Litecoin (LTC) week overview: activity is there but a voices that doubt Litecoin’s reason to exist are louder
Litecoin recently peaked at $76.15/0.01068090 BTC on August 6th, and has since managed to bottom out on the 14th with a price of $51.45/0.00855082 BTC. From there the currency managed to muster another smaller recovery which culminated on September 4th with a price of $68.52/0.00929485 BTC. September lows were recorded on the 12th when one LTC went for $48.48/0.00774278 BTC. Ever since, the price managed to bounce back up again.
Currently one LTC can be purchased for $56.65 USD (-2.38% drop in the last 24 hours)/0.00875151 BTC (-1.39% drop in the last 24 hours). With a daily trade volume of 41,195 BTC Litecoin is one of the most traded currencies on the market. It also currently holds the 7th spot of the coinmarketcap’s list of most valuable cryptocurrencies with a market cap of $3,303,527,147.
Trader trashpanda19 offered his insight into Litecoin’s technicals:
“Litecoin is retesting the upper wedge resistance line. If somehow it convincingly breaks the upper bound blue confined triangle, I will reconsider my position on Litecoin. But that’s unlikely, for the near future, I can see the price dropping down to $38.”
Litecoin updates were not lacking in the recent couple of weeks. One of them was the release of Litecoin Core v0.16.2 which was announced on the projects official Medium page. This latest release brought a couple of minor improvements, including new features, various bug fixes and performance improvements, as well as updated translations. Full installation/upgrading instructions can be found on this link.
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The project also recently held its very own Litecoin Summit, first event of this nature. The summit was held in San Francisco, from September 14th-15th, and several important speakers (including Litecoin creator Charlie Lee, Litecoin Foundation directors Xinxi Wang amd Franklyn Richards, VP of Engineering at Gemini Eric Winer, CEO of TokenPay Derek Capo and others) took the stage to speak about various crypto related questions and issues:
- Interconnectivity between digital assets
- Designing the future of digital currencies
- Payment adoption
- Bridging the gap between merchants and consumers
- Importance of non-custodial wallets
- How to secure users funds
- Taxation
- Regulation
- Atomic swaps
- Banking with blockchains
- The social impact of these systems
The summit was live streamed and the videos can be found in this Reddit thread. Overall the event was organized without any major hitches and was deemed a success.
And just like that the First Annual Litecoin Summit is a wrap. ??
It was an incredible two days. Thanks to our wonderful sponsors, speakers and all the supporters who traveled from all over the globe to attend!
See you next year!#LTCSF18 pic.twitter.com/WfAGO9AiA5
— Litecoin Foundation (@LTCFoundation) September 16, 2018
During the Summit, several interesting pieces of information were revealed. Gemini announced they will be launching Litecoin support on October 13th, 2018. Charlie Lee went on the Bad Crypto Podcast where he discussed various crypto and non-crypto related issues with Joel Comm and Travis Wright, the hosts of the program. Lee also made a couple of… interesting comments regarding him selling his Litecoin holdings several months ago. Saying that “it would have sucked” if he didn’t sell his coins, he confirmed that he sold them because Litecoin was doing very well at the time. Lee claims that by selling his coins he earned enough money to be set for life; this allowed him to focus his attention completely on developing Litecoin, rather than looking for other sources of income.
“Thank God I did what I did. Any other route and I would have to look for another job to manage my life.”
While his reasoning makes sense, the ethics of his move are rather questionable. @CryptoGainz1 from Twitter sums up the general sentiment regarding these comments pretty well:
Charlee Lee to LTC holders “well, I mean, one of us had to be poor fam – and it’s not gonna be me”
— CryptoGainz (@CryptoGainz1) September 16, 2018
Rumors of Litecoin being overvalued and lacking any actual reason for existence have been heard in the past, and we noticed them intensifying as of late. Multicoin Capital provided this analysis of the currency, calling Litecoin “a relic of the pre-smart contract platform crypto ecosystem” and citing several reasons why they decided to short it. While the Summit was a strong success and proved that Litecoin has solid community backing, there are reasons to believe the currency is outdated and the questions of its longevity do remain. Only future will show if Litecoin manages to grow into actual silver to Bitcoin’s gold.
