Litecoin (LTC) – Bearish But Positive Speculations Are Still Expected for Most of May. Since the cryptocurrency boom hit the market, many speculate on what will be the future for major digital currency players such as Litecoin, Bitcoin, Dash, Ripple, Monero, Ethereum and others more. A lot say that Litecoin, with its growing positive projections and trend, could actually be at the top of the heap for the year 2018. Different traders, investors, and enthusiasts of digital currencies have different favorites and those who favor Litecoin are very optimistic of its forthcoming.
As of the time of writing, Litecoin or LTC is traded at $159.41 USD. Although it went down by 4.53% within 24 hours, its support level is still higher than $150 USD. A bearish trend is expected perhaps going to the US$102 mark but if LTC reverses the trend and breaks through US$166 mark, it would hold and still rise significantly.
Most analysts are expecting it to rise even more as the year progresses. Some even say that Litecoin could reach the US$600 range by end of the year which would be a huge increase if so. Still, others more say that Litecoin might be the only of the altcoins actually capable of reaching Bitcoin’s price.
As noted by Forbes, there are several reasons why people are so optimistic about Litecoin’s future. One big factor most say is due to the success of digital currency’s most famous coin, Bitcoin itself. As Bitcoin becomes so evermore popular and trading grows, any developments within Bitcoin affects Litecoin and the cryptocurrency community itself as a whole. As Bitcoin’s transactions increase in volume which of course slows the system and increases transaction fees, a lot of traders and investors would actually migrate towards a suitable alternative with Litecoin as a top contender.
The Litecoin Investment Trust Fund
Recently announced, the Litecoin Investment Trust comes to life made possible by the firm Grayscale Investments. The investment fund will be having approximately 2400 LTC to its name. A minor move perhaps and insignificant to many as of this time, but in the long run, it may prove valuable in terms of stabilizing LTC’s price when the investment fund’s value goes up.
Pay With Litecoin
The people at Litecoin also recently started a couple of campaigns with high hopes that the move will be sufficient enough to regain its Top 5 ranking position overtaken by EOS. The campaigns are, “ Pay With Litecoin” and “Litecoin Accepted Here” which started with an initial tweet by LTC saying “ Does your business accept Litecoin?”.
The campaign is LTC’s team effort of taking a stand and hopefully taking back a position in the higher rank in the world of cryptocurrencies which seems to be worthwhile. It is highly expected that a good number of small to big businesses will adopt the Litecoin token as a form of payment for the products and services they offer. Although just recently started, LTC’s Pay With Litecoin Campaign is making waves in the social media and a lot are jumping in to join the wagon.
Julian Assange, the founder of Wikileaks supports the use of decentralized platforms and the blockchain technology. Just 25th of April, it was announced that the Wikileaks Shop has started to accept Litecoin as a means of payment.
Litecoin’s Open-Source System Stability Further Improves With the Recent Release Of Its Latest Version
Although there is a daily surge of altcoins being recognized, with no doubt Bitcoin is still the most popular and striking cryptocurrency in the market. As the realization of the need and effective function of the blockchain technology and cryptocurrency grows, so does the interest for Bitcoin and it’s competitive allies. Litecoin seems one of the most preferred options and arguably the best to follow Bitcoin.
Litecoin by definition makes use of an open source software system and is a peer-to-peer cryptocurrency project.
It runs with an MIT/X11 License and Charlie Lee, a former Google employee developed the system. As with most of the altcoins in the crypto universe, Litecoin is decentralized which functions with no central authority. This open sourced cryptographic protocol permits transparency and safety in transactions done swiftly.
Just March 2018, the latest version of Litecoin was released which is the 0.15.1 version. Although the main language for the code is C++, oit is compatible with OS X, Linux, Android, and Windows operating systems. The development was made possible by the Litecoin Core Development Team. The new version allowed more versatility and swiftness of transactions.
Why Many Continue To Choose Litecoin?
Most people who favor Litecoin are very knowledgeable about cryptocurrencies and how things work or should work. Primarily, Litecoin’s founder-developer Charlie Lee intended a “better” version of Bitcoin. Being familiar with Bitcoin, Lee made an assessment of the flaws Bitcoin has with the time of transaction being a major factor. With this in mind, he made sure that Litecoin performed faster than Bitcoin. On record, Litecoin processes four to five times faster than Bitcoin. Although open source like Bitcoin, the integration of the SegWit and Lightning Network contributed greatly to Litecoin’s superior performance.
Aside from the speed of making transactions, there is also the fee which is very cheap close to nothing if compared to Bitcoin. With the use of the Proof of Work algorithm, Litecoin mining is also faster and straightforward.
Litecoin created a sense of trust and bond with its investors and traders due to its founder as well. Charlie Lee was a former Google employee who was there to be seen as Litecoin’s caretaker and father showing great leadership, unlike Bitcoin with Satoshi Nakamoto remaining to be a mysterious figure as of this time.
Most also say that Litecoin is less toxic, political and volatile as compared to other cryptocurrencies. These factors make people more at ease with their investments and trades.
The Chinese market also is an integral part of why Litecoin is a great choice. The Chinese market loves Litecoin. With a population nearing two billion, just a mere percentage of China adapting Litecoin would be enough to fully stabilize the growth and presence of the cryptocurrency. There is also the factor of accessibility with all available cryptocurrency hardware wallets supporting Litecoin.
Litecoin was intended to be a better version of Bitcoin and so far for many, it has proven just that. Although still not in the same league with that of Bitcoin in terms of popularity, a lot would argue that its functions and reliability has certainly surpassed its predecessor. The crypto universe is young and a lot can still happen. With the advent of new technologies such as AI and the upcoming Quantum computers, most of us are still unaware and might be dumbfounded as to what is to come. But for now, Litecoin is indeed very promising.