Bitcoin’s influence on market
You can read about how the Bitcoin situation influenced the cryptocurrency market and altcoin prices in our article about last week lows. There weren’t any significant news regardning Litecoin or altcoins in general, therefore any possible lows can be connected directly with the bitcoin, as it usually happens.
When it comes to significant Litecoin news, with a popular social platform Reddit wanting to accept payments in cryptocurrency again, Litecoin will be added as the choice option. As it is rather light and the transactions are fast and cheap, some people may prefer it to paying for any services in Bitcoin, which fees can be too expensive for small payments or tips.
Charlie Lee, the creator of Litecoin, has also said in an interview that he wants the project to be fully decentralized one day and he plans to step away eventually. He explained, “Litecoin is more centralized because I’m around, so it has a more centralized development team, has more centralized foundation. I can steer litecoins towards my vision, and people will listen to me because I created it.” People may still be confused about Lee due to him selling all his Litecoin some time ago. Although he said that he regrets it and the short-term negative impact, he explained that in the long term it was a good decision.
Price Movement Analysis
The notable fall was most likely due to the whole move of a cryptocurrency market, influenced by the bitcoin situation, Korean exchanges and MT.Gox allegations. The price has been fluctuating for a long time around $150 with a slighlt but notable slow down trend, which may last for some time. It currently fell to the $140 region. However, if the downtrend remains, it should find support at around $120.
Litecoin tend to struggle with the team and development problems, however looking technology-wise it can be a good alternative to Bitcoin. The coin doesn’t want to fight with Bitcoin, but rather complement it. It is much more lighter and may be suitable for smaller transactions. It managed to hit $350 during the high market movements, while the technology itself should make the coin worth at least $700.
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