There is a lot of expectations that the digital money market is moving towards the bullish zone but this might not be a straight mooning. The recent Litecoin (LTC) price spike is not something to keep the supporters celebration given that the LTC price has been on a roller coaster mood for the last 7 days.
The highest spike that LTC has achieved in the last 7 days is 5.50% coming a day after the platform founder Charlie Lee conducted an online poll on twitter seeking the community price opinion as to whether the coin is headed back to the bull market or the market is still not over.
Crypto Market Restrictions Hitting Hard on Litecoin (LTC)
Speculations are ripe that Litecoin recovery is still out of sight and the price fluctuation is not over yet. With the Indian Supreme Court ban on exchanges in the sub-continent, a huge panic LTC sell-off is likely and the recent spike might be eroded sooner than it makes any meaningful impact in the market. The July 3 ruling seems to support an earlier decision by RBI concerning the crypto exchanges.
The ban has complicated matters in the market and the anticipated institutional investment could be delayed further for the market to remain in the dogs. The turn of events has seen the price of LTC oscillate between a low of $75.95 and a high of $88.76 in span of seven days.
Crypto enthusiasts are staying tuned for any positive news that would spur bullish market reactions. The LTC price is too unpredictable due to the indecisive market. Should the market prices remain undecided, bargain hunting will be the likely move resulting to a price rally.
Litecoin (LTC) Adoption on the Rise
The Indian High Court ruling and RBI ban might have some negative impact on Litecoin (LTC) but this should be countered by the increasing adoption. 0nce the popularity and uptake translates into usage, the value of the coin is expected to rise. Users are beginning to realize how superior Litecoin is compared to the first generation digital coins and are shifting their loyalty from the likes of Bitcoin and Ripple.
When the LTC price dropped past the $100 mark, Litecoin critics though the coin was dead, however the coin has dropped to as low as $72 before starting to inch north to the current resistance level of $89. The unpredictable price shifts are being experienced across the entire market and LTC has been able to cushion its holders against huge loses.
Some of the reasons why LTC price might not breakout out rightly is because of the current regulations and bans. However, if these are resolved and the institutional investor purse opened, Litecoin could be the highest beneficiary. Secondly, LTC is mineable and its reserves are diminishing and this will create scarcity for the value of the coin to grow.
There are also many ICOs riding on the LTC which is a big boost for the coin. It is clear than Litecoin is not a lone ranger in the market; there are other Altcoins that are playing in the same sector and are eroding the LTC market share compared to two years ago.
Litecoin (LTC) Price Recap
People are continuously beginning to realize that Litecoin is a good investment and the future value proposition is very stable and this is a reason why the coin has been stable when the market was at its lowest. The community behind the coin has been very supportive and this ideal for a future focused coin like LTC.
Litecoin (LTC) is trading at $85.37 at the time of writing after shedding 1.05% to the dollar in the last 24 hour trading session but gained dismally against BTC by 0.11%. For the long term investor, the price movement is quite ideal. Once the market stabilizes, LTC is poised to breakout and the gains could go past the close of Q3.