Litecoin has held up well at $230 on a collection of positive news over the weekend.
Litecoin (LTC) grew while the market slumped, establishing itself around $230 in expectations of soon taking over Bitcoin Cash (BCH) in terms of market capitalization. With the previous boost from the Litecoin Cash hard fork, the LTC price proved once again its capabilities to hold steady and recover well.
The chief criticism against Litecoin is that its technology is unoriginal. But this digital asset has the advantage of a longer history, wider adoption, and now – a drive to allow users to spend the coin. The Litecoin Foundation works toward the popularization of technologies that allow for Litecoin payments.
In the short term, or even for a while longer, a Tweet by Charlie Lee has created an incentive to root for the price of Litecoin:
You can now track the flappening at https://t.co/y8aTsg13WI Thanks @flappening! ?
Note: Don’t get fooled by the scammers below pretending to be me. I’m not giving away any coins. https://t.co/ux6bRWNB3Z
— Charlie Lee [LTC] (@SatoshiLite) February 25, 2018
Created by voluntary work, the site to watch “The Flappening” compares Litecoin to Bitcoin Cash in its capabilities as both a digital payment system and a tradable asset. While LTC is still way cheaper, bullish predictions see the asset appreciate to $1,000 in 2018.
Did LitePay Launch?
One of the reasons behind the short-term price rise in Litecoin is the promise to launch LitePay on Monday, February 26. But there have been doubts whether the system is operational, and whether it would have an immediate effect, both in terms of price and the usage of Litecoin.
The launch of LitePay caused some extremely bullish predictions, possibly seeing LTC rise above $1,000. Right now, despite the usage and spreading, Litecoin has not seen concerted efforts to lift the price, and lags behind coins like DASH who have seen much more promotion. Yet LTC almost touched $400.
All we need is one major retailer… @Starbucks, @Amazon, @Walmart @McDonalds to accept #Litecoin. All we need is one of these and the rest of the world will follow. Keep plugging away! #PayWithLitecoin is going viral and it’s only a matter of time now before they get the message
— Łitecoin Dad™ (@litecoindad) February 8, 2018
However, the LitePay delay may hurt the price. But in the longer term, all news of merchant adoption could lead to more popularity and potentially a higher price for LTC.
There have been no official tweets or news about the launch, and that may turn the sentiment for LTC, at least in the short term. We will keep tracking the LitePay launch issue, and its effect on the market price. But in any case, LTC has made a strong start in 2018, despite the shakedowns in February.
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