Is Litecoin's new base at $40 till the next bump up?
Litecoin, held at it's base of $20 for quite a while until just a few days ago where it was bumped up to it's current value at $40, my guess is LTC will hold at $40 for a bit as it's new base. Why do I think that way?
I think with tech stocks crashing there are many new investors looking at cryptocurrencies as a means of investing, with BTC showing a lot of signs of vulnerability investors are looking at alt coins. Could LTC be at it's new low base of $40 currently, and say in 10 months rise to anywhere between $75 and $100? That's the question I am asking myself.
Here are some reasons why it may happen.
BCoin Developers Unveil LCoin, the First Node.JS Fullnode Implementation of Litecoin
https://themerkle.com/bcoin-developers-unveil-lcoin-the-first-node-js-fullnode-implementation-of-litecoin/
However, as the Merkel points out, the bigger question is why this price increase is happening right now. One possible explanation points to concerns about the upcoming hurdle event for Bitcoin, where a looming chain split on August 1st has some people concerned. It is possible a chain split could hurt Bitcoin’s market position and another cryptocurrency may overtake it, especially with the market share of Ethereum soaring and poised to overtake Bitcoin (at the current pace of growh) in months.http://www.zerohedge.com/news/2017-06-17/litecoin-explodes-higher-after-flood-chinese-korean-buying
I think short term analysis of LTC is that it will continue to rise within a year simply because there will be an influx of new investors in the coming months not feeling safe with BTC's upcoming fork and looking at the alts, with LTC now being added to more exchanges it will make it much easier to trade than other alt coins.
Do I think LTC has a long term advantage in the market like for example ETH does? Maybe. I do see some short term growth for LTC to at least double from it's current $40. Then again that is just my guess. Anything can and will happen in this extremely volatile market.
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I think Bitcoin was a wonderful idea that led to the cryptocurrency revolution, but the founders might not have had quite the idea that it could be adopted so thoroughly worldwide and thus did not bake in the scalability that would be required in such an instance. They will make many modifications that will alleviate many of these limitations, but some will remain. Litecoin was the first to address many of these scalability issues and had the advantage of improving on an existing idea. They will likely continue to gain market share as they were early to the table and are the only other coin available on Coinbase besides Ethereum and Bitcoin. Another psychological advantage is that their unit price is lower than those two which will lead some to preferentially buy it as they feel they are getting more for their money.
Yeah that's precisely why I think it will continue to rise @dantethegreat, great post man.
So for a short term investment Litecoin is a good choice. Thanks
Yeah but I just edited it, from "definitely not" to "maybe" on long term. I think it may have a chance long term, I think a lot of it depends on Aug 1st BTC fork. LTC can rise a lot between now and then and build more a name for itself. It's technology is scalable which is the big advantage it has right now over BTC. Who knows in 2 years LTC could be $500. I think it's a sound investment.
I agree with your analysis of LTC, I was unlucky enough to sell my LTC holdings for ETH 3 days before the big hike. I think LTC should climb quite nicely in the coming months, especially with Charlie Lee leaving Coinbase to focus on Litecoin.
Yeah, @dantethegreat brings up a great point about the scalability advantages of LTC... who knows it may continue to rise even after these next 10 months... It looks pretty good to me right now, if for nothing else it's continued ease of use to exchange and buy because it's in more exchanges now than other alt coins gives it big advantages.
That's true. I really think that the ease at which you can exchange it will definitely be an advantage. I also think LBC is a good store for value in the next few months whilst bitcoin goes through this phase of uncertainty
I think litecoins new stable price is $40-$45. It'll be a few more weeks / months and then we will see another jump up!
I agree, that's what I meant by it's base, I think it will stay in the $40 range for a bit before the next jump up. My reasoning is in the blog above.
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