Litecoin(LTC) could be the next investor’s hub

Introduction

Litecoin is a cryptocurrency developed in 2011 by Charlie Lee to serve as a peer-to-peer frictionless electronic cash. It evolved after the wild acceptance of Bitcoin to allow investors to diversify their investment in digital currency package. Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011. The beautiful part of Litecoin is that it takes about 2.5 minutes to generate a block in comparison to 10 minutes for bitcoin. Due to its high-speed rate, it can handle a very huge number of transactions. The key idea of the Litecoin project was to make a faster and cheaper to use alternatives to Bitcoin. Ltecoin to this day is ranked seventh by CoinMarketCap with a staggering market cap and is very popular.

LTC/USD Goes Bullish: Aiming towards hitting $50

Litecoin (LTC) has remained in the upward movement and staying strong in the crypto market after the ugly bearish period caused by the coronavirus pandemic. We have to see if LTC can maintain this trend in the nearest feature. The price trend in the past one month has been encouraging with the price fluctuating in the neighborhood of $41 to $46..A few months ago Litecoin price continued to hover around $45 but later registered a sharp fall to $42 line and went down further. The coin bounced back on a high note at $46 and slide further to $41 due to the incessant bearish pressure..The coin has since then fought it’s way back to a huge height of $49.76 in the current month nearly hitting $50 impressive mark as provided by CoinMarketCap historical data for LTC.

Trading Performance In Terms Of Price

The trading price of Litecoin (LTC) opened at 43.18USD on May 17, 2020, and closed at 43.88USD on June 16, 2020. The difference in Monthly trading price within this duration is 0.7USD, and the percentage increase in trading price is 1.62%. Within the month in review (June 2020), Litecoin(LTC) has seen a very sharp percentage increase of 15.23% (between May 17 and June 02, 2020).

Technical Analysis

Litecoin (LTC) is the seventh-biggest digital currency with measurable market capitalization and operates as an online exchange framework like PayPal and Paytm. Be that as it may, rather than U.S dollars, the exchanges occur in the units of Litecoin. There are numerous favorable circumstances of Litecoin over Bitcoin, for example, Litecoin can deal with more exchanges and offer shorter square age time than Bitcoin. It likewise has a low exchange cost. After the dispatch of Litecoin, it immediately got the consideration of the developing network. Be that as it may, the estimation of the Litecoin remained fairly low to around $3 for a significant long time. It was in November 2013 when the market saw its first value developments, and it came to $50 per coin. The cost of Litecoin diminished to as low as $62.65 a year ago; be that as it may, from that point forward, the costs of Litecoin is fluctuating. It has lost 30% of its worth and has hit as low as $25, which is its most reduced incentive since December 2018. LTC/USD shows some up and coming positive signals for the long term venture. LTC stays outside of the Bollinger Bands, which shows that the costs are going to come back to average soon. The underlying bullish objective is $34.16, which on the lower side of the Bollinger Band.

Indices Supporting A Price Upward Shift

1  The transaction fee is low: Litecoin provides transaction charges that have made it an efficient mode of market operation even for a large number of transactions and this has brought about its popularity.

2. High reception: The huge acceptability of Litecoin brings about price hike. Because of the direct proportionality between demand and price it, therefore, entails that as the coin is wildly accepted as a medium of exchange its demand will rice so also will its price hike.
3. Anticipated Growth decrease of LTC: Halving event has a major impact on a particular crypto coin as a result of the way by which the supply rate decreases, so the event on the coin will reduce the rate at which the new Litecoin is added. The value of existing LTC will experience an increase due to anticipated decrease in the growth of the coin.

PARTNERSHIP

Atari Partners With Litecoin Foundation­­­ – LTC Discount For Games Console

Popular video game producer Atari partners with Litecoin Foundation to take advantage of the overlap between the two business giants. The partnership provides opportunities for Atari to accept investments in Litecoin (LTC) but gamers will be able to pay for its upcoming Video Computer system or VCS with Litecoin and receive a discount. It will be available at the foundation’s online store. The CEO of Atari, Fredrick Chesnais , told Cointelegraph: “I hope [Litecoin’s] is a big community. There’s a good overlap. At the end of the day, we are just hoping that people will take advantage of the discounts, and will take advantage of the opportunity to use Litecoin as well.”

The gaming community has proved to be the hottest platform for adoption of blockchain technology with Litecoin being a top cryptocurrency and having one of the biggest market shares in the coin market, the partnership could further increase the adoption of Litecoin and grow a greater community in the gaming space.

Conclusion

Litecoin (LTC) is now pushing relentlessly for a forward movement in price upsurge as a result of its ability to resist the bearish moments and has remained stable. Due to the speculative nature of the crypto market, the coin has got what it takes to surge higher and attract investor’s rally.

All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.