Litecoin (LTC) continues to be an investors’ favorite in the crypto community. Despite the recent improvements to Bitcoin (BTC) and the growing use of Bitcoin Cash (BCH) to transfer funds to and fro, the significance of Litecoin (LTC) does not seem to be affected at all. When Charlie Lee, the founder of Litecoin (LTC) sold all of his Litecoin (LTC) and distanced himself from the project, many thought this would accelerate the end of this cryptocurrency that is losing its relevance every passing day. However, nothing of the sort happened and even institutional investors today continue to hold Litecoin (LTC) in high regard.
The purpose of Litecoin (LTC) was to make cryptocurrencies more spendable. Bitcoin (BTC) solved a big problem by creating a decentralized digital currency, but the transaction fees associated with buying and selling using Bitcoin (BTC) has made a lot of crypto enthusiasts and critics question the use of Bitcoin (BTC) as a mode of payment. Litecoin (LTC) set out to solve this problem by lowering fees and transaction times. This was welcomed by many in the crypto community and Litecoin (LTC), after its addition to Coinbase, saw a massive price boost to $375 in December 2017. Currently, Litecoin (LTC) is down 74% from its all time high and trades at a price of $96.47, eyeing further gains after crossing the $100 psychological barrier.
Litecoin (LTC) is a mineable cryptocurrency with a total supply of 84 million, out of which 57.1 million is already mined and in circulation. The Github team for Litecoin (LTC) is also very active and is often applauded for their continuous activity towards the development of the project. The current level of interest in Litecoin (LTC) suggests that this coin may continue to grow in the future and will likely see more investment come its way in the form of Litecoin Futures and possibly an ETF. Recently, a British exchange, Crypto Facilities announced that it is going to offer Litecoin Futures based on growing number of requests from customers.
While it may be hard to see what additional value Litecoin (LTC) can offer now that Bitcoin (BTC) is solving the same problems Litecoin (LTC) set out to solve, it is surprising to see that investors’ interest in Litecoin (LTC) is growing by the day. Litecoin (LTC) founder, Charlie Lee once compared Bitcoin (BTC) to a busy and crowded highway and compared Litecoin (LTC) to a less crowded highway with lower traffic. That analogy seems to hold true even today. Whether or not that will continue to hold true in the years ahead, remains to be seen, but as of right now, valuations of most cryptocurrencies is based on speculation and hype rather than actual use cases. This is exactly like the phase in dot com boom when people would invest in Yahoo and Google without thinking which one is going to come out on top. The price of Litecoin (LTC) has traded in a falling wedge against Bitcoin (BTC) since February 2018 and is poised for a break out in the near future.