2018 was slow growth graph for Litecoin. Although, the original altcoin- Litecoin (LTC) has been showing a good performance. Its price has gone double within the time of three months. LTC with its good fundamental and proofs makes it a good altcoin. It is quite an old altcoin in the crypto market. Last year due to the slow growth, the altcoin had to face dipping market caps shooting it away from the market radar.
But 2019 seems to have good news in store for the altcoin. Since the commencement of this year, LTC has been showing good leaps in its price. It has recorded a growth of 84 percent. The first reason behind this growth is the sound decisions made by the Litecoin Foundation. The second reason curtails the overall slowing down of the bearish tendencies of the crypto market.
Two years ago the crypto-coin faced a great downturn from great highs. Yes, other crypto coins too fell victim of the bearish tendencies that year, leading to 70 to 90 percent dips. But it was extra tough time for LTC. The altcoins saw a loss of more than 90 percent of its value after it saw the great high of 375 U.S. Dollars in 2017 December. This drastic dip made the market analysts predict a doomed time for the altcoins. Alternatively, though this could also prove to be a springboard for the crypto coin. On this the chief investment officer of Satoshi Capital- Josiah Hernandez, said-
“The harder an asset price falls, the steeper the rebound often is, and that seems to be a factor in Litecoin’s sharp gains this year.”
It is a good thing that the altcoins sprung back from the dark lows. Recently, the company has been involved in some positive advancement. This includes the uptake of the Lightning Network. This was a result of users’ understanding the worth of Litecoin’s vision of offering a ‘quick and frictionless transactions’ user experience.
The Litecoin’s structure serves as a good alternative to the cryptocurrency. For the countries who are seeking such altcoins, Litecoin falls into a win-win situation. For instance the recent adoption of the altcoins in Venezuela. Another good factor that may contribute to the doubling of LTC’s price boost is the release of Litecoin Core 0.17. When Litecoin Core 0.17 will be launched, there are predictions that this release will further push down the fees on using a coin, which translates to greater adoption and attraction for the altcoins.
As per the reports from Forbes, DiPasquale said-
“When compared with Bitcoin, Litecoin has typically been preferred as a transactional currency because of lower fees and most importantly, faster transaction confirmation times.”
The fact that the harsh crypto winter is finally settling down, it has a good effect on the prices of the coin. The senior market analyst at social trading platform eToro- Mati Greenspan said that the entire crypto market “growing increasingly optimistic lately as adoption continues to rise. [..] Crypto winter seems to be coming to an end, and people are preparing for spring.”
As per Coinmarketcap.com, the current market cap of the altcoins is $3,459,546,362 U.S. Dollars or 884,606 BTC. The current volume of LTC in the market is 1,460,606,578 U.S. Dollars or 373,477 BTC. The maximum supply of Litecoin is 84,000,000 LTC whereas the current circulating supply of the coin is 60,858,336 LTC.