Litecoin (LTC) is at the crossroads, but good news seem to be building up, portending not only a short-term spike, but a successful year ahead.
A recent announcement from Charlie Lee suggested an effort to boost the price:
Seeing how people lost trust because I sold makes me more convinced that it was the right move. Litecoin was too centralized and dependent on me. Eventually, for Litecoin to succeed, I need to step away. But I promise I won’t do that until I’ve helped LTC climb back past the ATH.
— Charlie Lee [LTC] (@SatoshiLite) December 31, 2017
While Charlie Lee sold his holdings, he is also listed as one of the most influential voices in the crypto space. Thus, Litecoin would receive a boost of publicity just by association. In addition, the Litecoin Foundation seems to have received additional donations from Lee, and is becoming more vocal lately, while avoiding outright shilling of the coin to achieve a smoother growth.
But the fact remains that despite the corrections, Litecoin has managed to keep most of the value gained since the days it cost $100.
From this year, Litecoin will also have a dedicated marketing team, possibly following in the footsteps of DASH, which achieved a phenomenal growth this year by concerted popularization efforts.
At the same time, Litecoin keeps a spot in the top 10 at CoinMarketCap, while other digital assets are temporarily displacing the coin. The recently booming Cardano (ADA) reached $0.74 and went ahead of Litecoin in terms of market capitalization. Yet Litecoin has the advantage of a much larger ecosystem, as well as being the go-to cryptocurrency for moving funds between exchanges and back into fiat when needed.
Litecoin may also benefit from the decreasing dominance of Bitcoin, which is now worth just 36% of the total market capitalization of the crypto market.
At the moment, the LTC market price is recovering slightly, toward $274, as it sank to a temporary low around $213.
Additionally, OpenBazaar has recently added Litecoin as another payment option:
OpenBazaar is the marketplace integration I was hinting at. We are excited to be working with the @openbazaar team on adding Litecoin! https://t.co/EX8tpKU2h3
— Charlie Lee [LTC] (@SatoshiLite) December 30, 2017
At the same time, Litecoin is still seen as an investment, and not a spending coin, with an expectation that its price would rise to a much higher level in 2018. The most bullish predictions see LTC’s market price at $5,000 as more investors are attracted in the US and Asian markets. Litecoin also remains popular with European investors.
Litecoin mining is also becoming more active, growing fast in the past month to more than 12 GH/s, while difficulty has risen without a pause in the past few readjustment periods, and is expected to go upward once again later today.