“Arise, chikun, chikun arise.”
Poised on the brink of greatness, Litecoin is preparing for a breathtaking moon shot. Dubbed “the rock” at times, this clone of Bitcoin was created in October of 2011 and has shown incredible market resilience and price inertia. Inertia is a tricky thing because once Litecoin broke out of its resistance in late 2016 it flew faster than Bitcoin at over 8,800%, roughly 4 times Bitcoins growth even as it was nearing its own all time high(ATH) of $19,783. Pegged at 84 million coins, Litecoin is 4 times faster than Bitcoin and has 4 times the supply. In other words, Bitcoin is to gold what Litecoin is to silver. The inherent meaning in the metaphor is that soon Bitcoin will be used as a store of value and Litecoin will be one of the first real world cryptocurrencies to be used to purchase goods and services. As Bitcoin grows exponentially in price and adoption so shall Litecoin. Likewise, any technological update that Bitcoin looks to acquire is usually first tested and incorporated by its successor. The lightning network and Blocknet are two of the most exciting developments for Litecoin. Both these upgrades will allow Litecoin to function as a cross-blockchain asset allowing it to connect to other crypto assets. Beyond technical jargon reasons why Litecoin will retest its 2017 ATH of $375 is because Bitcoin will do the same and these two assets are “codded at the hip” so to speak. Whenever Bitcoin transactions spike its blockchain becomes less responsive and fees increase. Litecoin immediately gets a trickle down effect of users that discover how low LTC’s fees are, how much faster it is, and how it is equally if not more reliable. Without going too deep into the business model and roadmap of Coinbase we all know how important this platform has become. Coinbase is usually the first step to acquiring cryptocurrency of any kind. With around 100,000 new users visiting daily, only 3 assets to choose from, Litecoin being the cheapest of the 3 adds immense exposure and attraction. Dubbed the “big three”; Bitcoin, Litecoin, and Ethereum are and will be the most recognizable assets and brands that will be the first to be added to any banks trading desk or corporate wallet. 2018 and the gradual global adoption of cryptocurrencies will see Litecoin retesting and if not breaking its previous all time high.