LITECOIN – Can it get back into the top 5 again ?

 

Litecoins
Litecoins

 

Litecoin [LTC]

founded by the well known

Charlie Lee, previously of Google,

is taking full advantage of the unsettled market which is hovering between turning bearish or bullish. With unpredictable price hikes and crashes, majority of the currencies are fluctuating dramatically one taking over another. One of such similar winner is Litecoin which has been surging high taking over Cardano [ADA].

With an overall week’s gain of approximately 8%, LTC is currently trading at $163.23 and has been displaying some small negative figures since yesterday. With a market capitalization of $9.2 billion, Litecoin stands with all the glory at the 6th position which it acquired recently pushing down ADA to the 7th position with a small difference in the cap. Earlier this week, LTC had gone up to $183 after recovering from a major price crash at $144 at the beginning of the week.

OKEx, GDAX, Bitfinex are a few top exchanges that are actively trading LTC with decent volumes together accounting to almost 42% of the total trading volume. The question is will the coin be able to sustain its position and value in the ever-competing market as the team has been quiet for a long time now. Charlie has been active with some updates and tie-ups from the team but nothing has been noticed yet as a big deal that could turn tables. Supporters look forward for some huge announcement or the big break for the coin.

As Litecoin [LTC] was seen taking over higher position, speculators expected it to be a bullish break out but nothing big has happened yet apart from rank shifts and some serious gains. CoinGate, a crypto trading platform that allows easy real-time conversion to fiat currencies announced recently about their accomplishment which stated:

“In 1 week of full Litecoin support, more than 200 $LTC payments were made to over 50 merchants through CoinGate, with an average value of 0.58 LTC. Stay tuned for 1,000 payments in May!”

There is a possibility this might have triggered the priced to skyrocket along with the news from Charlie himself about the network updates:

“New and exciting developments in Lightning Networks by @AaronvanW. The most brilliants minds in cryptocurrency are working on making LN better every day. 2nd layers like LN are what will help make Bitcoin and Litecoin scale without compromising the base layer.”

Litecoin [LTC] was also noticed off late, starting two new massive adoption campaigns called PayWithLitecoin and LitecoinAcceptedHere with their tagline questioning, “Does your business accept Litecoin?” No further information is yet revealed by the founder or team but it looks like they have something really humongous planned for the community and the company itself. Though, one can guess the result to be that many small and medium businesses might start adopting Litecoin token [LTC] as a payment option for the services or products which they provide.

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