Over the medium term, the cryptocurrencies have been in a downward trend. Today, however, they are looking upwards. If you look into the price movement of cryptocurrencies like Litecoin in the last 3 days, you will realize that they are consistently moving downwards. It has even hit the level of $ 115. Currently, it is trading around $ 120.
Today, Litecoin is up by 2.7%. In the last 24 hours, however, it is still in the red.
The market cap of Litecoin has fallen by approximately $ 1.5 billion in this month. It is currently at $ 6.18 billion. This clearly indicates that Litecoin is in a bearish trend.
Companies utilizing Litecoin:
One of the main reasons why investors are bullish on Litecoin is because actual merchants are using Litecoin. Companies like CheapAir, have recently started using Litecoin. As a result, the usage of Litecoin is increasing. This is just a single example. Many other companies are also using Litecoin. One such company is TapJets. The company has announced that it will start using Litecoin from June 1.
According to the CEO of Litecoin, Charlie Lee, iPayment which is a payment provider and Alliant Payments which is a company providing credit card and merchant services will start using Litecoin recently. Both of these companies cater to over 1,37,000 businesses combine. As a result, the traction which Litecoin will be able to gain after this tie-up is pretty significant. This is positive news for Litecoin. Similarly, there are various other partnerships which are in the works as well. As a result, Litecoin can rise significantly in the future.
This is one of the main reasons why investors are trying to figure out whether Litecoin is staring at a breakout. If indeed, it breaks out from these levels, it will gain a lot of traction. It has fallen all the way from $ 375. Even though the last one month for Litecoin has not been put when it comes to the price movement but the fundamentals of Litecoin are stronger than ever. The development team is consistently working on expanding its reach. As a result, the usage of Litecoin can increase in the future significantly which will also increase the price of Litecoin.
In order for Litecoin to take up, most of the other cryptocurrencies will have to at least turn around. Only when that happens, Litecoin will also start increasing in a significant way.