Daily Litecoin News Update
Cryptocurrency prices surprised us with more unpredictability in the past month than the erratic February weather.
Litecoin (LTC), for instance, came in like a lamb and went out like a lion. The Litecoin price skyrocketed more than 70% in February, despite a marketwide price slump in the first half of the month. Of all the top cryptocurrencies, Litecoin remained the best-performing crypto by a considerable margin.
How did it make this possible?
There have been a number of contributing factors, all of which, in my view, point to further gains in the coming months.
Chart courtesy of TradingView.com
Here’s a quick refresher of the notable developments that underscored Litecoin’s stunning returns in the past few weeks.
- First and foremost, the highly anticipated “LitePay” was launched in February. Although the launch fell short of expectations, this payments processing platform fully dedicated to LTC promises to take Litecoin mainstream.
- “Litecoin Core version 0.15.1” was released, which bolstered Litecoin’s best use case as a “payments coin.” The update slashed Litecoin’s relay fees from 0.001 LTC to 0.00001 LTC, making it further cheaper to use than Bitcoin (BTC).
- Litecoin was added to a number of new crypto exchanges across the globe, all of which enhanced its visibility. These included exchanges in the emerging markets of India, Brazil, and the Middle East.
- Litecoin was hard forked in February, attracting speculators to buy LTC in anticipation of making a quick buck with free Litecoin Cash coins.
- Litecoin founder Charlie Lee made a wild prediction that Litecoin could surpass Bitcoin Cash (BCH) in market value later this year in an event dubbed the “flappening.” Lee’s forecast put Litecoin’s target price in excess of $360.00.
In our view, some of these developments have far-reaching implications. The point is that Litecoin’s stunning returns in February may continue.
Let’s not forget that Litecoin has a genuine technology, boasting some key fundamental strengths (such as speed and cost efficiency) that put it ahead of the curve, especially against the leader of the pack, Bitcoin.
The bottom line is that Litecoin is not a one-hit wonder that gained overnight success like most other cryptocurrencies that fade into obscurity once the hype surrounding them dies.
Litecoin presents a solid use case as “digital silver.” As more and more merchants begin to accept LTC and consumers opt to pay with Litecoin, this crypto is expected to see mainstream adoption. This is why our Litecoin price forecast is upbeat with a $400.00 LTC price target.