As of 21st March 2018, according to coinmarketcap.com Litecoin is placed in 5th position. At the time of writing, the price of Litecoin was approximately $171 USD. There has been almost an 8.15% increase since the previous day. The market cap, at the time of writing, showed approximately $9,538 million USD while the volume (24h) was $501 million USD. Compared to the previous two weeks of fall in prices of many crypto coins, Litecoin is currently faring well in the cryptocurrency market.
The uptrend of Litecoin (LTC) is something that should remind people to hold on to their Litecoin. The crypto coin came into being in 2011 through the hands of Charlie Lee and his co-developers. Some simple reasons to HODL Litecoin are
- Compared to Bitcoin, the Litecoin blockchain is capable of conducting a much higher volume of transactions within a much shorter time.
- Faster confirmation of transactions means that the difficulty level for the hackers has increased considerably. It takes only 5 minutes to complete two confirmations.
- Litecoin is at an advantage as it uses Scrypt algorithm and can be mined using GPUs and CPUs. This was done to attract new miners and to make the process less power consuming than the mining process of Bitcoin.
Reasons to HODL Litecoin (LTC) in 2018
- The launch of Litepay: Litecoin again came into limelight with the announcement of the launch of LitePay. LitePayhas the potential to increase the revenue for Litecoin by opening up an entirely new user base. On 25th February 2018, a day before the expected launch of LitePay, the LTC-BTC pair looked to break the then key resistance level.
- Litecoin to launch Litecoin Core: Early March 2018 has seen the price of many cryptocurrencies hit the double bottoms due to the change in the global market. Litecoin too had to struggle a little to keep afloat. Litecoin had made a wise move by launching Litecoin Core 0.16.0. The open source software Litecoin Core allows the users to use LTC freely. Due to this launch, significant positive changes have been made in the Segwit Wallet. GUI and RPC have also seen some changes. Litecoin Core v0.16.0 is also slated to be released, as announced by Litecoin in its blog on 20th
- Amazon to use Litecoin: Amazon has grown to be one of the largest vendors in the world. The company’s interest in the ‘new’ technology can be understood from its recognition of Litecoin as a medium of payment. Litecoin has thus become the new competitor of Ripple regarding Amazon’s cryptocurrency payment service. Litecoin can become a hassle-free means of exchange (transactions). The usability of Litecoin as a form of transaction makes it eligible to be used as money by Amazon on its platform. To be totally accepted by the system, Litecoin will have to continue and improve the user experience on the platform of the vendor. Moreover, the speed of confirming an order will have to exceed the current speed of confirming a transaction on the blockchain.
- Gemini exchange to add Litecoin: Tyler and Cameron Winklevoss, the founders of Gemini Exchange have disclosed that the exchange will most probably add BCH and LTC pairs within this year. The team of Gemini feels that the inclusion of the new crypto assets will have a positive effect even on crypto derivatives trading. The revelation is also good news for LTC.
Litecoin has the potential to take over the retail micro-payment market in the near future, according to some of the crypto experts. The fact that Amazon is more likely to choose Litecoin over Bitcoin is also one of the major reasons to HODL the cryptocurrency. All in all, the stated reasons show that Litecoin (LTC) will keep going in 2018.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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