Litecoin is becoming more and more important with new developments. The interest for litecoin has risen with LitePay and it is going up and up. But how high can Litecoin go?
Litecoin: Could Litecoin reach the same high as Bitcoin? LITECOIN is soaring in price, up 46 percent since the beginning of this week. But could the cryptocurrency reach the same high as rival bitcoin?
At the time of writing this article Litecoin price was $230.39 according to coinmarketcap.
See the cryptocurrency ticker at the end of article for current prices!
Often thought of as the ‘little brother’ to bitcoin, Litecoin is enjoying a sharp spike in price right now, increasing by 112.27 percent from its February 6 low of $106.94, according to CoinDesk.
After surging 30 percent in one day on Wednesday, the digital currency is currently valued at $224.52 and is the world’s fifth most valuable digital currency by market capitalisation.
In contrast, bitcoin remains the market leader at $10,129 with the highest market cap at $170 billion.
Could Litecoin reach the same high as bitcoin?
Michael LaVered of cryptocurrency news site Oracle Times says Litecoin could potentially overtake in bitcoin in price as the latter “is having difficulty scaling to the level needed for general commerce” with high fees and longer transaction times.
He wrote today: “The litecoin could be the solution. Litecoin combines all of the benefits of Bitcoin, but with shorter transaction times and lower fees.
“It has been on the forefront of bitcoin innovations, implementing SegWit [soft fork change in Bitcoin] early last year and now offering the possibility of lightning network and atomic swaps.”
No-one knows for certain about what cryptocurrency values will be by the end of 2018 but the entire cryptocurrency market could hit $1 trillion this year, Kraken founder and CEO Jesse Powell told CNBC this week.
Predicting an “acceleration” of growth after weeks of downturn and uncertainty, he told CNBC: “You’ve got a lot more kids graduating from crypto programs at universities now. I think we’re just going to see it continue exponentially from here.”
Why is Litecoin surging in price?
Litecoin’s growth is being linked to a potential hard fork called LitePay, set to be released on February 26.
The transaction process will enable Litecoin users to purchase products and services through businesses with a flat transaction fee of one percent.
According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay will truly be a “game changer.”
Saaim said: “Litecoin users will be able to convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”
However, investors are being reminded that Litecoin Cash is not affiliated with the original Litecoin
Litecoin founder creator Charlie Lee and the Litecoin community have dismissed the project, saying it is a confusing “scam”.
How did Litecoin start?
The decentralised peer to peer cryptocurrency was launched on October 13, 2011 by former Google employee Charlie Lee and similarly to bitcoin, new tokens are generated by mining.
Litecoin is an open source software running on blockchain technology but can process a block every 2.5 minutes rather than bitcoin’s 10 minutes but it works on a faster Scrypt algorithm.
LitePay can be an accelerator for the LTC price
There are a lot of interest in last days for Litecoin. The biggest reason behind this interest is about the announcement of LitePay. LitePay has accelerated the Litecoin price. The future seems bright for the Litecoin for a time from now on.
From a general look at litecoin through the LTC-BTC pairing on the 4-hour chart, it’s appreciation in relation to bitcoin is notable.
Specifically, when viewing the appreciation on the 1-day chart, it’s easy to see that the last few days have rendered it somewhat resistant to the downward movement of bitcoin (note that it crashed down to $6,000 during this time span).
And while Bitcoin has soared and crashed often and grabbed media headlines in the process, Litecoin did not gain as much notoriety despite its rollercoaster price swings.
A major part of the reason for LTC’s gain during this period, however, can be attributed to the release of Litepay.
Cointelegraph had advised on long positions in Litecoin if the breakout sustains above the $175 levels. However, for the past three days, the bulls have been struggling to clear the 20-day EMA hurdle. If the price breaks out of $175, it will clear the resistance from the 20-day EMA, the downtrend line, and the horizontal line. We believe that this is a significant development. That’s we reiterate our recommendation to initiate long positions if the LTC/USD pair holds above the $178 levels for four hours. The stop loss for the trade can be kept at $130. On the upside, $200 is resistance. If the cryptocurrency struggles at this level, we should close the position or tighten the stops. Once the bulls break out of $200, we might see a rally to $307.
According to fxstreet analysis: Litecoin price struggling to gain momentum: Developers say Litecoin fork is a reality
- Litecoin Cash to reduce transaction costs by 90%
- Everyone holding Litecoin will be given 10 times Litecoin Cash
- Litecoin Cash to offer more benefits to cryptocurrency users
Litecoin price is trading at $147 down by 0.84% during trading on Friday. LTC/USD price tanked reaching a low of $124 on 2nd February 2018. The currency has been recovering following stability in the cryptocurrency market after the Security Exchange Commission (SEC) hearing that took place on Tuesday this week.
Barely 72 hours after the hearing, a Litecoin fork is in the countdown. The fork will lead to the creation of a new cryptocurrency, Litecoin Cash. This will be the first hard fork of Litecoin (LTC); at Litecoin block 1371111, Litecoin Cash (LCC) will be born to the cryptocurrency market. All current Litecoin holders will be given a 10 to 1 disbursement of LCC, and Litecoin Cash will revert the algorithm to SHA-256 (the same as bitcoin). This means that everyone holding Litecoin will be rewarded with 10 times Litecoin Cash. It is still not clear why Litecoin is forking but the developers argue that Litecoin mining is moving fast towards centralization.
