It’s safe to say that Litecoin (LTC) and the occasional Litecoin price prediction passes completely under the radar of many Western cryptocurrency investors. In America, Europe, and the West in general, Bitcoin holds huge branding and psychological sway in the minds of aspirant investors. In fact, Bitcoin is still considered by many to be the only ‘real’ cryptocurrency. In the East, however, cryptocurrencies and altcoins like Litecoin are appreciated a little differently.
Is Korea About to Give Litecoin the same Leverage China Gave Bitcoin?
After having stagnated at approximately $40 up until Noveber the 8th when Litecoin rose almost 8% in value in 24-hours, Litecoin has since stabilized at a cool $63. What is more, the recent rise in the market value of Litecoin hasn’t been by accident. Instead, November 8th saw the cryptocurrency listed for the first time on South Korean cryptocurrency exchange, Coinone.
Why Litecoin & Other Crypto Investors Need to Watch Asian Markets Closely
As a basic rule, the value of any cryptocurrency is determined by:
- Whether or not a coin like Litecoin has a limited supply
- How difficult a crypto blockchain is to mine
- How secure and easy a cryptocurrency token is to store and exchange
- How a coin is perceived by the public
- What is happening to the price of Bitcoin at any one moment
Looking at the above, it’s safe to say that Litecoin ticks all the same cryptocurrency viability boxes as Bitcoin. Litecoin has a limited supply and the blockchain offers identical security and ease of use when participating in transactions. In fact, Litecoin only fails when it comes to Western public awareness of the altcoin.
Thankfully, in Asia, perceptions of altcoins like Litecoin are very different. Everyday cryptocurrency investors in Asia only recently started taking notice of Bitcoin and cryptocurrency markets. What is more, because many Asian investors have missed being able to hitch a ride to the moon with Bitcoin, they are increasingly looking for altcoins which are still affordable to buy into and (ideally) as similar to Bitcoin itself as possible. – Hence why Coinone just added Litecoin to its exchange portfolio.
A Litecoin Analysis & Possible Litecoin Price Prediction
From a purely investment-centric approach, buying Litecoin at $60 per token now makes sense. This is providing, of course, that investors are prepared to make a potential $8 loss and sell should Litecoin sink back down to $52 per coin. This is because adoption by exchanges like Coinone, usually signals increased awareness and demand among investors looking for viable crypto alternatives to bigger players like Bitcoin.
Of course, it should also be remembered that Asian interest in cryptocurrencies as an alternative to regular investment vehicles is booming. In fact, this is precisely why China itself recently went to war with Bitcoin. The only question is, will Litecoin become as big a hit in South Korea as traders hope? Moreover, if it does, will that success spike renewed investor interest in the West also?
The Litecoin was developed by Charlie Lee, a former Google employee who believed there was a need in the market to be bitcoin’s silver and therefore started working on the project. It was released on GitHub via an open-source client back in 2011. At that time it was just a fork of bitcoin client but the block generation time was reduced to just 2.5 minutes.It used a different hashing algorithm compared to bitcoin that was named Scrypt and it had a different GUI as well. The goal of the Litecoin as inception was simple; offer a cheaper, faster and more liquidity based cryptocurrency to bitcoin that can stand on its own.