Today we will talk about Litecoin. 375 (thirty hundreds seventy five) dollars for a coin and 25 billions of the capitalization. Litecoin cryptocurrency could reach such high level on December of the last year, and that time nobody could imagine the value of Litecoin falling down to 50 US dollars one year later, and capitalization of it would be just 3 billion of US dollars.
And yet in the beginning of December 2017 when Litecoin was on the top, a father of cryptocurrency Charlie Lee warned society about Litecoin`s possibility to be lost in value to 20 dollars with time passed. Further Charlie sold all his Litecoins in the boom years of its value to avoid the clash of interests. However he explained himself saying that his tweets influence the cryptocurrency rate, and it can be considered as financial manipulation.
Charlie had been supported with all heart by society, everyone acknowledged his skills and called him nothing less than the most honest and selfless entrepreneur in the cryptocurrency world. Therefore nobody remembered his trade even when Litecoin fell down in value to 100 dollars on February. Everyone was blaming the bearskin jobbers and Bitcoin. Moreover the society were inspired by Charlie Lee announcement in the end of February, when he predicted about Bitcoin being overtaken in terms of capitalization by Litecoin during one year. But as we can see something went out of control.
So how did it happen that 2018 was a failure for Litecoin instead of great success? Well it is a good question. Lets dive into analysing the problem. Don`t forget to subscribe on our channel and give us your likes, let the show begin right now!
The year of failure
It is quite hard to consider current year successful for crypto market. Bitcoin has already lost its value almost to 70%, and all altcoins were pulled by it without any exception. Basically that is the main reason why Litecoin lost value of 86 %, and at the moment when this video was filmed, Litecoin is hardly fighting for value of 50 dollars. Nevertheless Litecoin capitalization is not afraid of being overtaken by Bitcoin anymore. Important target now is at least to keep the seventh line where Litecoin was shifted by EOS and Stellar in the cryptocurrency rate.
Anyhow not only bear market cut down Litecoin. Great hopes were pinned on the launching of the LitePay payment service, the one which was supposed to be an analogue (Аналог) of the well-known BitPay payment provider. Litecoin has even been increased while waiting for the launch of the new service, but then the organizers announced they could not find one wave with eminents of payment cards, and therefore it was decided to postpone the beginning of work until better times come. But those better times has never come, and problem was not solved even when American payment service Aliant Payment System begun to accept payments in Litecoins. Afterwards some other companies did same kind of thing.
We all know that defeats are always remembered better, it is the reason why such news could not solve the problem.
Even though Litecoin was going through dark times, still it was another hope for everyone who concerned in the presence of a thematic conference called Litecoin Summit assigned on the mid-September. The event was announced very widely, and crypto assets exchange Gemini had taken a role as one of the important sponsors. Regardless everything in reality the advertisement service of Litecoin Summit was much more noticeable than the event itself. It did not have something what can help to reset the cryptocurrency rate. It seems like this event has never taken place, because did not give any results.
Moreover the Litecoin had been seen this year next to the blockchain-smartphone Exodus produced by HTC.
Charlie Lee who by information of media joined the project as a counsellor should have taken part in designing of the smartphone. Surely the smartphone itself was immediately promised to set an assistant for Litecoin what would be just excellent. Though recently HTC has introduced the new Exodus to the wide audience, and it turned out that one can buy it for Bitcoins or the Ethereum, it does not remind the Litecoin even slightly, not at all.
What was good?
We are not going to force the situation more than necessary, and tell you that in 2018 it was space for good moments of Litecoin. As we said earlier, Aliant Payment Systems and outside companies started to handle payments in Litecoin cryptocurrency.
Crypto assets exchange Gemini presented an excellent birthday gift to Litecoin on October 13, added it to a trade list. This platform is famous for being the most law abiding, and permission on Litecoin listing was given by the New York State Department of Financial Services.
Curiously enough Litecoin system set a record of the biggest transaction as well. One of the wallets was enriched with 1 million and 159 thousands of Litecoins, which is equal to almost 60(sixty) millions dollars according to ongoing currency rate. Transaction commission is just 50 cent.
There is an assumption that it was a transfer on the cold wallet of one of the crypto assets exchanges, because the transaction was consisted of many incoming addrEsses with 20 thousand coins and only one outgoing address.
Do you want to know all the important news about Litecoin and the other cryptocurrencies? They are waiting for you on our Telegram channel. Subscribe without any doubt and be aware in absolutely all vital news of cryptocurrency world. It is time to summarise everything we have learned today. So we are getting closer to the conclusion.
Perspectives of Litecoin
Obviously 2018 was not successful for Litecoin, and bearskin jobbers could push the cryptocurrency value more lower because of unpleasant occasions. Although if we come to the statistic and look at quantity of active cryptocurrency users during 24 hours then we can see Litecoin being in top-3, after Bitcoin and Ethereum. This is the best sign which shows us the cryptocurrency is popular and widely acknowledged. As long as Bitcoin continue to progress and find a new way to the moon, the Litecoin will immediately follow it.
Besides, Litecoin Core programmers promised a serious upgrade of upcoming network client version, exactly they suggest the decreasing of commission for transactions in 10 times. It is known that the Litecoin and Monero teams cooperate with each other and after the last hard fork of Monero, their commissions has indeed decreased by 90%. Perhaps Charlie Lee and his team were going accomplish something like this. We hope at this time they can bring to life all the ideas they have.
Guys we are looking forward to read your comments. Go for it cause we would like to know how do you see chances of Litecoin to come out of long term failure. How it come back to the game, and reach a new high level of value. Hit the like button on this video and subscribe on channel for get know how close to reality was your prediction.