During a week where cryptocurrencies are on the up, it is nice to see that Litecoin is continuing its bullish swing. The price has continued to go up and up thanks to the US tax deadline, which has led some experts to predict that the altcoin could hit $200.
On the whole, the cryptocurrency market is soaring thanks to an incredibly positive week. Litecoin in particular has performed very well, and has increased by 4.95% meaning that it is currently trading at just under $149.19. It is not just Litecoin that has performed well though, with Ripple rising by 18%, Bitcoin Cash rising by 13.64%, and Bitcoin and Ethereum are continuing to trade at over $8,000 and nearly $600 respectively.
Litecoin has not had an easy year so far, which is typical of the whole cryptocurrency market, which has lost more than 50% of its total market capital. Litecoin slumped to nearly $100 in these lows, but experts are quietly confident that the market is starting to pick up, and will be able to recover from this disastrous start.
This increase in price for Litecoin really could not come soon enough, as the virtual coin has been plagued by one bit of bad news after another. In March, their highly anticipated payment app LitePay ceased all operations, after it was revealed that the owner was not being truthful about the funds involved. Keith Yong, the Litecoin Foundation director of operations said at the time that the NPO refused to assist with any further investment, saying;
“Prior to that, the foundation had approached Kenneth regarding his less than transparent nature with the company and to express our, and the community’s concerns regarding his recent Reddit AMA. It was at this time that Kenneth asked the foundation for more funds to continue operations. The foundation refused any further funding as he was unable to provide a satisfactory picture of where the money had been spent and refused to go into exact details about the company and show objective evidence to back up his statements.”
At the time, founder Charlie Lee took to Twitter to apologise, where he said;
“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”
News has started to pick up though after TenX, South Koreas biggest exchange announced that it would support Litecoin trading. They even hope to provide a card service, something LitePay had promised. They announced;
“We are also excited to announce a new partnership; we have reached out to, and are working with the Litecoin Foundation to introduce a co-branded card for which more information will be available soon. We hope to become the preferred payment platform for fans and owners of Litecoin.”
Let’s hope this good news continues and Litecoin surpasses experts predictions.
Featured Image Original Source: Pixabay