This has been a very crazy and disruptive year, especially for the markets and for finance in general.
The flight to quality to the USD has been no surprise at all given the circumstances, but the circumstances themselves were rather unexpected. People have been uncertain, especially in the recent past, about cryptocurrencies.
However, this is starting to change again, as Tradingview Litecoin charts clearly show.
The best data we have available indicates a very strong probability that a kind of mini-bottom has been reached exactly as of May the 7th 2020, the date of the writing of this article.
Cryptocurrency Historic Trends
Champions of Litecoin Tradingview, and other like-minded traders, have historically been very long on cryptocurrencies in general, and they have not been proven wrong over the years.
There is one thing short-term oriented people tend to forget – cryptocurrencies tend to tremendously appreciate in the long-term against any and all traditional currencies.
This is, at least partially, the fault of a biased mass media that loves to report on any setback, however minor, suffered by any cryptocurrency anywhere on Earth.
Without getting deeper into the subject, people who know better have made a lot of money in the past several years.
Cryptocurrency Trends Over The Past 18 Months
So what has been happening with cryptocurrencies in 2019 and 2020, up to the present date?
This is a complex question, and we’re going to briefly answer it.
Firstly, it’s important to note that there was a pretty substantial correction in December 2019, which affected all major cryptocurrencies. Importantly, however, all major cryptos had net gains in 2019 overall.
LTC Tradingview charts followed the same pattern, ending up still showing a 50-60% approximate profit (depending on target currency) for 2019. Litecoin continued to rally until February, but as Covid-19 took hold, the price fell.
However, it has already started to bounce back.
Litecoin vs Other Cryptocurrencies
LTC was designed by a man named Charlie Lee, who wanted to design a “lighter”, easier to use and move version of Bitcoin.
Litecoin is a relatively new entry onto the cryptocurrency stage compared to Bitcoin, the grandfather of all cryptocurrencies.
However, it now has just short of a decade of history, having been introduced to the market in 2011, which is a mere 2 years after Bitcoin.
Another thing people don’t realize about LTC, for whatever reason, is that Litecoin is, and has always been, one of the top 10 digital currencies in use worldwide.
Advantages of Litecoin
So, you may ask, what are the advantages of Litecoin? Here are a brief few examples.
- Transaction times are faster
- The average transaction time is 2.5 minutes compared to Bitcoin’s 10 minutes
- Fees are way lower than most other cryptocurrencies
- It’s easier to buy using fiat money (meaning specifically USD, EUR, GBP etc)
- It’s much easier to mine
- It’s immune to flood or other similar attacks
- It’s part of Coinbase, which many other cryptocurrencies are not.
- The founder of the project is still working on it to this day, which means it’s well cared for.
Why Litecoin and Other Cyptocurrencies Are Due to Bounce Back
Looking at the long-term or even medium-term data, it has become clear that cryptos are due a bounce-back.
Cryptocurrencies follow a wave-like pattern of peaks and troughs that depend on various factors. The last LTC dip occurred at the beginning of March, and things are already on the way up, although moving slowly.
Having said this, it’s very important to take into account that Litcoin’s growing at a time when literally almost nothing else in the economy is!
The chances are strong of this turning into a bumper year once the economies of the world start to turn again in a meaningful way.
Possible Investment Strategies for the Near Future
Experts are very long on cryptocurrencies in general for the rest of 2020, and especially long on Litecoin and similar.
LTC, because of its very nature, is poised in a special way to take advantage of current market situations, both now and as more and more people start to be productive again.
Litecoin is all about speed and flexibility, and people are looking for that in a big way.
We shouldn’t forget that despite all the alarmism and yellow journalism, this is still very much a globally interconnected world, and the advantages of cryptocurrencies are all still there!
Another key point to keep in mind is that telecommunications companies the world over have been working around the clock to improve infrastructure to keep up with increased demand for better-performing internet connections.
This directly improves the viability of everything in the virtual realm.
Cryptocurrencies stand to benefit in a big way right along with everything else digital. This is definitely one of the better times ever to get in (or go longer as the case may be) on cryptocurrencies such as LTC.
As a matter of fact, it could be one of the last such opportunities!
Expers are long Litcoin and other cryptocurrencies in the long run. The short term fluctuations in the crypto market are very difficult to predict though.
When all Litecoins have been mined there will be 84 million Litcoins in circulation.
The highest recorded price of LTC was 358,33$ according to Coinmarketcap.com.