Litecoin has taken an especially bad hit from the recent market decline. The value of Litecoin as a currency has sunk, sunk to lows not experienced since November 2017. Therefore, it is quite easy to look at this and see how Litecoin investors might be worried about the current state of the currency. We on the other hand believe you should remain optimistic about this one.
Litecoin is paving the way for adoption at the moment, with campaigns such as #PayWithLitecoin taking social media by storm. Soon enough, these sorts of movements will encourage investment from bigger firms, firms who wish to accept Litecoin as a payment option.
We must also remember that Litecoin are likely to re-light the old ‘LitePay’ flame, a project which admittedly failed first time round, but could very well bring Litecoin some prosperity in the future months.
If we track back through the recent history of Litecoin, we can see it currently sits with an all-time high at around $363.00. At the time of writing, Litecoin is valued at around $81.00. Therefore, we need to work out what it will take to get Litecoin to climb 270%, to hit that magical $300.00 target.
As mentioned, #PayWithLitecoin is an on-going process, one that will pick up momentum and help spread the message of Litecoin (faster, cheaper payments, essentially). We do genuinely believe a new LitePay project is in the works, a project that in turn will help boost the value of Litecoin significantly once it is re-announced.
Historically, Litecoin is able to take big leaps upwards. In fact, in order to reach its all-time high of around $363.00, Litecoin jumped 359% from around $79.00, similarly to the value of Litecoin that we see today. Once more, Litecoin also managed to climb from around $113.00 to around $250.00 not so long ago, in a climb that equates to around 121%.
With these figures in mind, the idea of Litecoin rising 270% seems more realistic, right?
Of course, this is not investment advice, we can’t guarantee that Litecoin would see a rise like this, nor can we even guarantee that a LitePay project is looming. This is based entirely on speculation, at the very least though, once you do the maths, you can see that Litecoin does have the potential to gain in this manner and therefore, even with its current low price in mind, this is not a cryptocurrency to under estimate. Litecoin will return soon enough.