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In all honesty, the last months towards the end of 2018 have been very quiet for Litecoin, a cryptocurrency that has seen an enormous compression of value and that has been rather stagnant in the course of the year. This, however, came from the back of one of the most controversial cryptocurrencies. Litecoin had its problems until 2018, which were disseminated through the information channels and were somewhat overwhelmingly inflated.
Litecoin is a word of order, which makes people talk. It's not a surprise, Charlie Lee, the founder of Litecoin is one of the most candid cryptocurrencies, so when the two go hand in hand, a social media storm is often expected.
Charlie Lee is one of the most famous celebrities of cryptocurrency, is well known for his online behavior and to be eager to start a debate or, more likely, an argument. This is not a bad thing, it's nice to see an individual in the industry with such knowledge and passion. I think this brings us to our first point, perhaps the biggest and most controversial thing to hit, only 12 months ago.
January
As with any cryptocurrency, in January it was listed as the biggest month for cryptocurrency to date. This is because during this period we experienced the biggest cryptocurrency race ever made, the one that brought Bitcoin to its all-time high of $ 20,000.00 and the one that even managed to bring Litecoin to its all-time high of $ 338.00. Okay, so this price was reversed in December 2017, however in January Litecoin managed to maintain a very healthy value.
What is the controversial regarding what you might ask? Well, during the upward rush that pushed Litecoin towards the top, the creator of Litecoin, Charlie Lee, decided it would be the best time to sell, and eventually sold all his Litecoin properties. This caused a sensation, many people saw this move as a wise move and asked, would the litecoin ever reach that value again? On the other hand, many have seen it as an imprudent move, since Lee is on paper, the person who should have more confidence in the Litecoin project. Since when did you decide to sell, what message does it give to the investor community?
Charlie Lee's decision to sell his Litecoin in December was noted as the first move in a chain of events that eventually saw the end of Litecoin, at least in terms of value. Unfortunately, despite the early 2018, bad news continued to roll.
February
In February, Litecoin's value dropped to $ 128.00 alongside the bear trend that had paralyzed markets at the time. Many investors at this stage had lost confidence in Litecoin and, like Lee, had decided to sell, causing a decline that seemed to continue only for the rest of the year. With this in mind, the Litecoin Foundation has admitted a number of interesting projects in the works that have promised to have a great impact on the future value of Litecoin.
If you do not know, the ultimate goal of Litecoin is to become the most adopted cryptocurrency in the world. Litecoin aims to offer improvements to the Bitcoin network that make it more scalable and, of course, faster, which as we know makes real-life transactions better. In fact, part of this goal has already been achieved, with Litecoin seeing a huge increase in adoption during the year, despite its decline in value.
Part of this push for adoption was encouraged by the launch of LitePay, a new system announced by the Litecoin Foundation in February. According to them ad:
"After a month of deep double-digit dives in the encrypted markets, we could be on the edge of a launch that puts it back in growth. Apparently, the Litecoin Foundation is now just a few days since the release of a new revolutionary tool called LitePay: This new tool, announced before Christmas, will allow companies to accept payments in Litecoin (LTC), as well as with Litecoin's exclusive debit card, from anywhere in the world at the moment and without any worries related to volatility of the value of cryptocurrency. "
March
In March, however, the LitePay hype train stopped very suddenly and desperately, as the entire floor was abandoned. This has left many investors very disappointed, because through the hype generated by LitePay, investors believed that the launch of LitePay would have inspired a run to the bull of Litecoin, hoping that Litecoin would come back from its March minimum of $ 115.00.
Second CoinTelegraph, the director of operations at the Litecoin Foundation, Keith Yong announced:
"At the moment we are working hard to strengthen our due diligence practices and ensure that this does not happen again." Litecoin was doing perfectly well before LitePay's promise and will continue to do so.The ecosystem is much bigger than a company and grows continuously with the support of many others with market-ready products that join the space and respect their promises to make Litecoin easier for the world. "
The same Charlie Lee brought on Twitter to add:
"Like everyone else, we were too enthusiastic about something that was too good to be true and we optimistically overlooked many of the warning signs, I'm sorry for advertising this company and I promised to do better due diligence in the future. "
And that was it, LitePay no longer existed. The impact of LitePay's bankruptcy, combined with the skepticism surrounding Charlie Lee's actions, paved the way for a rather disappointing remainder of the year.
May – 2019
In May, we saw a slight increase in the value of Litecoin following the mid-April market wave, which in turn encouraged Litecoin to reach a value of $ 181.00, a maximum of two months that soon returned to $ 118.00 from the end of the month. Thereafter, Litecoin's fall continued, rising to an annual minimum of $ 23.00 by December 2018.
None of this means the end for Litecoin, but this means that the Litecoin Foundation and Charlie Lee have their work cut out for 2019 to ensure that they are able to rebuild the trust of their investors, in order to encourage greater investment in Litecoin platform. Litecoin is a promising project, is a veteran in all markets and is one that really has the opportunity to see a real adoption of the real world in the future. She left for Litecoin this year, look at this space!
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