The long standing relationship between Litecoin (LTC) and Bitcoin has been mistaken by many in the cryptocurrency communities. The former is much of a sidechain to the pioneer cryptocurrency and offers faster and more secure transactions on its blockchain to offload the number of transactions carried out on Bitcoin.
The massive drop of LTC price in 2018
LTC has experienced a bearish momentum in the last few months since reaching its peak price in January this year. The fall in price has come as a general reaction to the market stance but with the position ranking also dropping quite a lot, the coin is facing backlash from some members of its community and external competitors.
As Litecoin continues to focus on its SegWit development to increase transaction speeds on the platform and higher integration to merchant and retail stores, the negative stances are undoing the progress made. The founder and CEO of Litecoin, Charlie Lee has been a strong vocalist in assuring the Litecoin community to believe in the cryptocurrency as it will take time before the global population understand the technology.
“People today, when they use Litecoin and Bitcoin, they may not actually understand what’s so good about it. Maybe it’s complicated to use, the price is really volatile, but once people actually get past that and see what it means to actually have freedom of money, then they will realize what it’s all about. I bet half the crowd here may not even understand that fully. Most people in this space are in it just to speculate on the price.” – Litecoin founder and Litecoin Foundation CEO, Charlie Lee
Further stating that most of the investors should follow the developments on the blockchain rather than the price alone, they may miss the main uses and developments on Litecoin.
Litecoin (LTC) sentimental analysis – Q3 2018: Charlie Lee maybe right on LTC.
LTC has dropped from fourth at the start of 2018 to a current seventh on the Coinmarketcap charts. What happened to Litecoin’s impressive performance?
Back at the start of the year at a time the cryptocurrency market boomed as values increased exponentially across the market. Litecoin’s market capitalization stood at $17.5 Billion USD as at January 15th 2018 seeing the coin rank 5th, but since the coin was surpassed by EOS in
The question remains if Litecoin can survive another bear run in future or will the coin bump up in Q4 as the market faces a possible massive bull run according to analysts.
Litecoin (LTC) has traded favorably versus the dollar in the last 24 hours as it rose by 3.79% to trade at $57.47 USD. The coin is currently ranked seventh on the Coinmarketcap listings with a total market capitalization of $3,359,902,438 USD.
As much as the general feeling around LTC is negative at the moment, the price represents an annual growth of 11.60%. Looking at the 7-day, 14-day and monthly returns of LTC, 5.5%, 10.5% and 0.4% represent positive earnings to investors who bought at the time.
So as Charlie Lee keeps his followers’ hopes in check it is not lost in hidden calls as seen in the returns of LTC during the year currently.