Daily Litecoin News Update
Litecoin costs have posted a surprising rally over the previous two days. Those of you who didn’t heed our recommendation to “hold on for dear life” (HODL) could also be kicking themselves proper now. Cryptocurrency markets are certainly recovering from the crash, as we had anticipated, and Litecoin is as soon as once more on observe to achieve our worth goal for 2018.
In case you had been disconnected from the crypto world by way of these hours of worth resurgence, right here’s what went down.
- The South Korean authorities dialed again its strict tone on cryptos in response to a public petition. A senior official confirmed ban will not be within the playing cards, at the very least for now.
- The president of the European Central Bank (ECB), Mario Draghi, mentioned the ECB will not be banning cryptos, just because it’s not his job.
So, South Korean and European crypto buyers could also be again in motion because the air of uncertainty dissipates. This explains the revival in investor spirits, as is apparent from the marketwide rise in costs. Not only for Litecoin; all the high cryptocurrencies have been buying and selling in inexperienced.
Chart courtesy of TradingView.com
But Litecoin’s worth reversal, specifically, has been dazzling. The LTC to USD price is up one other 13% since yesterday. There’s definitely extra to it than simply macro tailwinds. If you’ve been following our updates, we’ve got identified two key occasions resulting from happen later this month which might be driving the frenzied shopping for.
Take observe of the next two dates.
- February 19: The day Litecoin is predicted to get hard-forked.
- February 26: The day LitePay is predicted to be launched.
Heads up for many who haven’t been holding up to the mark: a crew of nameless builders is hard-forking Litecoin to create Litecoin Cash later this month.
Litecoin founder Charlie Lee has explicitly warned buyers to think about Litecoin Cash a scam. But some will not be paying heed to Lee’s recommendation, and can take the bait.
This crew of nameless builders has promised to “airdrop” Litecoin Cash cash within the ratio of 10:1 to LTC homeowners. Simply put, for each Litecoin you personal, it’s possible you’ll be eligible to get 10 free Litecoin Cash cash, presumably when you transfer your pockets as per the instructions.
From the place we see it, a part of the value transfer could also be attributable to the grasping speculators who’re offered on this drool-worthy, but scammy, prospect.
But for probably the most half, the value surge is attributed to mounting investor anticipation as we method the launch of LitePay Inc., probably the most dearly awaited fee processing service that guarantees to take Litecoin mainstream. We have been counting the times to its launch and have been predicting a transfer in costs.
Regardless of the explanation you assign to the present cryptocurrency worth rally, the tempo at which costs have moved over the previous two days appears doubtful. Steep worth surges are often adopted by free falls on this house, so we stay cautious within the quick time period.
Nonetheless, our long-term Litecoin worth forecast stays on observe as we foresee Litecoin costs hitting the $400.00 mark later this yr.