It has been a disappointing first few months for the crypto world in general. Much of this slump was the association we witness with cryptocurrency especially Bitcoin. If the significant crypto goes down the trend is all the same. However, for Litecoin (LTC) the past few days have seen some marginal gains from a bullish tone overseen on Monday to land the profits at 2%.
But that was shortly outlived, after a substantial downward slump making the prices somewhat stubborn and still in an indecision range. But for the crypto enthusiasts who are optimistic on LTC, there are some recent developments which could play a role in helping the altcoins bounce back from the recession and continuously have a steady rising grind.
For a long time, SegWit was a point of contention between cryptocurrency enthusiasts. However, the implementation of the technology in both Litecoin and Bitcoin presents a competition phase between the two digital currencies. For the Litecoin (LTC) network, making the SegWit technology a piece of their system means the backwards-compatibility needs no upgrade to support transactions within the blockchain. That makes Litecoin far less light regarding purchase within its ecosystem compared to Bitcoin. People are warming up to this advantage, and you could see an increase in adoption shortly.
- Lightning networks
The consequences of implementing SegWit also had an impact regarding long-term changes. The installation of the Lightning Network will help improve scalability and speed of transactions. With such a technology, Litecoin may become a popular alternative to the slow-paced Bitcoin in an instant, low cost and decentralized payment infrastructure. In combination with the Atomic Swap technology it could improve the exchange of fiat and digital currencies.
- Litecoin Investment fund
Recently, Litecoin was the proud owner of its investment fund thanks to Grayscale Investments. Litecoin Investment Trust will hold about 2400 LTC as an investment vehicle whereby it will participate in buying, storing and safekeeping of LTC. While this initiative might seem minor, it might go a long way in helping to sustain the price of the crypto once the investment fund increases in value.
However much we might look at the positive, it is wise to accept that Litecoin (LTC) is not performing up to expectation. While most cryptos are undergoing similar experiences for Litecoin, the trend is not at all amusing. Recently, the altcoins hit a low of $191 before settling for an upward trend. While pushing LTC price is facing many challenges the cost of $200 and above are still achievable but not short. But the recent low is still a point of concern to investors and could indicate the crypto is dropping further. If the coin succeeds to break below $191, it could suggest a further downward trend reaching $180 for the sellers. In conclusion, the bearish price action on LTC price could lead to new decline.
To sum up the analysis, the price predictions for Litecoin are a somewhat delicate topic which needs more than just severe scrutiny. There are a lot of circumstances that go into deciding the price of a cryptocurrency, and you would need input from all the different angles. However, this is impossible since you cannot measure how speculations and government regulations affect the price of Litecoin (LTC). As such, no analysis is exhaustive enough.