Daily Litecoin News Update
What an exhilarating start to Wednesday morning! LTC HODLers are reveling in the stunning sight of the Litecoin price chart. Enthusiasts have been taking screenshots of the market cap rankings at CoinMarketCap. After all, we don’t come by moments like these very often.
Litecoin is leading the charge today. That too, with a huge margin. The Litecoin price has rallied 28.66% in the past 24 hours and, at the time of writing, the LTC to USD rate crossed the $200.00 mark.
What’s more dazzling is the LTC to BTC exchange rate, which has skyrocketed to its one-year high. The LTC to BTC rate is up about 24.15% in the trailing 24 hours, with Litecoins going for 0.02273BTC apiece. It’s a number that I, for one, have not witnessed as far as my memory goes.
What it simply means is that the Litecoin price is presumably decoupling from the Bitcoin price. Historically, we’ve witnessed that Litecoin prices have moved in tandem with Bitcoin. But the disparity between the two seems to have been widening of late.
Chart courtesy of TradingView.com
So what exactly is going on here? The one-word answer may be “LitePay.”
LitePay Inc has finally confirmed the date when the long-awaited merchant processor will be launching. LitePay is due to be released on February 26. Anticipation is building as we enter the countdown to the final release.
A quick heads-up here; LitePay is the payments processing service officially supported by the Litecoin Foundation, which will make it easy for businesses to accept Litecoin. The service will also offer a secure wallet to consumers to store their coins as well as come with Visa-compatible LitePay debit cards, making it effortless for consumers to pay with Litecoin.
This may help explain the widening gap between BTC and LTC prices. As Bitcoin begins losing its utility as a monetary unit, Litecoin is swiftly encroaching upon its market.
Bitcoin users have been complaining about high fees and longer processing times. Bitcoin’s user base grew tremendously over the past one year but the network failed to scale synchronously.
Litecoin, meanwhile, has managed to deliver a Bitcoin-like platform, which is both cheaper and faster than Bitcoin. LitePay is expected to give it an extra boost, earning it more visibility with merchants.
At this point, however, we must show investors the ugly side of this picture. Be warned that this could possibly be another momentary pump as speculators move in ahead of the LitePay launch. So don’t get ahead of yourselves. Hold your horses and let the prices stabilize.
Bitcoin hasn’t been able to fully recover from its momentous fall. While Bitcoiners are looking for reasons to stick around, Litecoin has managed to get investors’ hopes high with initiatives like LitePay, “LitePal,” and the likes—all of which promise to take Litecoin mainstream.
While we’re not reading too much into the overnight surge in prices, we are remaining bullish in our Litecoin price forecast, which puts LTC price target at $400.00.