The bitcoin Bull Run that stretched several weeks has started showing signs of fatigue over the last two weeks or so, and there is a possibility that investors would be turning their attention to Litecoin (LTC) and other alternatives very soon. Investors in the crypto space are of the view that LTC coins will attain a new record-high soon, a notion that points to the fact that meteoric annual gains could be extended.
Some analysts and investors regard Litecoin to be the little brother of Bitcoin, but it is certainly more than that because it is a P2P crypto that makes use of the blockchain technology to maintain order and control a public ledger with relative ease.
Even though cryptocurrencies have experienced an industry-wide slump recently, it is still surprising that Litecoin (LTC) has dropped as much as it has recently considering that it just recorded a new all-time high last week, with its market value going above the $20 billion for the first time.
The developer of Litecoin Charlie Lee made a move a few days ago that surprised many. To preserve the integrity of his cryptocurrency, he sold off all his tokens. This move brought forward several developments for the Litecoin space in 2018.
The currency is technically very similar to bitcoin even though it is much cheaper to use than the world’s leading crypto. Businesses that do support cryptocurrencies have started incorporating Litecoin support in 2017 even though with a few simple steps to start with. At the moment, there is a dentist in Dallas, Texas who accepts Litecoin as a means of payment for services offered. There are also bars, beauty parlors, car dealerships and stores worldwide who have started accepting the currency in exchange for goods or services offered. The development team of Litecoin are currently working hard to ensure that Lee’s vision comes true: to have a version of bitcoin that is much easier to use for everyday payments.
Charlie Lee and his team are also working on adding more features to Litecoin (LTC). Some of these features include private transaction options and the potential to layer smart contracts, especially for contracts that will protect your funds and recover your cryptos in case your wallet or private key gets stolen. Despite the fact that Litecoin has a small and nimble team of contributors, they have shown that they can implement technical upgrades to the currency much faster than what bigger cryptos like Bitcoin and Ethereum could. An example of this was the SegWit, a technical update that prepared Litecoin for its first transactions on the Lightning Network. This update saw bitcoin automatically overtake bitcoin and became the popular choice for coffee purchase. At the moment, these updates are still being researched and developed. We are expecting that some of these research will be displayed this year, probably first in a testnet or beta form
Several crypto experts expect the price of Litecoin to continue its rise this year as the whole cryptocurrency industry matures. There are different predictions regarding the surge in Litecoin price, with analysts George Tung predicting that the currency will surge as high as $1,500.