Following a trend of cryptocurrencies exploding in value, Litecoin surpassed $100 in value. Bitcoin is the leading cryptocurrency by a wide margin, but alternative currencies like Litecoin and Ethereum are simultaneously rising in value. This is a reflection of the growing clout surrounding digital currencies and its status in the bull market.
When Bitcoin reached $10,000 in value, some analysts believed secondary currencies like Litecoin would bottom out as a result of them not being able to maintain price stability. However, Litecoin beat its critics by moving up from $93 to $103 in just 24 hours. The value has since dropped a few dollars, which is an accurate representation of the volatile nature of the current digital currency market, but Litecoin’s case points out something interesting. Amidst the chaos of Bitcoin rising exponentially, rumors of a potential bubble, etc., cryptocurrencies like Ether and Litecoin have survived. The alternative currency market is dense with options, including 50 different types you have never even heard of before. These smaller cryptocurrencies cannot survive the back-and-forth of the market, but currencies that have purpose will.
Litecoin’s survival is evidenced by its trading volume. At least $500 million of Litecoin has been traded recently. This means that there is a demand for the altcoin and a supply to fulfill it. With Bitcoin taking the lion’s share of the market, you would think people would begin jumping ship, but there are plenty of investors choosing to stay nestled into altcoins like Litecoin. The recent joining of the Bitcoin and Litecoin blockchains is another incentive to stay buckled in. After all, cryptocurrencies’ value displays tendencies of both bull and bear markets, so its value will only drop if a panic ensues.
The current market values of altcoins are in close range, meaning there is more competition. However, as Bitcoin has showed, an explosion can happen at any moment. Litecoin could potentially move up to $150 in value, then $200, $400 and so on. It will be interesting to see how the altcoin adapts in light of Bitcoin’s massive gains.
There are many pockets for Litecoin to fit into, including Litecoin gambling sites. Online gambling is one of the most lucrative industries in the world. Online gamblers prefer using cryptocurrencies because they allow players to get the most out of their money the fastest. Since Litecoin is decentralized, there are no imposed fees from financial institutions and no long waiting periods for transactions to clear. Online gambling isn’t the only source for Litecoin expenditure; more and more vendors are becoming altcoin-friendly.
Time will tell how high Litecoin’s ceiling is, but similar trends with Ethereum reflect a continual growth for the digital currency. Bitcoin has an integral role in how things play out and will be tracked extensively over the next few weeks. Litecoin has shown it can sustain itself, so users should continue backing their investment.