Litecoin News Update
The South Korean shock wave, which panicked investors into selling their holdings last week, is continuing to mar the cryptocurrency markets. So far, revival is not in sight.
At times like these, we’re reminded how many average investors turned into billionaires following a simple formula of investing. They turned greedy when others remained fearful.
In case you missed the big rumor that threw a death scare into the markets, here’s a quick heads-up for you.
The South Korean government hinted that it planned to ban cryptocurrency trading altogether. After a public backlash, the government backpedaled on its plans and confirmed there would be no ban, only some regulations to ensure investors are protected from volatility in the markets.
This little fiasco caused a major drop in cryptocurrency prices since a good portion of crypto trades flow in from South Korea. First, fear of losing their investments forced the Koreans to sell their investments. Then, plunging prices encouraged jumpy investors to follow suit. The result is obvious.
Save one or two unexpected pops this morning, nearly all cryptocurrencies are trading close to their new-year lows. Litecoin included.
Litecoin, in particular, has faced the brunt of this sell-off because about a fourth of its daily trading volume flows from South Korean exchanges.
But ask yourself, does any of this change Litecoin’s fundamentals? Absolutely not.
Litecoin is continuing its steady stride toward its ultimate goal. The Litecoin Foundation is currently working on introducing its own payment services platform, “LitePay,” due to be launched next month.
In addition, a Litecoin upgrade is in the works, which will further reduce its block size and cut down its transaction fees, making it even more competitive against Bitcoin as a better mode of payments. All this while Litecoin is also sealing new partnership deals with merchant processors and businesses, one step at a time.
At this point, evaluate if a logical investor should be selling this coin or “hodling” it. I’m certain that you’ll reach the same conclusion as me.
While fearful investors push these positives under the rug to justify their sales, the greedy investors see an opportunity under there.
The LTC to USD price went haywire in the past week. Oscillations like these are a classic depiction of a market dominated by fearful investors. This presents a lucrative opportunity for greedy investors.
Chart courtesy of TradingView.com
We’re banking on all the positive developments in Litecoin that provide the backdrop for our bullish Litecoin price forecast for 2018. Our LTC price target stays where it was. That is, at $400.00.
Author: Palwasha Saaim B.Sc