On the morning of December 8th, the Litecoin rate was ranging around $96.80. This was the same time bitcoin had just reached $18,300. Then Litecoin quickly turned the tables and made an aggressive uptrend to reach a new all-time high of $164.27. This 70% Litecoin rate spike happened within 24 hours, causing a stir around the crypto-sphere. The growth spurt brought the total growth of Litecoin price to over 3,600% for the year, making it one of the best performing cryptocurrencies behind Ethereum.
All through last week as bitcoin was rallying toward $18k, a lot of focus shifted from altcoins and concentrated on bitcoin. The neglect of altcoins made the prices of many of them falter and suffer as a result. This spike had been caused by increasing recognition of bitcoin around the world. Bitcoin futures trading has started today, and the anticipation had made the coin very exciting. Additionally, some reports out of South Korea had stated that their government would allow ICO trading for institutional investors. Since South Korea is the largest bitcoin market, then the news drove up demand for bitcoin.