The crypto bear continues to bite, and there seems to be no end in sight. There is even a likelihood that bears could push Bitcoin (BTC) below the $3000 psychological price level. This could see the altcoin market drop even further and test new lows. Nevertheless, these deppressed prices present a perfect opportunity to accumulate on good altcoins. One altcoin that presents such an opportunity for growth in 2019 is Litecoin (LTC). Litecoin is trading at $32, a pale shadow of its all-time highs in 2017. However, there are certain potential triggers that could drive up its valus significantly this year. Here are a few of them.
Growing adoption and the lightning network
The adoption of Litecoin (LTC) has been on a steady rise all through 2018, with the adoption of Litecoin (LTC) as a payment method by merchants in different parts of the world. Interestingly the Litecoin lighning network is also on a growth path, and has now surpassed 100 nodes. This is a huge success considering that Litecoin doesn’t have the congestion issues of Bitcoin, and most transactions can flow easily on-chain. With a growing adoption of Litecoin (LTC) by merchants, its value will pick up too. Exponential rate of adoption may not trigger a massive run up in price in 2019, but it sure could play a major role in supporting the price when supported by other factors.
The upcoming Litecoin halving
The Litecoin halving is coming up in August this year, and it could lead a massive increase in price. That’s because, it will have an impact on the supply of Litecoin coming into the market. This could have an impact on the price of Litecoin (LTC) not just in 2019 but for years to come. It’s impact will be bigger if happens in a bull market. Litecoin halving could be the reason why Google trends show an increased interest in Litecoin (LTC). After a year of low interest in Litecoin (LTC) Google trends show a growing interest in this crypto. This could signal anticipation for the upcoming halving and could be a precusor to a massive Bull Run this year.
Bitcoin (BTC) could turn bullish this year
No matter how good altcoins may be in what they do, the fact remains that they are heavily tied to Bitcoin (BTC). This is the biggest crypto in the market, and until it turns bullish, altcoins will remain depressed. The good news is that, there is hope of a Bitcoin (BTC) turnaround. Bitcoin (BTC) is currently oscillating around a long-term support level, an indicator that it could have bottomed out. In such a case, there is a possibility that Bitcoin could gain bullish momentum and pus up the altcoins market too. For a crypto that is as heavily correlated to Bitcoin (BTC) as Litecoin (LTC), this could mark the beginning of a bull rally in 2019.
In essence, compared to other altcoins, Litecoin (LTC) is one of the safest, and holds the most potential.