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Litecoin (LTC.X): what to expect
Litecoin (LTC.X) is down 10% at the time of this writing. The price struggled to move much above $160. Litecoin is trading in the $130-140 range now, but still above the March $115 minimum.
What can you expect from Litecoin? What is the price forecast? When will be a good time to jump in?
Here is the bigger picture. The last 24 hours have not been very favorable for cryptocurrencies. Many cryptos have lost double-digit in the past 24 hours.
Some of that can be blamed on the criticism from famous investors and entrepreneurs, such as Warren Buffett, Charlie Munger, and Bill Gates. Gates even opined that he would short Bitcoin if he could.
However, looking at the long-term, there are many analysts who believe strongly in a well-cemented future for cryptocurrencies, the technology behind them, and eventually higher prices.
About a year ago, Segwit (or Segregated Witness), a soft fork update was activated after endorsements by Litecoin. Segwit refers to the implementation of a soft fork change in the transaction format of Bitcoin. This was considered a memorable moment for the Litecoin as well as the Bitcoin community.
Since then, Litecoin achieved its peak at $358 in December.
The biggest hope about Litecoin is its commercial viability:
RE/MAX is listed on the Litecoin store as a place where you can buy and sell real estate using LTC.
You can buy pet toys, treats, accessories, and more from CryptoPet using LTC.
- You can buy tea straight from the people who make it on Tealet with Litecoin.
The falling knife pattern of Litecoin's price is concerning to traders. For the latest price and news on Litecoin, please check Finstead and search for "LTC.X price" or "LTC.X news".
Litecoin price prediction: ready for new highs?
Litecoin is an open source software project with peer-to-peer characteristics. This altcoin has been the industry leader since 2009 and has the reputation as the most secure cryptocurrency with unexplored potential.
Litecoin creator Charlie Lee sold all of his holdings in December last year. He’s now regretful about his decision but thinks this was the right long-term move as he tried to make Litecoin a truly decentralized cryptocurrency.
Litecoin has lost more than half of its value since its peak times, but here are some indicators that this cryptocurrency is poised to reach new highs:
- Coinbase is a cryptocurrency brokerage that supports only three cryptocurrencies, one of which is Litecoin. Coinbase is still witnessing a significant influx of users, which is a positive sign for the top 3 cryptos (Litecoin included).
- As an open source project, Litecoin has the flexibility to incorporate tech enhancements such as SegWit and the lightning network.
- It takes 2.5 minutes to execute transactions on Litecoin, whereas Bitcoin needs 10 minutes to do the same.
- Compared to Bitcoin, Litecoin transaction fees are negligible.
- Unlike Bitcoin, Litecoin reach is not as widespread—and there is some potential to reach additional masses.
- The presence of a platform known as lightning network helps with fast transactions.
On the negative side, you should be aware that Litecoin market development will be somewhat limited until scaling issues are fully resolved.
Regardless of what your position on Litecoin is, and whether you think this cryptocurrency is poised for new highs, exercise caution before making any speculative bets!
To get the latest price and news about Litecoin, please visit Finstead and type “LTC.X price” and “LTC.X news”.