Litecoin (LTC): Taking Small Steps to Adoption, But Price Sinks
Litecoin (LTC) slides toward $100 as the entire market keeps unraveling most of the gains. But the coin is seeing continued attempts to be accepted as a means of payment. For now, the ongoing campaign hardly affects the LTC price.
The latest addition to payment options comes from BitRefill, one of the older services for crypto payments. The platform for buying mobile minutes now also accepts Lightning Network payments for Litecoin:
Lightning payments with Litecoin are now enabled as well on https://t.co/DkVC1NLdi6!
035[email protected]ltc-lnd.bitrefill.com#Lightning $LTC #LTC pic.twitter.com/UDeU32QjTF
— Bitrefill (@bitrefill) March 28, 2018
The problem with the current LTC prices was the high publicity and hype in December and January, lifting LTC as far up as $370, with expectations of reaching $500 and staying there. This caused many newcomers to buy LTC coins, because of their easy availability.
However, at this point some believe the correction is only temporary, and LTC may resume its climb.
Anyone holding #Litecoin keep holding. This is manipulation by rich people trying to scare you into selling. There is No point in selling your cryptos at a loss. Enjoy your day today and count your blessings. No need to worry #Litecoinfam all good
— Litecoin (@Litecoin2018) March 29, 2018
LTC fell by more than 12% in the past day, to $119.86, as the markets continued the downturn. The LTC price is closely linked to the strength of Bitcoin. LTC remains relatively stable in terms of BTC prices, but its dollar price is set via BTC, hence the sharp drop.
In terms of community building and marketing, Litecoin is seeing renewed efforts by recruiting followers and promoting prominent voices and commenters. But even this has little effect on the current market price. The community is careful to warn newcomers to avoid over-investing with the expectation of a quick climb. LTC has fallen to very low levels in the past, wiping out its gains, and only started reaching higher price levels in the summer of 2017, after being added to Coinbase.
Additionally, Litecoin suffered some bad publicity after the LitePay startup closed and failed to deliver the long-awaited payment system dedicated to Litecoin.
Litecoin, through its GDAX trading, lines up among the most prominent investment opportunities for millennials. The other active exchange is OKEx, getting LTC exposure to the speculative Asian markets. LTC trades at a slight premium, around $123, against the Korean Won.