Cryptocurrency market is unpredictable. Almost every other day one of the currency price is skyrocketing and we analysts set on work to look for the reason why is it so high. Sometime we even are successful in finding the possible reasons behind the sudden increase sometime we say - its volatile market!
Litecoin today recorded a high of $171 at the time of writing as per coinmarketcap, which is also all time high for the currency with a market cap of $9.3B; this is huge. Just yesterday, price was around $99 with a market share of $5.5B. In usual days, this kind of price bump happens in case of some exciting news of alliance or cracking some big deal with existing 'big shots'. Today, for Litecoin, no such news happened to be the reason, but it's core features.
Charlie Lee tweeted,
"I ❤️ days like today! Not because the LTC price is up, but because I won't need to read any tweets hating on Litecoin and me. 😂
But inevitably, there will be days when price is down and everyone and their mom will be blaming it on me. Such is the life of a coin creator. 😀"
What's exciting about Litecoin?
Easy access to new investors - Litecoin is like brother to Bitcoin, the market leader in cryptocurrency; except for the fact that it is faster, lower fees, cheaper in price and more accessible to new investors. In recent days we have witnessed a kind of price explosion in cryptocurrency market. With Bitcoin crossing over $10K, cryptocurrency has became the mainstream news. More new investors are exploring options to invest time and money in cryptocurrency. Accepting the fact that Bitcoin is actually high priced for a new investor, opportunities for altcoin increases.
Network congestion in leading blockchains - Past couple of days, both Bitcoin and Ethereum networks are experiencing high congestion. Bitcoin's price shows variations of more that $1000 in a day where as Ethereum network is stuck with a popular dapp CryptoKitties. Thousands of transactions were pending for hours. Users have started discussing option to increase Gas to get the transaction through. Scalability is an issue in BTC as well as in ETH network that needs immediate attention.
Available in Coinbase - Coinbase is one of the biggest exchange in US and across the world for crypto-users to exchange Fiat to cryptocurrency and vice versa. Due to transaction delay in both BTC and ETH, people are using LTC to move wealth in and out of Coinbase. LTC volume on @GDAX was over 3M; it means more than $400MM worth of Litecoins were traded. Which means Coinbase has profited more than $1MM in revenue today from GDAX alone.
Buy Steam vouchers with LTC - On December 6, Steam announced that it will no longer support Bitcoin as a payment method on their platform due to high fees and volatility in the value of Bitcoin. Cryptocurrency not available as a method of payment was very disappointing for users. But soon BTC was replaced with LTC with the support of @bitrefill. Now users can buy Steam vouchers with LTC, published Bitrefill.
Ease of integration - It is very easy to integrate LTC into an application. By maintaining full compatibility with the Bitcoin API, LTC is very easy to inegrate into existing applications that already offer BTC support. A merchant can easily integrate LTC into a website or application by using existing 3rd party shopping cart plugins. LTC is also used for online bill payment, mobile recharge, send top-ups to friends and family, and buy gift cards in association with Bitrefill.
Increasing popularity - With the popularity of Bitcoin, Litecoin is also getting popularity. It is #6 currency in cryptocurrency chart by market share. It is being added to new exchanges and apps. According to coinmarketcap, about 400 LTC pairs are available in markets for Litecoin. Its huge.
Charlie Lee, creator of Litecoin has been seen giving interviews all over the press because every business news organization wants to talk about cryptos right now. Yesterday he was on Glenn Beck TV show.
Growth in last quarter - Growth of LTC over the last quarter of 2017 is more than 200% in both price and market share, which is incredible. If we look into the chart below, we will see the percentage growth of LTC in price and market cap is almost equivalent to BTC, which is considerably good for an altcoin.
Source data: Coinmarketcap
Litecoin is similar to Bitcoin that uses blockchain technology to process transactions. But, it's four times faster speed and lower transaction charge provides added advantage over Bitcoin. In case of scalability issue in future, Litecoin could be a better alternative to users and traders.
Voice your opinion: Is price of LTC a bubble or is it going to continue increasing in near future? Please let us know your opinion in comment section below.
Also read: Introduction To Litecoin Wallets
Similar articles on recent price hike available for Monero, IOTA, Ripple, Bitcoin Cash, Ethereum and Bitcoin.
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Disclaimer: This is not an investment advice. Readers are requested to do their own research before investing into any project.