“There is no fast, cheap SHA256 coin with good difficulty adjustment. SHA256 miners have little practical choice of hash power destination, and if they do mine blocks, they’re being paid in a currency with 10 minute block times.” Read a section of the announcement titled “Just Why”.
The quote went further to say, “We believe we can offer an excellent SHA256 coin for general usage. We love Litecoin and wanted to give something to the brave holder community. With everyone else too busy forking Bitcoin, we decided that the Litecoin blockchain was a perfect means of initial (sic) distribution for our coin.”
The developers said that Litecoin Cash will have more benefits to the cryptocurrency holders in comparison to other virtual currencies including Bitcoin and Bitcoin Cash. Litecoin Cash is expected to have 2.5-minute block target which will enable faster confirmation of transactions. On the other hand, transactions with Litecoin Cash will be 90% less the cost of transactions with Litecoin.
Bitcoin (BTC) went through a hard fork in August 2017 and this marked the beginning of Bitcoin Cash. It is still not clear what this means to the investors of Litecoin. The price of Litecoin has been up and down since the opening of trading on Friday. LTC/USD price long-term support is at $112; below last week’s low of $124. The immediate resistance level on the daily price chart is at $170. If the bulls would continue to buy the Litecoin despite the impending fork. The price could shoot towards the immediate resistance level.
Ready to learn about our Litecoin price prediction 2018? Litecoin is similar to Bitcoin in many ways, but it is quicker and cheaper. The same open source cryptographic protocol upon which Bitcoin was built was adopted by Charlie Lee, a former Google engineer, to build Litecoin.
Nevertheless, it was adopted by Coinbase, a leading digital currency exchange, as one of just a few cryptocurrencies available for purchase and sale by the general public.
So, if Litecoin can be easily bought and sold by the general public and is faster and cheaper than Bitcoin, how will this affect its price? We examine Litecoin price predictions to see where it may be headed next.
How Many Litecoins Will Exist?
Every 4 years, the release of Litecoins halves, reaching a final total of 84 millions coins.
By contrast, Bitcoin has a finite supply of just 21 million coins, which should all be mined by 2040.
Research from Chainalysis has reported that as many as 3.79 million Bitcoins may already be lost forever.
The results are based on empirical data from blockchain analysis in which all Bitcoin transactions are recorded.
The “lost” Bitcoins are a result of strategic investors holding and not selling the coins, original coins (nicknamed “satoshi coins” after Bitcoin founder Satoshi Nakamoto) and out of circulation coins (known as “hodlers”)
Litecoin price analysis today:
Japanese police got the first suspect in the case over Coincheck heist
LTC/USD is rushing to the North
LTC/USD is up 7% on the day due to across the board cryptocurrency markets recovery.
Meanwhile, Japanese policy is interrogating the person allegedly involved into the Coincheck exchange heist. According to Nikkei Asian Review, the suspect transferred a small amount of stolen MEM coins into Litecoins via the website located in the darknet – a private network that can only be accessed with specific software or authorization. The police believe that the user knew the coins origin and acted with intent.
According to fxstreet analysis, The latest findings of the Recorded Future research show that Litecoin is getting more popular as the payment method on the dark web, which is partially confirmed by the fact that the stolen MEMs are being exchanged into this coin. One may wonder if the sudden Litecoin buying interest has some dark motives behind it.
After recovering to $169.34 on Saturday, the Litecoin price slipped back towards $149.00 and then resumed the upside. The hourly chart shows that LTC/USD has experienced a strong bullish run towards $160.00 resistance. Once it is broken, the coin will go higher to retest Saturday’s high and the next resistance at $180.00 The short-term support is at $141.86 (Sunday’s low) and $114.50 (200-SMA)
Huge Litecoin announcement lifts the cryptocurrency
Litecoin recently made a huge announcement which would be a game changer for it. The cryptocurrency has fallen from $324 in December to just around $150. The cryptocurrency recently announced that it would be launching a payment processor by the name of LitePay.
Importance of Litepay:
The reason why LitePay changes the entire game for the cryptocurrencies is that it would be moving the cryptocurrency from the online space. The cryptocurrency would be available to real businesses as well with the help of this payment processor. Moreover, the users would be able to transact in this cryptocurrency from anywhere around the world.
Also, since the transactions would be based on the blockchain, they would be pretty fast as well. Moreover, the transactions would be verified pretty quickly which would ensure that the transactions would be processed and the customers would be able to avail the products and services equally quickly as well.
Also, the wallet for the cryptocurrency would be available with most of the mobile operators and also they can be instantly downloaded on various devices as well. Also, the withdrawals would be compatible with Visa ATMs. This ensures that you would be able to withdraw your money quite easily as well. Any Visa merchant would help you in withdrawing the amount which you need.
Thus rather than being just a cryptocurrency, it would actually undertake the role of being a normal currency. This is one of the main reasons why this cryptocurrency has been rising since the past few hours. Any move by the cryptocurrency to actually cement its position in the actual payment processing world
rather than just being a cryptocurrency would be welcomed by the investors. This would also mean greater liquidity in the cryptocurrency. This would help the existing investors reap rich returns as the currency would be used much more.
This is one of the main reasons why this cryptocurrency has been rising consistently in the past as well. There were expectations of such a payment processor to be launched last year as well. This led to the cryptocurrency increasing in value from about $ 20 to over $ 300. Many of the investors were holding the cryptocurrency in anticipation of this very news. It remains to be seen the peak which the cryptocurrencies are able to achieve this time around on the basis of this news. According to the company, the payment processor would be ready within the next few months.
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