Altcoins

Litecoin lifts from long slumber

Martin Young | January 6, 2018 | 7:37 am
NewsBTC Litecoin Bitcoin P2P
Altcoins

Litecoin lifts from long slumber

Martin Young | January 6, 2018 | 7:37 am

The start of this year has been nothing short of epic for cryptocurrencies with the majority of them surging for the first couple of days of January. One favorite from last year however remained asleep and even fell a little while the rest were on fire. Litecoin has finally awoken during the Asian trading session this morning and is once again heading upwards.

Like many of its siblings LTC had a great year in 2017 starting off around $4 and climbing steadily over tenfold to reach some stability around $50 where it remained for several months. In November it moved up again towards the $100 level where again it halted for a while. Between December 8 and 13 Litecoin went parabolic and jumped to $340, it reached a record high of $375 a few days later.

Since those heady days the altcoin has fallen from grace somewhat on a downward trend for three weeks to lows of just over $220. News that founder Charlie Lee had sold his entire holdings of LTC left the community with a sour taste. Hodlers were starting to get concerned as all of the other altcoins were making upward motions and Litecoin was getting left behind.

Things started to change this morning during the Asian trading session when LTC broke through its weekly resistance level of $255 and shot skywards in a couple of hours to just over $300. Litecoin has finally awoken from its slumber to break $300 again for the first time since December 22. The majority of trading has been on Hong Kong exchange OKEx in Bitcoin Cash, followed by GDAX and South Korean Bithumb.

Charlie Lee is still extolling his baby and Tweeted this today in reference to transfer volume;

“Over $12B worth of LTC has been sent in the last 24hr. That’s almost 95% of its marketcap. See how this stacks up against the other coins. Litecoin IS the payments coin!”

News that Japanese entertainment giant DMM unveiled details of a crypto exchange that will be launched next month could have boosted investment in Litecoin as it will be carrying 7 currencies of which LTC is one.

Litecoin is currently up 21% on the day, its market capacity is $16 billion and it has lost a couple of spots in the cap charts to Cardano and the recently surging Ripple. It the momentum continues Litecoin could reach its previous high and even continue on to $400 where it is likely to climb back up those charts.

 

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  • medialAxis

    It’ll be interesting to see how litecoin fares after bitcoin’s Lightning Network is launched. Will it remain the payment coin?

    • Norbert Pasztor

      Yes, the LN trxn fees will be similar to Bitcoins Network, so it will remain high to use Bitcoin, plus it’s not enough to fill the market volume. However Litecoin will be the much cheaper way to trade on LN, and at end of the transaction you will have a way to exchange back to Bitcoin if the vendor prefers getting paid in that currency. Litecoin will serve as a much much cheaper transacting convertable instrument. The binary codes about to be released, it’s been tested by MIT. Read up on Lee’s SegWit, LN functionality breakdown. It will perfectly explains the process. Big things to come for Litecoin get ready.

    • Norbert Pasztor

      For example I used Bitcoin and Litecoin to trade at the average fee of Bitcoins $27.00. Vs Litecoins $0.37 transaction fee.. HUGE difference!!
      Litecoin’s confirmation usually less than 2min vs Bitcoins 10plus min.
      The mining and power consumption of SHA vs Scrypt is quite significant as well.. note the current transactions performed daily is only 30% apart from Bitcoin (320k) to Litecoin (225k).. that’s 95% of the Litecoins at work. Vs 17% of Bitcoin.. expect significant gains at the Litecoins price here shortly.. with the new capabilities of Litecoin exchangeablility to Bitcoin and vice versa will be the best working instrument for Bitcoin and Litecoin holders. I think it’s safe to say Litecoin will reach Bitcoins gold price very shorty at 1:5 ratio to Bitcoin. Now it’s currently 1:19. That’s why Litecoin is and always will be a Silver standard to Bitcoins. Regardless of the Bitcoin variations. The trade volume also will increase quite significantly as the hedge funds will bring and move the big money via crypto. Fast and cheaply transactable coin like Litecoin will be a key than as well. Bitcoin and Litecoin will work side by side, Litecoin will supplement Bitcoins downfalls in the future just like it does now, expect huge gains in both coins. Cheers

      • Peter Moloney

        🙂

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