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LiteCoin (LTC): Price Gains despite the Slow Weekend
The last week was truly a refreshment for the majority of currencies all around the market. LiteCoin (LTC) was one of the currencies that started to trade in the green with the beginning of Monday on March 19th, slowly being recovered from the market dip that lasted for 8 weeks straight. It seemed that the market crash nightmare would never end, but fortunately for crypto enthusiasts and investors it eventually did come to an end.
The new beginning meant new gains for the majority of currencies with LTC rising among those digital assets. Although LiteCoin didn’t end the last week as the biggest winner of the bounce off it is still good news that LTC wasn’t the biggest loser either. Let’s see how LTC started off this Monday and whether it managed to have another bounce off after the weekend dip.
LiteCoin: Recovering from the Market Dip
Along with the good news that LiteCoin was listed on Abra along with a great number of top cryptocurrencies, there was other good news for LTC holders with the beginning of the last week as LTC started to trade in the green. While slowly recovering from the harsh market dip that went on painfully for 8 long weeks that even seemed longer as the majority of currencies were suffering from massive drops, LTC was gaining on its price for days. Although LiteCoin was growing steadily while bouncing off, it still had some minor downfalls during that process.
Eventually, there was another drop in its price, especially during the weekend, but as the majority of coins were simultaneously dropping it wasn’t strange at all that LiteCoin was going down with the market once again.
Fortunately for holders, the new week brought new gains, so despite the slow weekend, LTC was able to go under a new price rise that occurred in the last 24 hours after the initial drop LTC had on Sunday.
The way LTC started the last week implied that this currency would easily be able to go up to 180$ by the end of the weekend, but it seems that it just wasn’t meant to be.
LiteCoin fell down below 160$ during the weekend although it was having troubles going over 166$ just a couple of days before another dip.
In case you are wondering why the majority of coins dropped once again although all currencies started with the recovery on last Monday the answer might be hidden in yet non-official statement by the Japanese Financial Services Agency.
The Japanese Financial Services Agency has had some issues with Binance as there is a rumor that the Japanese are planning on putting a ban on Binance, which probably caused the market confusion and panic during a couple of days of the initial recovery when the majority of coins started to trade in the red again.
This is actually a huge deal as if the Japanese Financial Services Agency really goes on with the rumored ban the world of cryptocurrencies would be deprived for a large portion of investors.
Having Binance one of the biggest and most popular exchanges on the crypto market, this ban would be a major defeat for the crypto community and coins trading on Binance alike.
Since LTC was listed on Abra which added on its availability and visibility, this ban, in case it occurs, shouldn’t represent a massive problem for LiteCoin as this currency is being more widely adopted outside the Binance market.
Abra, Smart Contracts, and LiteCoin
Regarding the latest listing of LTC on Abra, the founder of LiteCoin, Charlie Lee, announced that Abra will be using the service of smart contracts on LiteCoin’s blockchain network.
It is thought that Charlie Lee himself is responsible for the 3000% growth of LTC in the course of only 15 months which is a great success as Lee was responsible for the wide adoption and availability of LiteCoin in the first place. Although LTC is currently far from being traded at its all-time high of 366$, it is pretty nice to see that even though the market crash was pretty tough, the coin didn’t go under the 100$ mark.
Now, maybe the biggest news regarding LiteCoin might be the fact that this currency got listed on Abra, which will most likely contribute to a massively increased availability and further adoption of LTC.
What we have the most interest in, however, is having LiteCoin integrated into Abra application where Abra will be working on LiteCoin network to enable smart contract operations. There are 20 cryptocurrencies and 50 fiat values listed on Abra at this moment and the reason why Abra team decided to go for LiteCoin network instead of its original intention of using Bitcoin Cash for this purpose lies in the fact that although LTC network is thought to be less secure than Bitcoin Cash, it is thought to be more stable.
Having stability in its price and surging in technological improvements, LiteCoin was thus chosen for integration in Abra to enable the use of smart contracts. Another motif for having Abra going for LTC network over other blockchain structures was the fact that LiteCoin might have the cheapest fees on transactions when compared with other currencies in the same range. The best thing about the low fees LTC has is that the fees are supposed to be additionally lowered in the following weeks. So, instead of paying for 0.001 LTC for your transaction, you will be paying 0.00001 LTC which is twice as lower fee than the current already low fee rate.
Smart contracts should be enabled on Abra through LiteCoin network in no more than two weeks as Abra decided to go for LiteCoin as the team behind Abra stated that LTC has the required security, scalability, fast transactions and extremely low fees.
Needless to say, this is a huge success for LTC, their team and, of course, all investors, holders, and crypto enthusiasts.
How is LiteCoin doing at the Current Moment?
After a slower weekend and a couple of drops during the last week that was marked as the recovery week for the majority of currencies, LTC had another rise in its price.
After a benevolent change in its price that occurred during the last 24 hours, LiteCoin is now trading in the green again with the latest increase of 0.60%.
LTC can now be bought for 160.58$, and hopefully, the price will continue to grow. It is expected that LTC will rise even higher during the next two weeks thanks to the latest announcement that Abra has chosen LiteCoin network for smart contract operations.
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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.
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