Litecoin (LTC), like most other cryptocurrencies, has had a fair share of bad performances over the years. Yet, for many, the last few weeks left some kind of apprehension, wondering if the crypto had enough support to prevent an imminent drop out of the top ten rankings. That fear from the LTC community heightened when it was overtaken in quick succession in the space of two weeks.
First, it was EOS that blitzed past with a smoldering performance over the months of March and April. Then next in line to overtake LTC was Cardano. It happened after a rally of its own, supported by updates to its roadmap and ADA being added to Binance. There were also rumors of a possible Coinbase listing.
Nevertheless, Litecoin has mounted a rally of its own, quickly retaking 6th position from Cardano. The excellent performance has left LTC among the few cryptocurrencies in the top 10 still in the green over the last 7days. EOS, on the other hand, is trading at +2.68% higher today than yesterday, but its value is -5.76% over the last 7 days.
Although Litecoin is trading -3.88% lower over its value on May 6, 2018, the technical outlook suggests a major breakout above the $175 key resistance level could signal the beginning a rally. At the moment, LTC has a market cap of $9.3 billion while EOS has a market cap of $14 billion. Does LTC, therefore have enough support to push it towards retaking 5th in the market rankings?
On April 7th, the cryptocurrency traded at $113 against the US dollar, closing the day with a volume of $211 million worth of its coins traded. By then it had a market cap of $6.3 billion. Over the last 30 days, the crypto has grown over 200%, its price rallying to $178 against the US dollar. In the same period, the market cap grew from $626 million to on April 7th to reach $10 billion on May 6, 2018. All this positivity has been achieved despite the failure to land TokenPay partnership; though a string of other very good partnerships has helped put Charlie Lee’s agenda of having LTC used as a payment currency globally.
The momentum seems to be with Litecoin as more payment providers link merchants who accept LTC to users. The latest of such payment providers is CoinGate which tweeted the following:
“In 1 week of full Litecoin support, more than 200 $LTC payments were made to over 50 merchants through CoinGate, with an average value of 0.58 LTC. Stay tuned for 1,000 payments in May”
This Pay with Litecoin initiative seems to be gaining traction and the expectation is that it may result in a lot of interest, culminating in more volume. And with Lightning Network becoming a reality, Litecoin has its future well mapped out. In the meantime, overtaking EOS into 5th should be achievable before long. This sentiment is reinforced by such messages as the one below.
Transaction speed, lower cost per transaction and ease of accessibility will play a big role in the so-called grassroots campaign. The end user must see LTC as a better option over the myriad of options available in the crypto market. The upside of this is that in case of a rally, support by the community may count towards even more adoption.
The advantages of being traded on all the major cryptocurrency trading sites should also count in its favor. More listings will definitely account for an increase in visibility and wallets like Abra would enhance usage for those who may find it hard to trade or buy from traditional exchanges.
Litecoin (LTC) at the moment is looking to find support above $175 in the next few days. If that happens and it embarks on a similar rally over the next couple of weeks, Litecoin could surpass its all-time high within a relatively short time. And by then, it could be back in the top 5 on coinmarketcap. However, all these are dependent on the prevailing market sentiment and the kind of support LTC bulls would offer in case of a bullish run. Meantime, keep watching that price chart.