Despite the fact that Litecoin (LTC) has lost more than 84 percent of its value from its all-time high, the digital currency still boasts of an increase of about 27.4 percent over the past year, indicating that it can possibly hit the $100 mark before this year runs out. There are lots of factors that play significant roles in the upward trend of the coin, but its close relationship with the value of Bitcoin is the most important factor.
The blockchain project has also continued to secured partnerships with institutional investors to provide messages and debit cards services. Listed below are some of the reasons why the Litecoin (LTC) need Bitcoin (BTC) to test the $100 level.
The Resurgence of Bitcoin (BTC) Will Ignite the Long-Term Success of Litecoin (LTC)
A lot of investors in the crypto space are coming to realize that in the short-term, only the survival of BTC matters. The short positions taken on Bitcoin have upturned to follow a bull trend in the last couple of days. Charlie Lee – the founder of Litecoin (LTC) – said that investors should own a least one Bitcoin (BTC) before investing in other coins.
The idea of the founder isn’t misplaced as he knows that an increase in the value of Bitcoin (BTC) will reflect positively on the value of Litecoin (LTC) too.
Litecoin (LTC) Has Real – World Use-Cases
As more digital currencies emerge in the crypto space as more are leading, one vital thing to note in the space is that “only the digital currencies with real-world use-cases will survive in the long-term. Litecoin is a digital currency that is strictly used for fast transactions and instant payments. More than one thousand retailers and merchants have agreed to accept Litecoin (LTC) as a means of payment. So as the adoption of Bitcoin increases, that of Litecoin (LTC) follows suit.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) is presently worth $57 after an increase of about 3 percent over the past twenty-four hours. The market cap of LTC is $3.31 billion and its trading volume over the past twenty-four hours is $221.39 million.