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Litecoin (LTC) continues to operate under the radar as a means of economic and rapid exchange. However, price instability suggests that Litecoin (LTC) is far from being a reliable unit of account or deposit of value.
According to our observation, Litecoin's continued announcements of its adoption both for utility and for trading are more likely to have a bullish coating make the remaining time of the year. However, it could be better days for LTC.
At the start of this year, Litecoin's prices began to depreciate, pushing many currency holders to hypothesize that the price drop was a correction due to the huge rush to the bull last year. year. However, the sad performance of Litecoin required a long period of impact on the digital token.
Although he tried to recover, Litecoin has witnessed inversions that always see the digital asset lose its value more than before the short rallies and price breaks. Litecoin is a significantly oversold cryptocurrency in the virtual currency market, showing indications of a remarkable comeback.
However, many coin holders have become impatient and traded their investments into losses due to lack of trust and confidence in the cryptocurrency and its ability to rise from murky water
On the other hand, analysts now argue that the current market trend favors Litecoin and that a likely raise will occur at any time from now. Cryptographic experts claim that with Litecoin (LTC) in the oversold region, it is only a matter of time when the bulls will soon gain the upper hand.
Litecoin Price Value
At the time of writing, Litecoin (LTC) is trading at 60.2 US dollars. The interesting thing about this is that the current evaluation of Litecoin is almost similar to the peak of 2013 of 50.27 US dollars.
It is prudent to note that today's trading volume is much higher than 5 years ago by suggesting two things. One, the value of Litecoin in 2013 was supported by the underlying technical value of the blockchain rather than its influence on the market.
Because Litecoin's blockchain technology is more or less the same, investors are urged to warm up on the products and services Litecoin (LTC) has to offer. Two, plus Litecoin (LTC) is traded today compared to then, although LTC prices are still low, indicating that people may be missing something.
In simple terms, people were initially inspired by the LTC project and what offered assistance by pushing its prices to higher levels.
However, when new supply counters were launched invading the crypto market, people began to look beyond LTC and to move forward with the hype created by other currencies. The result was that the price of Litecoin (LTC) in US dollars did not reach its expected potential despite the coins having an impressive history and volume of trade.
All hopes are not lost. In August, the founder of Litecoin, Charlie Lee, revealed to the world that digital money was working with the HTC mobile company to build and create new blockchain smartphones.
Smartphones will not only serve Litecoin but also act as a wallet for various scrambles, even if Litecoin will be in a better position to exploit the new project. The realization of this project will certainly increase the price of Litecoin (LTC).
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Image courtesy of Pixabay.com
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