Litecoin News Update
Today is another distressing morning for crypto investors. After a brief rally on Thursday, prices are once again cratering on Friday. All of the top cryptos are drowning in red and LTC prices are no different. But like always, I’m looking at the bright side of things.
For instance, the fact that Litecoin just got added to an emerging world exchange renews my hope that new Litecoin buyers may soon enter the market and lend support to prices.
India’s largest cryptocurrency exchange, Zebpay, added Litecoin to its trading platform for the first time yesterday. Keep in mind that the exchange is a gateway to crypto investing for a population of over 1.32 billion people!
Up until now, the only other cryptos available to trade on Zebpay were Bitcoin and Bitcoin Cash.
At this point, one wonders why Litecoin has been given precedence over Ethereum or Ripple—the two more popular cryptos than Litecoin.
As some commenters point out, Litecoin makes for a good use-case in India. The country’s massive population residing abroad routinely sends remittances to the home country, incurring hefty bank fees. An alternative that’s both cheaper and faster will undoubtedly be very attractive to Indians.
However, it’s worth pointing out here that although India makes for a potentially ginormous market for cryptocurrencies, the market is still in its infancy. The vast majority still remains oblivious to the idea of decentralized digital currencies. So adoption may follow at snail’s pace.
But while this idea may take more than a couple years to actually take off from the ground, for long-term HODLers, it’s certainly one to bank on. Rest assured, adoption may come slowly, but surely. In the meantime, Indian crypto enthusiasts may be racking up their LTC holdings.
Earlier this week, we informed our readers of a South American exchange planning to add Litecoin. Brazilian exchange Bitcoin Trade announced it will soon be adding LTC to its trading platform.
Up until now, Litecoin buyers have largely been concentrated in North America and South Korea. Prices have stayed extremely volatile owing to the lack of diversification across world markets.
However, with the coin now entering emerging markets, we are expecting prices to gradually lose correlation with local politics of a bunch of dominating countries and eventually find stability on the world stage.
The LTC to USD rate is down on Friday morning by about 4.58% but Litecoin is still faring better than Bitcoin. The LTC to BTC rate has edged up by about 1.19%.
We remain positive on Litecoin’s long-term prospects and maintain our Litecoin price forecast with an LTC price target of $400.00 for 2018.