Litecoin (LTC), like many other cryptocurrencies, hasn’t had a great 2018 as was expected. Most of the year so far has been eaten away by a biting bear run, only relenting briefly in April. Having reached an all-time high of $375 against the USD (Figures on CoinMarketCap), the crypto declined sharply to see its value nearly test the sub $100 level. In the current market, the sideways price movements mean that LTC isn’t anywhere near those levels experienced at $375.
In fact, things seemed to get worse for the Litecoin community when its much-touted Litepay project collapsed right before the expected launch date. Worse still, LTC was overtaken by EOS and briefly by Cardano (ADA). With all these water under the bridge now, the only way to look at it now is in relation to the factors that could drive this crypto higher in 2018.
Litecoin to benefit from Bitcoin woes/ gains
It’s almost impossible to fathom such a thing, but its true LTC could reap where BTC fails. Litecoin has long been hailed as silver to Bitcoin’s gold. Yet, the popularity of the leading crypto could be just what LTC needs. The recent debate has focused on how the Bitcoin network is slow and fees bloated.
While solutions are in place, the best-placed coin to benefit from any continued lagging in Nakamoto’s brainchild could see Charlie Lee’s get the nod from investors. Together, the two are the most popular and widely spread coins. So even if Bitcoin solves its scalability and huge fee problems, LTC could still benefit if it rallies to new highs as predicted.
Michael LaVered from Oracle times is quoted to have remarked that Litecoin stands to benefit because “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.”
Increasing adoption of LTC for payments
It’s not a secret that Litecoin will only get bigger with more use as a payment currency. There are options being explored to integrate more use cases, but for 2018, the more it’s accepted the better it is for Litecoin. And there is an indication that this particular war is being won- one battle at a time. After Litepay backfired and embarrassed the Litecoin Foundation, this time things seem to be low profile but impactful.
Litecoin was recently added to the Blocknet platform, meaning that it’s now compatible. LTC is now usable in cross-blockchain decentralized applications like payment processors. The best thing about these transactions allows payments to be made in Litecoin but can be paid for using other currencies. Being so widely distributed, LTC stands to benefit most and it’s likely its demand will rise with more merchants and vendors accepting it.
TenX, Coinpayments, Gocoin among many others are merchants that currently accept Litecoin. There’s even speculation that there could be an NDA between Litecoin and Token Pay for debit cards. Such factors combine to give the currency greater chances of being used and thus impact value. Most of the above is basically getting more partners on board. So if LTC Foundation gets more meaningful partnerships, then 2018 could yet turn out to be a great year.
Listing on Gemini
Coinbase provided Litecoin with a price boost when it listed in 2017. The site boasts huge volumes of trade and recently said it anticipated even more in 2018. One thing that might work in Litecoin’s favor is that most of those who come to Coinbase are new users who may find LTC a bit appealing than BCH or even Ethereum. That would definitely help drive value higher.
It also appears that the coin is set to be added to Gemini, another of those licensed crypto exchanges. The exchange recently added Zcash (ZEC) and the coin have moved 50% in the last 7 days, despite the rest of the market floundering in sideways price movements.
The combined impact of these two exchanges, among the others, could be the key to LTC reaching predictions of up to $600.
Conclusion: In all of the above factors, the role of Charlie Lee and the Litecoin Foundation should not be underestimated. They have the ability to bring the crypto to a standard that would then allow the founder to leave.
Litecoin (LTC) is currently trading at $135 against the USD, 3% lower than its price three days ago. The only consolation is that almost the entire top 10 is experiencing the same.