Daily Litecoin News Update
The cryptocurrency market has partially recovered, and crypto prices seem to be taking a breather on Thursday. Litecoin (LTC) has shot up by over 42% following the massive cryptocurrency crash two days ago and, at the time of this writing, it’s trading for an LTC to USD exchange rate of $150.32.
While we’re keeping close tabs on prices as volatility loses steam and sentiments revive, now may be a good time to take a step back and reflect on some of Litecoin’s accomplishments.
Let’s rewind to August 2014, when Litecoin founder Charlie Lee shared his vision for Litecoin. Back then, Lee identified five elements that his team was working on to make Litecoin a success. (Source: “Litecoin: From Genesis to the Moon by Charlie Lee,” YouTube, August 29, 2014.)
A little over three years later, we review his checklist and three of the items can be fully checked off. This cryptocurrency has, so far, delivered on its promises.
Here’s an overview.
- Increase network security: Check
- Boost market capitalization: Check
- Drive exchange liquidity: Check
- Add merchant support: Almost Check
- Watch Litecoin being used as currency: Pending
Litecoin’s success path looks somewhat like this:
Miners → Crypto Traders → Businesses → Users → Moon
Litecoin started off by getting miners on board to have its network up and running. Miners lent speed and security to LTC transactions. Litecoin got this out of the way much early in the game.
Then came the mighty task of bringing in buyers and sellers to create a market for Litecoin. Branding played a defining role here. Litecoin’s tagline “the silver to crypto gold Bitcoin” made for a great selling point. Traders were sold. Litecoin prices began to gain momentum.
But the true watershed moment was realized last year, when merchants began showing a propensity to accept cryptocurrencies. Litecoin leapt to the forefront as one of the top choices, for being cheaper and faster than Bitcoin.
Now we are watching a growing number of businesses open up to Litecoin. Speeding up this transition for merchants are the merchant processors that serve as bridges between businesses and their customers.
A number of merchant processors, most notably Aliant Payments and BTCPay Server, recently added support for Litecoin, and more processors are being added to the list. This month, the most-anticipated LitePay is expected to hit the market.
With countless processors popping up, transacting in LTC will become a whole lot easier. This is the last rung that Litecoin has to climb before it makes it to the top of the ladder.
The final objective would automatically be achieved once buying and selling with LTC becomes so seamless that average shoppers are willing to use it for their day-to-day purchases.
In short, Litecoin is gradually making its way to the mainstream. We expect to check this final item on the list much sooner than we had earlier expected.
Litecoin has come a long way since its inception, going from an unknown crypto selling for pennies to a much-talked-about technology with a market value in excess of $8.0 billion. It’s no joke.
Needless to say, our Litecoin price forecast is bullish, as we cross our fingers to see LTC prices jump past our target of $400.00.