Litecoin (LTC), from its introduction was on a full bullish form, hitting an all-time high of $360 with a $1 Billion market capitalization. But recently, most especially in 2018, it has been on a bear market range. If you are familiar with Litecoin, your question is as good as mine. The only difference however will be the fact that I am adding ‘the heck’ to my question. What the heck is happening to litecoin?
For those who aren’t familiar with Litecoin; Bitcoin and Etherum, just as they sit on the top of the global market cap, occupies the focal points of most of their digital currency investment. Although some new investors have shown interests in altcoins like ripple, dogecoin and other coin. However, with the Litecoin currently sitting at the 7th position of the cryptocurrency market cap, it has been hard for Charlie Lee’s creation to get new investors.
Litecoin is a peer-to-peer (P2P) open software and cryptocurrency project. It operates on and open source cryptographic protocol, allowing the transfer and creation of tokens. Litecoin is a decentralized entity, with no control right given to any authority or government agencies. It is faster than Bitcoin, and it is a cheaper option for people who are performing transactions. Litecoin came to being in 2011 as a fork of Bitcoin core. To play simple, it was a divergent of Bitcoin, but it had slight modifications that made it different from Bitcoin. One of such was the reduction of block generation time at exactly 2.5 minutes. It also came with a modified Graphical User Interface (GUi), with a slight change in algorithm, functioning under the MIT/X11 lincense. The simple idea behind it was the making of a ‘light coin’, a coin that can be easily used for lower transactions. When the Litecoin was introduced into the market, it kept growing, reaching a market capitalization of $1 billion in November 2013. In 2017, Litecoin took crucial steps, first by becoming one out of the relevant cryptocurrencies to adopt the segregated witness (SegWit). SegWit is a system which increases the block size limit of a blockchain, this it does by separating transaction signatures. In May of 2017, Litecoin hosted the Initial Network Networking transaction, transferring a small fraction of Litecoin in less than a second.
What is Happening?
Forecasters, and investors alike hardly do predictions on Litecoin as much as they do for other altcoins. However, 2018 was not a bullish year for this Bitcoin fork cryptocurrency. No doubt, it has seen better days of glory, and now might not look like the best time to invest. MasterCard, which the company have been looking forward to partnering with, on its LitePay project recently came out saying they were only going to partner with a government backed cryptocurrency project. As at now, Litecoin seems to have been oversold. The value have declined in a super bearish path, and there has been many market over reactions. Most Litecoin holders bought their shares when the price was on a high, expecting it to go higher, but it didn’t turn out that way.
So from indications, all Litecoin holders have harbored the desire to sell their coins. The fact that it is oversold, according to the experts does not really have so much effect on it, as the bearish path it has taken can be overcome with a new bullish path, if good measures are taken. Despite the fact that the rebound, may likely not take Litecoin to its all-time high market capitalization, there is a big chance that the prices will go green again.
Some of the measures taken by the Litecoin team this year, that will strengthen it in 2019 includes the listing in exchanges. The year 2018 saw it being listed on exchanges, the most popular being on Gemini. This has contributed to the relative increase in demand for the coin that is popularly tagged the Bitcoin fork. And 2019 promises more listings on bigger exchange platforms. With all these facts stated, I guess the answer to our question, as established earlier is simple. Anything can happen to Litecoin, and everything is happening with Litecoin.