Daily Litecoin News Update
The ongoing cryptocurrency armageddon has killed a few and wounded plenty. Yet, one crypto is fighting off the bears with much resilience and strength.
Litecoin has proven its worth, becoming the best-performing cryptocurrency, beating the four crypto top guns sitting on top of it on the leaderboard.
My comparison horizon extends to the pre-bull market days. Not taking into account the December bull run, by connecting the remaining data points, one finds a steady rise in LTC price.
Chart courtesy of TradingView.com
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So if you consider the bull market a temporary aberration, Litecoin has proven itself as the only top cryptocurrency that can easily pass off as digital money. Let me explain why I claim so.
To replicate the qualities of fiat currency, any cryptocurrency must pass three litmus tests. One, as a store of value; two, as a medium of exchange; three, as a unit of account.
Most cryptocurrencies pass the first test. Unlike money, which loses its value over time, cryptocurrencies pose to gain in value. How else do you interpret growing demand against limited supply?
For the other two requirements, however, only a handful of cryptos make the cut. In my view, there’s no better option out there than Litecoin. And the market seems to agree with me.
With an average LTC transaction costing merely $0.19, Litecoin is nearly nine times cheaper to use than Bitcoin. It processes your transaction in less than two minutes—more than four times faster than Bitcoin. Being one of the only pure digital currencies out there (by pure, I mean a cryptocurrency created for the sole purpose of substituting fiat currency, like Bitcoin), Litecoin makes the most viable option as a medium of exchange.
Finally, to become a unit of account, Litecoin must preserve its value or record a stable increase. Through the peaks and troughs in the past three months, Litecoin has proven itself as a cryptocurrency that maintained its value better than all of its top peers.
So ask yourself; which crypto has the best chance at making the digital currency of the world?
Analyst Take
Litecoin’s recent performance is a testimony to its ability to become a top choice for digital payments in the mainstream world. It only trails Bitcoin in terms of popularity. But it’ll slowly get there with time. As the brief history of cryptos has proven; slow and steady wins the race.
In short, Litecoin gives us plenty of reasons to reiterate our Litecoin price prediction for 2018, with a price target of $400.00.