Daily Litecoin News Update
Cryptocurrency markets are taking another breather but if my analysis is correct, we may see another mini-rally over the weekend. Although erratic, price charts show that crypto prices have developed somewhat of a predictive pattern. It seems like prices crash through mid-week only to recover some of that drop over the weekends, as if all traders are driving the market in a concerted manner. But I wouldn’t read too much into it.
I’ll be honest. Watching crypto prices swing back and forth on a daily basis is nauseating. So to keep my sanity intact, I try to focus on the long term. Try asking yourself, what would my Litecoins be worth a year from now? The answer to that may offer you some solace at a time when prices are spiraling downward.
Maybe I can help answer it for you. They’ll probably be worth a lot more than what they are today. I can back that claim up with at least three reasons.
Chart courtesy of TradingView.com
Firstly, we still have one more surprise to look forward to in 2018. Remember Charlie Lee’s promise last year? He said Litecoin will sign up with a merchant processor, a popular wallet, and a goods trading platform in 2018, in addition to delivering one huge unexpected surprise.
Two items on the list have so far been checked off—merchant processor (Aliant Payment Systems) and the unexpected surprise (“Abra” app). My guess is that the popular wallet is most likely going to be “Breadwallet.”
That leaves us guessing for the goods trading platform. It’s certainly not Amazon.com, Inc. (NASDAQ:AMZN). But whichever company it is, it’s going to be a meaningful partnership—-one that would boost Litecoin’s adoption as a “payments coin.”
The second most obvious reason to be bullish on Litecoin right now is Abra. I’ve discussed before why it matters.
Abra gives us a reason to use and invest in Litecoin. Most notably, it will encourage average investors to buy Litecoin for the sake of investing in other cryptos and fiat currencies.
Just to be clear, Abra is an investing application built on the blockchain. It makes investing between cryptocurrencies and fiat currencies as simple as ABC. For Litecoin, in particular, it’s a big deal because Abra will be moving to Litecoin’s blockchain in about two weeks from now, and adding LTC as a base currency along with BTC in the coming weeks.
In simple words, Abra is the first practical real-world application of Litecoin, which will bear its fruit in due time.
Finally, we’re looking forward to the next Litecoin update, which further slashes its transaction fees. From the current 0.001 LTC per transaction to the proposed 0.00001 LTC, it will be a significant upgrade.
Bear in mind that this is the minimum transaction fee set by the network. The actual fees come out to be more, depending on how crowded the memory pool is. The more transactions pending in the memory pool, the more the miners charge as a compensation to verify them.
As of now, the average LTC transaction fee is about $0.216 per transaction. It’s still much lower than Bitcoin’s average $1.32. But the new upgrade would slash fees from $0.20 to merely a fraction of a penny, making Litecoin one of the most cost-efficient modes of digital payments out there.
If these reasons don’t cement an investor’s faith in Litecoin, I can’t think of any other at this point that will. Our bullish thesis is premised on the belief that Litecoin has the potential to complement Bitcoin as a digital medium of exchange, if not fully replace it.
The crypto industry is still in its infancy and Litecoin has a long way to go to achieve our dream. This is why our Litecoin price prediction focuses on the long term, for which we’ve set a price target of $400.00.