Litecoin Weathers Storm, Breaks New Price Reach
The cryptocurrency known to be the silver to Bitcoin’s gold reached two milestones this week: its asset’s price hit $60 and market cap rises above $3 billion.
Unlike several other alternative currencies whose prices swing sometimes arbitrarily in reaction to a new development, what’s been constant about Litecoin is that the currency has taken a different pattern and its market stability seems to be creeping up as the buzzword that keeps it in its best form.
The question now arising is centred on the extent to which this strength could see it go. $100?
Basically, Litecoin’s main utility has been in its preference as a payment coin for its same low onchain fees and capacity as Bitcoin Cash but with consistent 2.5 min blocks – although there are still some others who also consider it to be a better storage option for its less volatility and technology. It is also considered to be a faster option for transactions and one of the few digital currencies that are not directly confronted by others in their area(s) of use.
Some of its proponents are already rooting for it to rise to as high as $100. This could be feasible with the value of all digital currencies continuing to rise above the current record of about $160 billion, as well as the Bitcoin scalability issue not completely resolved yet, which may cause several investors to still have a reason to move portions of their holdings to Litecoin for its stability. Additionally, Litecoin has reportedly been up by 1400% this year and has not seen any wild pump, dumps, huge gains or crashes but has rather been growing slowly flexing on its stability to prove its reliability.
However, despite the optimism about Litecoin’s future, its trading pattern and the media exposure it has gained of late, it is going to be seen where it would hang its price tag by the end of the year.
Olusegun Ogundeji writes on tech-related issues including from the crypto/Blockchain space.
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