Litecoin News Update
It is no longer just a market correction. The cryptocurrency market is crashing. There’s no milder way to put it now. It’s happening and we must acknowledge it.
I’ve remained optimistic through the recent dips caused by corrective market forces, all of which were followed by a reversal in a day or two. This time, however, it’s a free fall for cryptocurrency prices, with no bottom in sight.
If it’s any consolation, you’re not alone in this. All the top cryptocurrencies are drenched in red, so Litecoin investors are in the same boat as Bitcoin, Ripple, and Ethereum investors.
We could blame the South Koreans for causing this mayhem, but the sad reality is, that most of us are equally to blame for triggering this crash.
Investors did not hold true to the only tenet of crypto-investing. They refused to “hold on for dear life “—or “HODL” as we say in the crypto-world.
This crash has been triggered by the mob mentality. As soon as prices tumbled, fear of losing provoked investors to sell their holdings. A perpetual drop ensued. If only the majority had held on to their coins, there would never have been a crash.
If you’re one of the few HODLers who have been playing by the rules, here are a few things you can do to avoid making any rash decisions at this critical juncture.
- First things first. Tune out the noise. Start by disabling notifications from that phone app that notifies you of price moves every 10 seconds.
- Second, avoid reading the crypto subreddits that spread fear, uncertainty, and doubt (FUD). The posts will only deepen your anxiety.
- Third, overcome the urge to check “CoinMarketCap” on a regular basis. It’s not going to change anything—not for another two to three months.
Basically, just disconnect. It’s time for a digital detox, away from the crypto-world.
Once you’ve taken these steps, remind yourself that Litecoin is still up more than 160% in the trailing three months and has returned over 4,000% in just one year!
Also remind yourself that Litecoin is still the best alternative to Bitcoin out there. It’s gradually replacing Bitcoin as the payments coin. Litecoin is both cheaper and faster to transact in. It is awaiting an upgrade, which will make it even more cheap and fast. Litecoin is soon coming out with its own “PayPal”-like payment processing service, “LitePay,” which will boost the adoption of Litecoin.
In short, you repeat the mantra that, fundamentally, nothing has changed about Litecoin, despite the crash.
Chart courtesy of TradingView.com
At this point, I’m reminded of Litecoin founder Charlie Lee’s great words of wisdom. If you can’t afford Litecoin to drop to $20.00, you shouldn’t buy it. His advice may help you get through this chaos without losing your sanity.
We strongly believe that the “HODLers” will live to see another day. The clouds will sooner or later disperse and the sun will once again shine bright over them. We’re taking our own advice and “HODLing” our Litecoin price forecast steady at $400.00.