Litecoin Trying to Show Its Effect as Markets Gain Speed
The gradual warming of finance companies to cryptocurrencies, combined with both retail investment and corporate interest, paved the way for Litecoin's renewed momentum in 2021.
Litecoin Takes The Bull Market To The Next Level Of Resistance
Litecoin has had a tough start. In late 2017, it was alleged that founder Charlie Lee sold the entire LTC bag "to concentrate on the development of the project. Lee, understandably, received a lot of criticism for this decision.
The founder, who went from his Twitter account by Satoshilite (attribution to Bitcoin creator Satoshi Nakamoto), did not retreat after playing again a year later:
I sold it because owning LTC has made it a situation where I can do something to increase value in the short term. However, this is bad for Litecoin's long-term success. I didn't want this conflict. I've explained this many times. If you still don't get it, I can't help you.
Interestingly enough, LTC experienced a 5,000 percent jump in December 2017, but the market correction in 2018 brought it back to its pre-jump level of about $ 26.
The gradual warming of large institutions to cryptocurrencies marks a significant change in attitude compared to the recent Bitcoin boom in 2017. In October last year, Paypal announced that it would partner with New York charter trust firm Paxos, allowing its users to trade cryptocurrency directly.
Square Inc, a financial services and payments company led by Twitter CEO Jack Dorsey, soon bought $ 50 million of Bitcoin in a decision that rewarded the company with a 10% increase. Regarding Litecoin (LTC), Visa has launched a LTC-only Visa card in the United States that is available digitally and physically.
All of these crypto adoptions work together to create a network effect, as crypto assets like Ethereum, Bitcoin Cash, and Litecoin seem to be some of the elite altcoins that benefit the most. Also, Cryptwerk lists more than 2,200 companies that currently accept LTC as payment.
LTC is currently the 8th most valuable crypto asset with a market cap of over $ 14 billion this week.
Litecoin (LTC) price as of now$ 206.78finds buyers at dollar levels.