Comparing Litcoin’s support and status six months ago to what they are now, the difference is stark. There is much more support for it now, with a huge community of followers tracking its success. Indeed, with financial sites now offering daily updates on Litecoin, it is clear that the cryptocurrency is a real contender in the market.
Although the price of Litecoin has been stagnating, this sideways movement is reflective of the overall cryptocurrency market, which has been suffering for a while now. Indeed, it is not reflective necessarily of a lack of support for Litecoin. The most likely way for Litecoin to prove itself will be during the next run up in price, or the so-called “bull run”, a term often used to describe surges in the price of cryptocurrency.
It is not yet clear exactly what will happen during the next bull run, but because of its recent popularity, Litecoin could well be one of the top three market leaders. The currency has always had great technology behind it, but has not yet received the attention it deserves. Now, however, people have been realising its potential, and letting other people know about it over Twitter, Youtube and other popular platforms. This has caused a surge in attention meaning that, during the next bull run, there could be a whole host of new investors ready to make the most out of Litecoin.
Litecoin could be a great choice for many corporations hoping to invest in cryptocurrency, as it is already an established cryptocurrency, has fast transaction speeds and is the best currency for payments. This could be part of the reason it is gaining dominance in the market.
Hopefully there will be a rise in value for Litecoin over the next few weeks. Indeed, there are plenty of reasons to be optimistic about Litecoin: its attention and coverage is far better than other cryptocurrencies, which is likely to propel it much faster than other coins during the next bull run.