Litecoin Price Forecast
There may be no medical evidence of it yet but I can certainly provide some anecdotal proof that watching minute-by-minute updates on cryptocurrency prices can instill borderline insanity in investors. One second they are up, the other, they are down.
I, for one, have lost my cool in the past 30 minutes just as I watched Litecoin prices swing from the red zone to the green and back to the red.
Looking at the volume, you can almost be certain that the buyers and sellers have locked horns and sadly, the sellers seem to be winning this one.
I say sadly because as expected, these sellers are dominated by the sheeple—people acting like sheep. You shepherd one in a particular direction and the whole herd follows.
For instance, I’ve been reading on social media (Reddit and Twitter) that many Litecoin buyers are mulling over selling their holdings to move their money into Ripple just because an XYZ person they know just did.
In case you’re unaware, Ripple is another cryptocurrency that’s on everyone’s lips these days. It is currently the only cryptocurrency in the top 20 that has survived the recent industry-wide price correction.
Ripple (XRP) prices are up by double-digits in the past five days, while both Bitcoin and Litecoin faced a retracement.
It may sound like the “next big thing” right now, but wait until you see the flip side of the coin.
Chart courtesy of TradingView.com
Let me inform you that unlike Litecoin and Bitcoin—both of which are decentralized digital currencies—Ripple is a highly centralized crypto-coin, controlled by its founding team, which doesn’t bypass the middlemen but actually empowers them.
Yes, Ripple is made for the banks to streamline their transactional costs, particularly for moving money across borders.
Wait, don’t get me wrong. I’m not here to bash Ripple. I’m only here to reason how anyone in their right mind could pick it over Litecoin. Unless, of course, they are the sheep being herded by the popular social media narrative.
That, right there, is a big red flag for any traditional cryptocurrency adopter who wishes for a universal, borderless, decentralized digital mode of payment.
This is why I find it absurd that some investors are thinking about moving their money from Litecoin to Ripple, completely forgetting that the former has emerged as the only reasonable alternative to fiat currency.
Yes, Litecoin even beats Bitcoin at its own game for being the cheaper and faster digital currency to transact in.
On top of that, it is much more transparent than most of its counterparts—some of which are believed to be nothing more than pump-and-dump schemes. It may be identified as a “crypto” currency, but it is much less cryptic than you think.
Litecoin’s founder, Charlie Lee, has a public identity and interacts with his followers. He’s available to answer questions and address any concerns that investors have.
On top of that, he just gave up his ownership of whatever Litecoins he held to get rid of any conflicts of interest. Just compare this to Ripple, whose founders not only control its supply, but also own about 10% of the coins.
My point is that investors shouldn’t forget that it is the “herd mentality” that has historically given birth to bubbles, and it is also what has later caused crashes.
To avoid such mishaps, it’s always best to invest in fundamentals, not fads. Fundamentally speaking, Litecoin seems to be the only good alternative to Bitcoin, at present.
My advice is to not follow the herd. As they say in the crypto-world, “HODL.” Our Litecoin price prediction for 2018 is intact at $400.00.