Litecoin Price Crosses $300 Even After Charlie Lee Tries to “Reign in the Excitement”

Litecoin seems to know no boundaries as it crossed $300 despite creator Charlie Lee warning that it could drop to $20.

While everyone was glued to Bitcoin (BTC) price charts as it went over $17,000 and saw the CBOE futures launch last Sunday, the silver to BTC’s gold, Litecoin (LTC), was not one to be left behind, as it raced past the $100 mark and kept climbing, despite creator Charlie Lee’s Twitter warning.

Litecoin, which is essentially a faster and lighter version of Bitcoin, was created by Charlie Lee with the intention to facilitate day-to-day transactions, which become impractical via Bitcoin due to high fees and the 10-minute block time.

Starting the year at around $4, Litecoin didn’t see the kind of price action Bitcoin went through, but it steadily crossed $100, before a major surge yesterday, when Charlie Lee was slated to speak on CNBC’s Squawk Alley, where he shared some interesting insights into the future of cryptocurrencies and how they are a threat to the US Dollar.

Following his interview, Litecoin shot up to $200, recording gains of over 5,000%. However, shortly afterwards, Charlie Lee took to Twitter in order to “reign in the excitement”, warning investors not to buy LTC if they can’t handle it dropping to $20. 

While Litcoin did experience a dip following Charlie’s Tweet, it was quick to rise again, first taking a pause just around $297, and then going straight up to set an all-time-high of $341.

With the massive surge, Litecoin also managed to displace Ripple and IOTA from their spots on CMC, in terms of market cap, and now sits on number 4, just under Bitcoin Cash, which has a market cap of over $26 billion, compared to Bitcoin’s $18 billion.

At the time of writing, Litecoin is trading around $323, and the community believes it’s just getting started ahead of 2018.