Daily Litecoin News Update
A common ill-founded fear in the crypto investor community is that a coin is losing the race if it drops down from its position on the market capitalization rankings. Concerns like these are absolutely fallacious.
For instance, Litecoin slipping down another spot on the crypto rankings yesterday kept some investors up at night. Lesser-known coins like NEO and Stellar are now sitting above it on the ranks.
What investors must not forget, however, is that Litecoin is an “elite” coin, far superior than these largely unheard-of cryptos.
Litecoin is in the same league as Bitcoin and Ethereum. It even outpaces Ripple—ostensibly the most talked-about cryptocoin—in terms of its exclusivity.
Let me give a few examples how.
Consider the fact that many investment platforms are choosing to add Litecoin over Ripple and the likes.
Just last week, a Canadian investment fund manager, 3iQ, announced the launch of a one-of-its-kind cryptocurrency mutual fund. Litecoin made it to 3iQ’s three top choices. The other two being Bitcoin and Ethereum. Ripple could not make the cut.
The fact that Litecoin is now becoming part of traditional investment portfolios bolsters its position as a legitimate asset class. Take note that, for Bitcoin, a similar chain of events eventually led to the launch of the first Bitcoin futures.
Likewise, we have instances where cryptocurrency exchanges around the world have chosen to add Litecoin but not Ripple and other crypto coins.
For instance, America’s largest exchange, Coinbase, supports Litecoin along with the heavyweights Bitcoin and Ethereum but so far refuses to add Ripple.
Similar, last week, India’s largest cryptocurrency exchange, Zebpay, added Litecoin for trading. The exchange has yet to add support for Ethereum and Ripple.
Let’s also not forget that Litecoin is generating demand from the masses. People are beginning to use it as a medium of exchange—an importance not afforded to Ripple and other altcoins.
The preference Litecoin is receiving across various trading and investing platforms is gradually adding to its liquidity and ultimately its demand. Volatility is also relatively diminishing.
Compare Litecoin to the currently overhyped coins like NEO and Stellar—both of which were nowhere in sight on the market cap rankings a couple of weeks ago. Volatility in their prices is skyscraping, with drastic price swings.
I’ve pointed this out on numerous occasions before; market cap is not a measure of a coin’s long-term performance. Litecoin is gaining traction because of its scalability and low transaction fees—which make a good use-case against Bitcoin. This is an area where most peer altcoins have failed to prove themselves.
While it may not get equal press time as Ripple, Litecoin is gradually establishing its reputation as an “elite” altcoin across global trading and investing platforms. Amid momentary market upheavals, investors must not lose sight of the big picture. We’re staying true to our original Litecoin price prediction with a $400.00 LTC price target.