Litecoin (LTC) has had a rough start to the year. From highs of more than $366 a piece back on December 19, LTC has dropped more than 64% to current pricing in and around $129. Sentiment is weak and the potential for near-term regulatory action out of the US has essentially put a dampener on any near-term recovery taking hold.
One thing we’ve been watching for, however, against the backdrop of what can really only be described as a bloodbath in the markets, is fundamental developments related to one or more of the top tier coins.
Our thesis is relatively simple – markets are basically blind to any fundamental advance right now. Developments that would normally push a coin higher as and when they hit press are going unnoticed and, as a result, the impact that they would normally have on price is being registered as null. For us, this translated to an opportunity. Why? Because we’re looking at these ignored developments from the standpoint that they are being stacked up in the background and that, eventually, when the markets recover and the weakened sentiment clears and then reverses, the stack of ignored developments is going to finally have an impact on price.
Developments in the bank, if you will.
And with Litecoin, a brand new such development just hit press and, as expected, is being roundly ignored by the wider cryptocurrency markets.
The news is that a company called LitePay is about to launch the first ever point of sale technology that will allow retailers to accept Litecoin from customers. The technology allows for real-time exchange of Litecoin to fiat (local fiat, that is) meaning the retailer isn’t having to take on any fluctuation risk and it’s supported by a fee payment of 1% (which compares to the 3% or more that’s associated with current POS methods – MasterCard, Visa, etc.
It’s worth noting here that the report hit press through the Express website, so initial claims of a near-term launch (especially given that the outlet based its report on ‘insider information’) were dubious.
Shortly after the reports hitting press, however, Litecoin founder Charlie Lee Tweeted the article, suggesting that there’s some credence to the near term launch expectations. He also followed up the Tweet with another detailing the near-term launch of UnoCoin (and Litecoin’s listing as one of a handful of coins that will be available through the exchange) and a report outlining the launch of Litepal, which again looks to be a full suite Litecoin payments processing company.
To put all this another way, it’s about to get a whole lot easier for people to use Litecoin to buy things in the real world and for brick and mortar retailers to accept cryptocurrency for goods and services.
If this had hit press a couple of months ago, we’d be seeing a spike in the price of LTC in anticipation of the realization of improved access translating to an increased demand for the asset.
Instead, however, you only have to look at the chart above to see what’s actually happened – LTC is down another 16% versus fiat and is even a few points lower against BTC over the last twenty-four hours.
The thing to recognize here is this: these developments cannot stay unnoticed forever.
Once the current sentiment cloud lifts and markets start to act rationally (in the sense of responding to developments as opposed to selling off on assets regardless of what’s going on under the hood), the LTC space is going to cash in on the stack of news and developments that’s waiting under the radar right now.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Litecoin
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ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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