Despite the fact that, according to Coinmarketcap, Bitcoin is getting more than 50% share of the cryptocurrency market due to the recent wave of sell-off in the industry, there is enough space for altcoins to grow. And one of the most interesting is Litecoin that is a preferred option among savvy investors.
Say 'Yes'
The key advantage of this cryptocurrency is its usability. Many investors prefer to use it for standard blockchain-related procedures, such as lifting a smart contract. Besides, it has a serious advantage of lower transaction fees and faster transfers.
Keep in mind that Litecoin is among those three cryptocurrencies that are supported by Coinbase cryptocurrency brokerage. And it will give the digital currency an additional reason to appreciate, given the substantial influx of users from the crypto exchange – Coinbase adds 100,000 new users per day.
And one more very important argument for any long-term investor – the relatively low volatility of this digital asset. It’s true that Litecoin has lost around 70% during the last 6 months, there is not a single crypto asset that did not suffer massive losses when the bear market arrived. However, it’s still more than 20% up since last August. Besides, during the recent week it added around 2%, while some cryptocurrencies managed to lose up to 10%. LTC shows much smaller price fluctuations than many other coins in the top 10.
Technical Picture
On August 14, Litecoin touched 10-month low around $49 area and since that time is trying to rebound aiming at $70,00 as the first target with breakout paving the way to 81.50 last seen on July, 30.
Support and interest of bulls will now be likely to come back into play below $54, as this is where a decent demand zone is seen.