Litecoin, a cryptocurrency that enables instant payments to anyone in the world, is experiencing a massive level of rapid growth.
The cryptocurrency has gained 655% in a two month period, growing from a value of $3.98 on March 7th, to 30.06 on May 7th. This is according to Coinbase.com, one of the world’s most popular platforms for purchasing and selling cryptocurrency.
Litecoin’s single-month growth is also massive, gaining 183% from 10.59 on April 7th, to the previously mentioned 30.06 on May 7th.
According to Litecoin.org;
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. It features faster transaction confirmation times and improved storage efficiency than the leading math-based currency.
Some legal marijuana outlets in Washington are already accepting Bitcoin for marijuana sales, with approval from the state. This makes cryptocurrencies such as Litecoin relevant to the growing marijuana industry, which must deal with the fact that most banks won’t work with them out of fear of federal persecution.
Ethereum, another cryptocurrency, is also experiencing a rapid increase in value, growing from 11.43 on February 7th, to 93.64 on May 7th; an increase of 719% in just three months.