Daily Litecoin News Update
Fear reigns supreme in cryptomarkets as cryptocurrency prices continue to spiral downward. Perceptions are driving prices, not fundamentals. The great cryptocurrency crash of 2018 has wiped out over $200.0 billion from the market in the past week.
Litecoin is down another 16.27% in the last 24 hours and the LTC to USD rate cratered to $115.78 at the time of writing. Litecoin has, in fact, performed better than some of the other cryptos in the top 10 ranks. But it’s not very comforting at this point.
Investor myopia is spreading like an epidemic as coin HODLers lose sight of the big picture. But since we analysts are watching from the sidelines, our judgments are not clouded by market fear. Unlike investors, our perceptions are built on a neutral analysis of fundamentals. Despite the ongoing bloodbath, we continue to have faith in Litecoin.
Today, in particular, I’m banking on one tailwind that will likely support LTC prices in the coming months. I’ll get to it shortly.
First, let me remind you that this crash was prophesized by the Litecoin founder two months ago when the bull market in cryptos had just kicked off. Charlie Lee warned investors to only consider investing if they could stand a precipitous drop in prices in the following months.
Lee went so far as to predict that a “multi-year bear market” could take effect following the bull market, where prices could drop by as much as 90%.
Two months later, every word he said seemingly turned out to be right on the money. This time again, he has advice for investors.
Reading between the lines, I take his advice to mean that the HODLers may be the only ones to ride out this storm without much damage.
Remember that Litecoin was never created to be an investment vehicle. It was created as a substitute digital mode of payments that could replace the slower, more expensive Bitcoin.
Litecoin is steadily marching toward that goal. The impending launch of the much-awaited Litecoin merchant processor, “LitePay,” which is being supported by the Litecoin Foundation, will boost that pace. LitePay will make accepting, storing, and spending Litecoin as simple as ABC. No sweat.
Meanwhile, a similar payments processor, “LitePal,” created by some Litecoin enthusiasts, is also on its way.
The bottom line is that these services will help Litecoin reach the mainstream much faster, like “BitPay” did for Bitcoin. We have reason to believe that Litecoin may eventually gain a value somewhat comparable to that of Bitcoin.
Our belief in Litecoin is unwavering despite the ongoing price slump because our analysis is driven by fundamentals and not market fear. Our Litecoin price forecast stays firm with a $400.00 LTC price target.