The entire cryptocurrency market has been very bearish for the past few months. We hardly get to see any green percentages at the exchange or crypto charts, and it is full of red percentages. Litecoin has had a similar market, being mostly bearish for the past month until recently when it surged and almost crosses the $60 mark.
A lot has happened with Litecoin in this past month. As reported by Theoofy earlier Litecoin is one of the top 5 performers in the crypto market.
Litecoin which was developed by Charlie Lee, an employee at Google is one of the oldest players in the world of cryptocurrencies. Litecoin was first launched on the 11th of October 2011 which makes it over seven years old. The all-time high price is roughly $366 per coin which was during the month of December in 2017 when the market was booming/bullish.
It is important to keep in mind that to an extent the prices of Bitcoin and other big cryptocurrencies also have an effect on the price of Litecoin and almost all other Altcoins. Clearly, when Bitcoin was at its all-time high price, a lot of other cryptocurrencies were at that mark too. This wasn’t a coincidence, in fact, it is just how the crypto market works.
Litecoin’s technical analysis for the upcoming years
Although the price of Litecoin had gone up to $58, it dropped again and currently trades at $55 per coin, which is quite low considering the all-time high of $366. A majority reason for this is the general decline in the crypto market. And if there are any hopes for Litecoin’s price to go back up to over $200; it is only possible if the whole cryptocurrency market recovers from the bearish market.
While there are many predictions of the market being bullish at year-end, nothing can be assured. Talking about speculations or predictions, if Bitcoin’s price crosses the $7500 mark, then we can expect a very bullish market for Litecoin. Therefore, technically a lot of profit can be made through Litecoin if bought now and sold during the right time which is probably a date between December 2018 and January 2019.
Litecoin (LTC) Price Today – LTC / USD
CEX.IO to relist Litecoin
CEX is an exchange based in the city of London, England. The cryptocurrency exchange had removed Litecoin from its exchange back in 2017. The former Bitcoin cloud mining service justified the removal by saying that at the time they only wanted to have the cryptocurrencies which were in a bullish market.
However, the exchange recently tweeted that they will be relisting Litecoin on their platform. Moreover, for the first four weeks, CEX won’t charge any fees on the trading of Litecoin. It is worth mentioning that cryptocurrency experts suspected that the actual reason for the removal was the fact that Litecoin has a low trading volume.
Earlier this month Litecoin disclosed that SALT (Secured Automated Lending Technology) will start to accept Litecoin. SALT is a cryptocurrency firm which allows people to take cash loans by offering their cryptocurrency in return. In simple words, it is a loan provider which back up its loans through cryptocurrency. This might spike the price of Litecoin, and that’s another reason to expect a bullish market.
As a matter of fact, many speculations/predictions or forecasts as some say come out to be almost accurate. However, this article shouldn’t be taken as financial advice. If you have been in the world of cryptocurrency, you know that it is one of the most riskiest investments. And so only invest money you can afford to lose.