Litecoin News Update
Litecoin prices may appear to be stagnating this week but a tailwind could soon push them higher. Today’s Litecoin news update bears good news for investors.
Litecoin founder Charlie Lee announced a major marketing initiative yesterday to spread awareness about the cryptocurrency.
Why is this a big deal? Because if Litecoin can pull this off as well as Dash has (or better), Litecoin could see a major influx of new users and investors on its platform.
Both Litecoin and Dash are essentially direct competitors of Bitcoin. But Litecoin has been around for at least three more years than Dash. Despite being older and more established, Litecoin has been trailing Dash in terms of valuation.
Dash is currently a more valuable cryptocurrency than Litecoin, boasting a slightly higher market capitalization. It is debatable whether one is better than the other in terms of utility, but Dash certainly has a better marketing team.
In fact, that’s exactly what Dash is hailed for—having a great marketing strategy.
And it seems like the Litecoin founder wants to change that now. Better late than never, right?
Charlie Lee tweeted about the new push along with a promotional video, which boasts Litecoin as a faster, cheaper, and more advanced version of Bitcoin.
— Litecoin Foundation (@LTCFoundation) December 6, 2017
The video also reminds us that Litecoin has delivered its investors better returns this year than Bitcoin, returning more than 2,000% year-to-date. In the same period, Bitcoin delivered about 1,400%.
Lee’s followers (many of whom are Litecoin investors) came out in support, saying they were ready to use their community influence to promote the cryptocurrency. Bloggers and writers chimed in, saying they were going to initiate a content marketing drive for Litecoin.
The move will likely renew investor interest and usher more average Joes to its network. As Lee says, “this is just the beginning.”
What’s Going on with Litecoin Prices?
Despite the good news, the Litecoin price performance in the last 24 hours has been underwhelming. Litecoin prices have edged lower by a little over five percent, with the LTC to USD rate currently hovering around $97.00.
The LTC to BTC (Bitcoin) rate fell tremendously by about 18%. The LTC to BTC rate, at the time of writing, was $0.00655801.
Daily Litecoin Chart
About $572.6 million worth of LTC was traded in the past 24 hours. Most of the trading activity took place over OKEx—the Hong Kong-based crypto exchange, where over $93.6 million worth of coins were swapped, accounting for 16.35% of the total volume.
Coinbase’s arm GDAX saw the second-highest volume in trades, with 15.93% of the total trade volume.
After having reached an all-time high over $106.00, the Litecoin price has corrected to enter a more stable territory. LTC prices seem to have found support over the $90.00 mark.
A new rally could, however, soon kick in once the marketing push begins to drive demand higher for the coin.
We’re sticking with our Litecoin price forecast of $200.00 through 2018.