(AP) Litecoin’s surge has made it more valuable in a short time and is showing signs of appreciation, which is putting more investors in the cryptocurrency’s favor, even as some investors say it is too risky to invest.
LTCUSD, -0.04% gained almost $2,000 on Thursday after trading at $9,847.31 and hitting a 52-week high.
The cryptocurrency has climbed more than 10% this week, outpacing gains from bitcoin, a digital currency that has gained more than 50% this year.
Litecoin also beat Bitcoin’s gains this week after touching a new all-time high earlier in the day.
It has surged more than 5,000% since its value soared more than 4,300% on March 21.
Litecoins price is up about 40% since the beginning of 2017.
It hit an all-year high of $1,095.00 on March 11.
Litecents are trading at more than $3,200 per coin, the highest price on the cryptocurrency market.
Litecomedy is also up about 50% since trading began, trading at about $1.00, according to Coinmarketcap.com.
LiteCoin’s rally is driven by its surge in adoption.
The virtual currency gained more users in the past week, reaching a record high of 577,000, according the CoinMarketcap.org site.
In recent weeks, Litecoin has risen about 7% and climbed nearly 10% in the week ending March 18, according data from CoinMarketbarometer.
The most recent uptrend came on Thursday when the cryptocurrency broke out of its “bear market” period and reached its highest price ever, at $2.70.
The last time Litecoin had a rally was in August, when it traded at $5,000 and was trading for more than 12% at the time.
LTMUSD is down about 14% since last week’s close, but has climbed about 4% this month.
The currency is down more than 2% from the all- time high it reached on Feb. 25, the CoinDesk cryptocurrency index showed.
The price of LTC is also rising.
It traded at more the $5.40 mark on Thursday and is trading for around $2 higher today.
Lite coin prices have risen more than 1,000%, which is about 5% faster than the overall cryptocurrency market, according a CoinDesk report.
The altcoin gained more money during the past 24 hours than any other cryptocurrency on the market, the report showed.
On Tuesday, the U.S. dollar rose against the Japanese yen after the Trump administration’s announcement to halt the issuance of U.K. currency for goods and services.
The move came as investors are increasingly worried about a global economic downturn that could hit the U,D.C. region and the U of A. The dollar has been trading above 60 yen for the past year and a half, according