Even though Bitcoin stole the show as 2017 winded down, other cryptocurrencies made considerable strides forward. One of these cryptocurrencies was Litecoin, arguably the second-most popular alternative currency on the market. With over 1,000 different digital currencies in circulation, the fact that Litecoin is even mentioned in the conversation speaks to its value, but what does 2018 hold for the future of the currency?
One of the biggest Litecoin storylines out of 2017 was that founder Charlie Lee sold his shares. This led to a public mistrust of the cryptocurrency that Lee himself addressed via Twitter. Litecoin undeniably received a boost in popularity just by association with Lee, who is considered one of the leading voices in the world of alternative currencies, so it is understandable how his leaving caused a problem. However, Lee has not completely stepped away from Litecoin and has made several donations to the Litecoin Foundation in hopes of fostering its growth.
Litecoin announced that it will devote more time and resources to marketing. DASH, another popular cryptocurrency, had an incredible year in terms of growth via its marketing and Litecoin would be smart to follow suit. Even still, Litecoin falls within the top 10 spots at CoinMarketCap. Part of Litecoin’s advantage is that it is considered the preferred currency for moving funds between different exchanges and converting them back to flat currency. Another advantage is its applicability to different online markets, including online shopping, online markets and Litecoin online gambling (to name a few).
As of now, Litecoin is valued at just north of $250 a coin. This is good news considering it recently faced a sharp decline to roughly $213. OpenBazaar, one of the top e-commerce transaction hubs, recently started accepting Litecoin as a viable currency (which will help Litecoin’s overall stock grow in 2018). Litecoin is estimated to do well in 2018 and potentially reach a valuation of $5,000. It is more of an investment than a spending coin, but the same can be said about most cryptocurrencies at this point. The reason being that digital currencies are still being figured out by the general population. For Litecoin, most investors come from European countries, but more Americans and Asians are beginning to jump into the mix. Litecoin mining is also increasing, and since there is no finite amount of LItecoin (like there is with Bitcoin), there is no ceiling.
The gambling industry is one where Litecoin can truly flourish, even in its infancy stage. Many online gamblers prefer using cryptocurrencies for faster transaction times and no additional fees. There are Litecoin casinos, poker and sports betting available in some of the premium gambling sites, creating a centralized hub for all your Litecoin betting needs. There is no telling where Litecoin will go in 2018, but the signs are showing a positive growth.