Litecoin Price Forecast: New Marketing Strategy Beginning to Pay Off
Litecoin News Update
Within just hours of the big reveal, Litecoin shifts its marketing push into second gear. In case you missed the major Litecoin news update from yesterday, LTC founder Charlie Lee announced a mass marketing drive to raise public awareness about Litecoin. Except, he isn’t pinning a colored ribbon to his sleeve, but donning a “Just HODL” shirt as he sets out on his mission.
Within 24 hours, he made it to The Glenn Beck Radio Program and is now all set to appear on national television in the coming week. The Litecoin founder has scored a slot on Squawk Box for Monday morning where he’ll be convincing our grandpas and grandmas to put their money into Litecoin.
All these media appearances underpin Litecoin’s latest marketing initiative to win over new investors. The Litecoin founder has set out to make Litecoin a household name, just as Bitcoin has become.
Ask anybody on the street and I bet they must have at least heard of the term “bitcoin,” even if they have absolutely no idea what it is.
That factor alone has become the cornerstone of Bitcoin’s stratospheric rise in the investment world—it is the current talk of the town.
And just as more and more people are hearing about it, they are getting interested in this investment idea. New buyers are coming in droves and are ready to pay a premium just to get their hands on it. Bitcoin is selling like hotcakes as it seems like everyone wants a piece of it.
But Bitcoin has managed to do it without a formal marketing push. Independent digital media and word of mouth helped build the loyal Bitcoin community from the ground up. Other cryptocurrencies, however, do not have a “first-mover advantage” playing in their favor, which is why their founders have to take matters into their own hands.
The Litecoin founder wants to replicate Bitcoin’s fame and for that, he and his followers have kicked off an official “PR campaign.” The manifesto reads something like this:
- Buy and “HODL” Litecoin because:
- Litecoin is cheaper than Bitcoin,
- Litecoin is faster than Bitcoin,
- Litecoin has a lighter, more advanced technology than Bitcoin, and
- Litecoin has delivered better returns to investors this year than Bitcoin.
Wow, why are people not buying this digital currency? I’m already sold.
The marketing looks good, only if it can reach enough people. And that’s exactly what Lee and his disciples are now working on.
What could this mean for Litecoin? Obviously, more buyers means higher demand means even higher prices.
What’s Happening to Litecoin Prices Today?
It seems like a tailwind is already building up and beginning to propel prices up north. At the time of writing, Litecoin price has once again broken past $100.00. The LTC to USD exchange rate is up about 3.68% in the past 24 hours. The LTC to BTC rate is likewise up about 0.32%. The LTC price is picking up steam.
About $706.8 million worth of LTC was traded in the past 24 hours. Trades are particularly pouring in from Korea where the nation’s biggest cryptocurrency exchange, OKEx, accounted for about a fifth of Litecoin’s total trade volume yesterday. In the U.S., GDAX generated the second-highest trade volume at a little under 15%.
Analyst Take:
LTC price is holding steady over $90.00. Resistance has developed around $102.00, but a breakout may build up once the marketing strategy begins to unwind.
We’re remaining optimistic in our Litecoin price forecast, maintaining our LTC price target at $200.00.
Also Read: Litecoin Price Prediction 2018: Is Litecoin Potential Higher Than Current Counterparts?
