Litecoin is the first and probably the fastest Bitcoin fork, once taking the spot of the fifth-largest currency.
The first half of the year cost Litecoin its ranking of the fifth biggest cryptocurrency as EOS went past it by its market capitalization, later on being pushed below to the 7th spot by Stellar Lumens (XLM).
Even when Litecoin made it to Facebook Messenger as a payment method allowing over 2 billion people to easily send and receive LTC units via the messaging app on Facebook, LTC didn’t acquire any significant gains.
The biggest trouble came with the November dip that brought new lows to almost every top trading cryptocurrency.
Litecoin went so far below its record price, dropping by over -91% against the fiat, that LTC is currently trading at 31$, threatening to go even below the value of 30$ as LTC is still dipping.
Will Litecoin rise by the end of 2018?
Litecoin Still Dropping to Touch New Lows: Can LTC Recover?
Ten days later and the market is still dipping on November 23rd.
The cryptocurrency market had a chance to acquire some gains several days back on November 20th when a sudden rise of a positive market trend was noted.
However, the gains at the time weren’t enough to pull the cryptos out of the crisis, having the entire market collapsing less than a day before the rises were noted.
Litecoin is still going down with the rest of the market, currently dropping by -1.27%, which indicates that the cryptos could continue to drop to touch a new low of 29$ in less than 24 hours in case the drops pertain.
Litecoin (LTC) Price Today – LTC / USD
Recovery at this point seems very unlikely for Litecoin as the cryptocurrency is suffering from dips despite the fact that LTC represents one of the fastest Bitcoin forks, also being added to Facebook Messenger as a payment method.
It was expected to see Litecoin at a sudden rise once the announcement on LTC and Facebook Messenger integration came out; however, it seems that not many of 2 billion users are confident to use crypto payments.
At least not yet. At this point, Litecoin is less likely to gain any serious rises by the end of the year unless the market trends improve as it appears that the entire market is at the mercy of current trends.
What Could Push Litecoin Up Towards Collecting Gains?
Litecoin payments became available on Facebook Messenger, allowing 2 billion users to send and receive LTC, and Litecoin even scored a listing on Gemini back in October.
However, the crypto just can’t seem to gain any positive momentum strong enough to push it towards acquiring gains.
That is how LTC might even go down below the value of 30$ to touch 29$ even before the end of the month.
At this point, it appears that the value of Litecoin basically depends entirely on the current market trends.
It also appears that Litecoin will need to come up with a stronger adoption strategy in order to take advantage of great achievements the coin has made in the last two months, which could eventually take it to a more flattering price.