Daily Litecoin News Update
It’s a slow news day in “C-town.” Cryptocurrencies are faring reasonably well. There haven’t been any nerve-racking surprises in the past few days.
Litecoin has emerged as the star performer this month, beating the top three cryptos—Bitcoin, Ethereum, and Ripple. The LTC to USD rate is up more than 10.3% in the past day, and it’s touching $246.50 as of this writing.
While Bitcoin and Bitcoin Cash fanatics lock horns, Litecoin is quietly fortifying its position. For reference, followers of Bitcoin and its offshoot Bitcoin Cash are embroiled in an argument over which crypto is the “real Bitcoin.” Litecoin is taking good advantage of the situation.
Litecoin’s stunning rally follows on the heels of the most-anticipated product launch of the year, the PayPal-like, fully-dedicated merchant processor for Litecoin called “LitePay.”
LitePay is slated to be released on February 26, which helps explain why LTC prices look animated right now.
Chart courtesy of TradingView.com
So, while we await the launch of LitePay, let’s revisit some of the attributes that have put Litecoin ahead of Bitcoin.
Litecoin is silver to Bitcoin’s gold. That is, Litecoin is more useful and fungible. LTC is more useful because it costs a fraction of a penny to complete a transaction, in contrast to Bitcoin’s high fees. It’s more fungible because it’s both cheaper and faster for crypto users to convert to Litecoin and exchange it for fiat currency, goods, or other cryptos.
It is for these reasons that payment-processing company Stripe dropped Bitcoin support and is now considering other cryptos, notably Litecoin.
Bitcoin is looking to beat Litecoin with the “Lightning Network,” a technology that would increase its speed and lower its fees. But Litecoin will also adopt the Lightning Network, thus entering into an arms race of sorts with Bitcoin.
This is where LitePay comes in. LitePay will be the X factor that will bolster Litecoin’s position against Bitcoin.
Bitcoin’s journey to the mainstream received a boost from BitPay, a merchant processor solely dedicated to Bitcoin, which made it easy for businesses across the world to accept Bitcoin as payment. LitePay will do the same for Litecoin. I’ve called it a “game-changer” for Litecoin.
Crypto prices began to stabilize after most of the skittish speculators seemingly exited the market. It’s our hope that the “HODLers” who continue to hold on to their coins are banking on fundamentals. But since it’s still too early to form any reasonable assumptions, we’re not holding our breath. For all we know, this could be the calm before the storm.
This is why we have repeatedly warned that the sudden surge in Litecoin prices be viewed with skepticism in the short run. In the long run, however, we remain bullish in our Litecoin price prediction as Litecoin strengthens its position against Bitcoin. We have set an LTC price target of $400.00 for 2018.