Litecoin Price Forecast: BTCPay & CoinCards Initiate Support for LTC

litecoinLitecoin News Update

Today’s Litecoin news update would raise your spirits. Two big payment service providers have just begun supporting Litecoin on their platforms, taking it another step closer to becoming the “payments coin.”

One of these is BTCPay Server—a Bitcoin-based equivalent of Paypal Holdings Inc (NASDAQ:PYPL). BTCPay allows merchants to accept Bitcoin payments by integrating BTCPay into their checkouts. BTCPay makes the payments process seamless for both merchants and their customers.

The good news is that BTCPay has just added support for Litecoin, which means these merchants may now be accepting both Bitcoin and Litecoin for payments.

As soon as BTCPay added support for Litecoin, another service provider announced a similar move. Canadian payments servicer CoinCards, which allows users to exchange their bitcoins for gift cards, has also added Litecoin to its network.

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Mind you, CoinCards has created one of the largest networks of vendors accepting Bitcoin in Canada. Nearly all of the country’s major retailers, restaurants, and hotel chains are accessible to BTC users via CoinCards. And now, Litecoin users in Canada may be enjoying the same perks.

Just yesterday, we reported on how Litecoin is taking steady strides toward replacing Bitcoin as the go-to digital medium of exchange. The latest developments add a nitrous oxide boost to its pace. 

Compared to Bitcoin and other altcoins like Ethereum, Ripple, and Dash, Litecoin is already leading with the highest percentage of its market cap appropriated in LTC transactions.

So when weighing their transactions volume against their market caps, it’s obvious that Litecoin appears to be relatively undervalued compared to its peers.

If you’re reading all this positive news and are feeling bewildered why Litecoin price hasn’t moved in response, then I share your frustration. But let’s understand that this has less to do with Litecoin and more to do with a market-wide downtrend.

Investors of other cryptocurrencies are likewise sweating as reds flash everywhere. All of the top 10 cryptocurrencies, save Ethereum, are tanking today.

Bear in mind that Litecoin’s close association with Bitcoin is another reason why LTC prices have historically mirrored BTC prices.

ltc price chart

Chart courtesy of TradingView.com

At the time of press, the LTC to USD rate was hovering at $248.44, with Korean exchanges continuing to dominate volumes.

Analyst Take

Litecoin prices may have been met with a speed bump but we’re staying buckled up through this joy ride that took us from $4.00 LTC a year ago to 6,200% higher today. We’re remaining optimistic in our Litecoin price forecast as we continue our journey toward $400.00.