Litecoin (LTC) an altcoin to Bitcoin was released on October 2011. Contrary to most cryptocurrencies, the Litecoin can be used in transferring money between companies and individuals without the need of an intermediary like banks. The founder of Litecoin was a former employee of goggle.
Litecoin (LTC) Market capitalization
As of 18th January, 2018, Litecoin’s market cap had reached $9,724,921,029 USD or an equivalent of 904,765 BTC. The market cap has been growing since its release due to the increase of the circulation supply of coins and the increase in the value of Litecoin token.
The maximum amount of Litecoin coins that can be in supply for investors is 84,000,000 LTC. But this is still a way off from being achieved since at the moment the circulating supply of Litecoin is 54,808,358 LTC, which is 29,192,442 LTC less than the max.
Also, the value of Litecoin in supply per 24 hours is also on the rise standing at $1,278,570,000 USD.
Looking at the price action of Litecoin (LTC)
For a period of about six years since it was released, Litecoin’s value had stagnated below the $10 level although on 28th November, 2013 its prices had reached $53.15 before dropping back to below $10 by August 2014.
Then, on April, 2017, the prices started skyrocketting reaching an all time high of $370.43 on 19th December 2017.
After hiting the all time high, the prices ave been dropping for the better part of January going for $177.44 USD as at 18th. This represents a 52.10% decline within a period of one month.
The surddden rise in the prices had got the investors smilling with most of them even choosing to invest more in this crypto coin. Bt with the recent developments, investors are getting shy to invest in Litecoin.
But why the abrupt rise and fall of Litecoin Prices?
For most cryptocurrencies, the beginning of the month of December 2017 saw their prices skyrocketing to their all-time highs. This could be attributed to the increased financial activities which occur during the month of December considering that that is a festive season and people purchase much.
There are no major news events that could be said to cause the sharp decline of the market prices. However, it is usually normal for markets to retrace to a stable position after such a rapid surge in markets prices.
So, what are the expectations for 2018?
The decline is expected to continue for the coming days but just for a short term period. Once the coin finds a stable level, the prices are expected to resume with their bullish trend although not as sharp as the one experienced in December.
10 days ago, Charlie Lee, the creator of Litecoin, tweeted to inform unvestors that they are working on the next release of Litecoin Core and that they shall reduce relay fees to 0.01 lite (0.00001 LTC).
There is also a signalling proposal by Lee which he says it is also almost done to be released.
With these anticipated releases/developments anticipated for this year (2018), we expect to see some major price movements in Litecoin (LTC) .