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Litecoin (LTC) price prediction: The bulls might soon take over, here is why

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Litecoin LTC

Litecoin (LTC) continues to work under the radar as an inexpensive and fast medium of exchange. However, price instability suggests Litecoin (LTC) is far from being a reliable unit of account or store of value.

According to our observation, Litecoin continuous announcements of its adoption for both utility and trading is more likely to have a bullish sheathing effect the remaining time of the year. However, better days may be ahead for LTC.

Early this year, Litecoin prices started to depreciate prompting many coin holders to speculate that the price decline was a correction as a result of last year’s enormous bull run. However, Litecoin’s dismal performance has taken a long stay impacting on the digital token.

Although trying to recover, Litecoin has been witnessing reversals that always see the digital asset lose its value more than it was before the brief rallies and price bursts. There is no doubt that Litecoin is a significantly oversold cryptocurrency in the virtual currency market, showing indications of a remarkable comeback.

However, many coin holders have grown impatient and traded off their investments at losses due to lack of confidence and trust in the cryptocurrency and its ability to rise from the murky waters.

On the other hand, analysts are now claiming that the current market trend favors Litecoin and an expected rebound is likely to occur any time from now. Crypto experts are arguing that with Litecoin (LTC) in the oversold region, it is just a matter of time when the bulls will soon take over.

Litecoin Price Value

At the time of writing, Litecoin (LTC) is trading at 60.2 US dollars. The interesting bit about this is that the current valuation of Litecoin is almost similar to 2013’s peak of 50.27 US dollars.

It is prudent to note that today’s trading volume is far higher than it was 5-years ago suggesting two things. One, Litecoin’s value back in 2013 was sustained by the blockchain’s underlying technical worth rather than its market influence.

Since Litecoin’s blockchain technology is more or less the same, investors are urged to be hot on their heels on the products and services Litecoin (LTC) has to offer. Two, more Litecoin (LTC) is being exchanged today compared to back then even though LTC prices are still low indicating that people might be missing something.

In simple words, individuals were initially inspired by the LTC project and what it offered assisting in pushing its prices to higher heights.

However, as new altcoins were launched flooding the crypto market, individuals started looking beyond LTC moving along with the hype that was being created by other coins. The result was that the price of Litecoin (LTC) in US dollars did not reach its expected potential despite the coins impressive history and trading volume.

All hope is not lost. In August, Litecoin’s founder, Charlie Lee disclosed to the world that the digital coin was working with mobile company HTC to build and create new blockchain smartphones.

The smartphones are going to not only serve Litecoin but serve as a wallet for various cryptos although Litecoin will be better placed to take advantage of the new project. The realization of this project is sure to increase the price value of Litecoin (LTC).

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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 and read our full disclaimer.

Image courtesy of Pixabay.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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