Other coins and tokens lost both volume and value in this recent correction in altcoin market whereas LTC sustained the gains. I see only low volume and price still at very good level with plenty of support and stable floor apparently. It is going to be ready very soon for next ride in near future.
Other coins and tokens lost both volume and value in this recent correction in altcoin market whereas LTC sustained the gains. I see only low volume and price still at very good level with plenty of support and stable floor apparently. It is going to be ready very soon for next ride in near future.
Agreed; the entire altcoin market (monitoring Bittrex alone); saw a roughly 22% median drop last night starting at roughly 11:50PM EST. The average 24 Hour % Gain/Loss across all 197 Bittrex Markets dropped from a median of roughly 13.9% gain to a loss of -8.3% across all markets. The drop lasted roughly 40 minutes.
Litecoin holds an interesting place in the Altcoin economy. It has always been seen as Bitcoin's "Alternative" in terms of the first mainstream highly traded altcoin.
Also; Bitcoin faces some serious obstacles which it will need to overcome moving forward; one of which is the the transaction fee/block size/transactions per block issue.
As Bitcoin has no where near reached "mass adoption"; and the average transaction feed has skyrocketed (averaging roughly $17-$25). This is a major roadblock for Bitcoin. The utility of zero cost; or low cost transactions is no longer possible. For mass adoption to be even considered possible; this issue needs to be solved with a hardfork which is no where in sight.
How can the average person utilize bitcoin to make a basic purchase; or buy a $50 gift card through GYFT, when the TX Fee is $25? And that's for a small KB transaction. People who send Bitcoin from a wallet address that has multiple small inputs (dust transactions) will find their transaction fee exceeds the amount of Bitcoin they even have.
Litecoin has proven to be a in for the long run contender, and has survived the bloodbath of the Altcoin showdown we've seen in the past 2-3 years.
Lastly; the fact that the Lee sold his stake in LTC really means very little. As LTC is a decentralized cryptocurrency and he's agreed to remain onboard; he most likely has valid reasons and was transparent about his liquidation of his holdings. Something he was in no way required to do (as required by corporate executives in the fiat/stock markets).
The fact that he was transparent says a lot to me; and even it if was after; why would he announce his sale prior to liquidation.
LTC has held up well. I think factoring the above along with the sentiments being echoed in other above comments and on websites/coindesk/etc - LTC I think could have an extremely promising year moving forward.
Cheers!
Strato
