Does Litecoin, currently ranked 19 on Coinmarketcap, look like a long-term hold?
I always think of Litecoin as a cheap token to transfer around with negligible fees. Often done so by shifting value across wallets through Litecoin so that I can avoid the heavy fees in BTC or ETH.
It then occurs to me that I don't actually have a Litecoin hodl position! I am considering it now.
In terms of utility, LTC is merely for transfer values, the way I see it. Litecoin's low fee and fast transactions are perhaps its most salient selling points.
The likelihood of survival is another factor I am looking at. To this end, Litecoin has been around since 2011, making it one of the pioneer coins in this space. It's ranking in terms of marketcap is up there, which means it has plenty of liquidity with many investors vested. This brings about its stability relative to newer projects.
With all the mentioned above, I can think of one last reason why I am holding some LTC.
Here is it.
The instability of exchanges, and the seemingly higher likelihood of them freezing withdrawals, make me wary of the risk involved in leaving my tokens in the CEX.
Storing LTC in a cold wallet is just perfect, especially since I am looking to trade out when the price is good.
Anytime I like to sell it, it doesn't cost me an arm or a leg to send it over to the CEX fast. This is great.
Where do you think Litecoin is heading?
P/S: This is not financial advice, and please do your own due diligence before investing.
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