Is Litecoin Worth Buying?
Let’s dive into what’s happening in the cryptocurrency market lately...
In the beginning of February, we saw almost all global markets get a little shook up, and the crypto market was one of them.
Last week, Bitcoin dipped below $10,000. And then it climbed back up to around $10,000. It seems as if investors feel comfort in the round number.
Bitcoin was trading at a record high in December 2017 — around $20,000. In just two short months, it decreased by about half.
It was only a matter of time before this happened. The market needed to correct itself before it got investors into some real trouble — not to mention some huge losses.
Despite this decrease to one of the most talked-about cryptocurrencies of 2017, there could be some good news on the horizon for the cryptocurrency market.
Jesse Powell, founder and CEO of Kraken, a top digital currency exchange, said that the cryptocurrency market will reach a $1 trillion valuation this year. He went on to say:
You’ve got a lot more kids graduating from crypto programs at universities now. I think we’re just going to see it continue exponentially from here.
The market is trying to correct itself after an intense year in 2017. The crypto market could very well see that trillion-dollar valuation this year. However, public opinion of the market needs to be changed.
Right now, we need some reassurance that the market isn't fleeting. It shouldn't been seen as something you're only a part of because you want fast and massive gains, even if that does sound pretty ideal.
South Korea and Bitcoin
There’s been some recent news involving South Korea and Bitcoin that could be beneficial to the cryptocurrency market.
South Korea has been one of the countries at the forefront of the crypto market. The country has been inching towards legalizing Bitcoin. The government has been indicating that it’ll be considering Bitcoin as a liquid asset.
What does that mean?
South Korea has a huge impact on the cryptocurrency, so any change in its rules and regulations will directly affect Bitcoin prices.
The country wants to make cryptocurrency trading more transparent. That’ll be a huge (and positive) change for the market.
South Korea isn’t the only country that has taken the step towards legalizing a cryptocurrency — Japan was the first.
News of legalization and regulations will be great news for cryptos and could definitely encourage trading volume.
The more that countries talk and establish regulation on the market, the more credibility cryptocurrencies will have. And more credibility means institutional investors will be able to step in, which will increase the size of the market and the demand for cryptos.
As demand increases, so does the value.
Goldman-Backed Startup Buys Cryptocurrency Exchange
Then there’s news of a Goldman-backed startup, Circle, buying the Poloniex cryptocurrency exchange.
Circle’s platform has been one of the leaders in the over-the-counter market for Bitcoin trading.
On Circle’s website, founders Sean Neville and Jeremy Allaire wrote:
We’re proud to announce that Circle has extended its commitment to a new vision for global finance by acquiring Poloniex, a leading token exchange platform.
Circle operates its app-based peer-to-peer payment network using blockchain, the technology that emerged as the system behind Bitcoin.
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Poloniex had this to say about the partnership with Circle:
We are excited to work with Circle to localize our product in more geographies, to explore options for fiat connectivity across major world currencies, and to continue providing our users with access to innovative token projects that extend cryptocurrency protocols to new use cases.
Circle is backed by Goldman Sachs, proving that there are institutional investors who are trying to get involved with the crypto market.
It’s even better when it happens to be one of the biggest global marketplaces for digital currencies and tokens.
Is Litecoin Worth Buying?
Litecoin (LTC) started out this week as one of the biggest gainers among the top 10 cryptocurrencies.
It has a market capitalization of around $12 billion. And it’s ranked number five, with the possibility of moving higher in that ranking.
Litecoin prices are on an upward trend this week despite weeks of a crypto market slump.
As I’m writing this, Litecoin is at $222.24. It’s been steadily hovering around that price, but it could definitely start to see a rise once LitePay launches.
LitePay is a payment processor that allows investors to exchange their litecoins for fiat money from anywhere in the world. It was scheduled to launch Monday, February 26.
This would be a cross-border crypto payment network. It will accept cryptocurrency for goods and services.
The best part about LitePay is that you can easily convert your Litecoin into USD using your LitePay card.
LitePay would be a cheaper and faster alternative to Bitcoin. If LitePay is successful and allows people to spend cryptocurrency quicker and easier, more people will turn to the altcoin as a way of payment. This would be an ideal alternative for businesses.
Its adoption by businesses would increase Litecoin's market capitalization further. Can you imagine if a major retailer like Walmart, Starbucks, or Amazon accepted Litecoin? It would have the cryptocurrency spreading like wildfire.
While some critics of the altcoin say its technology is unoriginal, there are a few solid advantages that stand out.
The coin has a long history, a strong and wide adoption, and now users will be able to spend the coin.
We could very well see Litecoin surpassing Bitcoin Cash this year.
Until next time, Monica Savaglia Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.
Until next time,
Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.
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