The Reasons Why Litecoin Gained More Than 30% In Value In Under 24 Hours

After this month’s market crash, Litecoin suffered a 70% drop in the USD value reaching a low value of $109. But the market started to recover and with it, Litecoin – the little coin that could, recovered too. Right now, Litecoin is sitting at a $211.77 USD value and a 0,0229 BTC one and is slowly heading to $300+.

Why did this sudden increase in price occurred?

The sudden growth in price was not as unexpected as it looks like. Litecoin – a cryptocurrency with one of the lowest fees on the market, a low transaction time, a history and a creator that still takes care of the Litecoin’s future development, even though he publicly declared that he sold all his Litecoins.

And there are more news that influenced the upwards trend of Litecoin. The announcement of the LitePay and LitePal launch was probably the most important news released in the past month. But that’s not all.

  • A lot of adoption news appeared. TenX confirmed that Litecoin will be added in the next few weeks.
  • One of the most known Brazilian web hosting companies is now accepting Litecoin. India’s largest exchange – Zebpay – added Litecoin about 20 days ago
  • If Arizona pass the proposed bills which would allow anyone to pay taxes with cryptocurrency – Litecoin would be one of the recognized cryptocurrencies, according to CoinTelegraph.
  • The release of the next Litecoin update will reduce the fees, as Charlie Lee declared in his tweet.
  • Cosgrove Gaynard Solicitors, an Irish Law Firm, declared that they will accept Litecoin.
  • Bitflyer, the well known Japanese exchange which was approved in Europe, will soon add a LTC/EUR trading pair.
  • Cryptobuyer – an exchange known in Venezuela – is now using LTC instead of BTC.
  • A Dublin Coffee place created by a cryptocurrency trader is accepting LTC as well as Ethereum.

All these adoptions news maybe didn’t had an immediate effect over the price, but patience is rewarded in the cryptocurrency market. Moreover, even the ‘bad news’ can be ‘good news.

Fortune presented Litecoin as a ‘surprise favorite of criminals tired of Bitcoin’ while CryptoBible reported that 30% of the dark web accepts Litecoin as an alternative method of payment – probably more than Monero.

Nasdaq however saw Litecoin’s LitePay different. To summarize their view :

E-commerce payments using LitePay could figuratively ‘light’ the way to making the payment method main-stream. 

Forbes covered a story about Microsoft and Litecoin too.

In today’s post, Microsoft points to Bitcoin, Ethereum, and Litecoin as three specific platforms that are suitable foundations for DIDs.

And also, a Forbes contributor explained ‘What is Litecoin?‘ in a wonderful manner.

Conclusion

As Bitcoin is struggling with the Lighting Network and Bitcoin Cash as a competitor, Litecoin is slowly gaining more users and increase their adoption rate day by day. This is not the results of an aggressive marketing campaign or a viral effect, but of an friendly and helpful community which believes that payments should be done easily – with acceptable fees.

As we believe in Litecoin too – If you have a business and you’d like to accept Litecoin – Contact us and we’ll publish an article about it for free.