded volume on GDAX in the past 24 hours for Litcoin is more than triple that of Bitcoin. Source: GDAX
However, before Litecoin bulls get too carried away it could be an idea to heed a warning from the founder, Charlie Lee, who tweeted out a message of caution last night. Mr. Lee stated:
Litecoin founder Charlie Lee has urged caution given the recent rises and told investors to be prepared for some turbulent times ahead. Source: Twitter