With both better and bad days haunting the market, it is now easy to tell coins that are about to explode before close of 2018. One of these is Litecoin (LTC).This might sound like an April fool’s day prank but looking at the charts and the bullish rotations, coins are staying bearish most of the times.
For the last 7 days Bitcoin, Ethereum, Ripple and Litecoin have been down 19.25%, 25.91%, 21.27% and 26.60% respectively. This scenario cuts across the entire market with some coins being hit the hardest. However, Litecoin seems to be getting its groove back by registering the highest gains in the last 24 hours among the top 10 coins by market capitalization.
What is Holding Litecoin (LTC) down?
According to Linda Butcher, the co-founder at Rewards Blockchain Limited, the recent advertisement ban has negative effect of the route to marker for Litecoin. Digital coins are known to ride on the market hype stimulated by advertising. With this avenue facing restrictions, going back to the drawing board is the only way for the industry’s recovery.
The hypersensitivity of the virtual currency market is also affecting the recovery of many coins and Litecoin is no exception. Government regulations are taking a toll on the hypersensitivity of the industry and investors are waiting to see what unfolds. Litecoin is a privacy coin and there is too much focus on what the coin is hiding behind the privacy feature.
Litecoin (LTC) recovery takes a different route; banking on the more public companies to make it mainstream. So far, the coin has won hearts of big partners and is poised to grow its confidence among industry leaders. There is a difference between a total market crash and a slow down; Litecoin has been exploding since December 5th and has not gone back to where it was in September 1st, 2017.
Reasons why Litecoin (LTC) is set to Explode
With the digital money market shrinking by the day, Litecoin has become Bitcoin’s trading mate. Right now, you can convert your LTC to BTC directly without using the services of an exchange. This makes it cheaper to transact with the consumer retaining the benefit. Bitcoin is one of the most expensive coins to transact and this feature could be LTC mass adoption hotspot.
Since sending Bitcoin is expensive, it becomes logical to change BTC into LTC and send it cheap. Using exchanges is also tiresome, time consuming and additional feels are levied. To escape this hustle, users prefer using the BTC–LTC feature to send and receive digital currencies.
Litecoin market cap might seem small at $6.5 billion compared to Bitcoin $118 billion (at the time of writing) but if Litecoin hits $50, the price could easily climb to the $1000 threshold. This might become a reality sooner than anticipated Because Litecoin (LTC) adoption is tied to that of Bitcoin (BTC). You cannot pull the two apart in terms of ease of exchange at low transaction fee.
At the time of writing, only three out of the top 10 where trading in the green. If you look at Bitcoin and Litecoin charts, any shift on BTC has a ripple effect on LTC. This is not the time to focus on Bitcoin; Litecoin is the coin to watch stake on before it takes off.
Litecoin (LTC) Price Recap
Cryptocurrency pricing might not necessarily dictate its uptake but appreciation does. If you take a close look at Litecoin (LTC) price same time last year, you can be able to see the potential it holds for the future. The potential is there given there is nothing the platform is doing in a different way; it is only working on additional features making it the platform of the future.
With a trading volume of $299,324,000 in the last 24 hours trading at $119.58; the increased activity around it is a surefire affirmation that it is soon going to explode. Lastly, riding on the Bitcoin goodwill means increased returns on investment as the markets start to shift north.