The bearish nature of the cryptocurrency market is no news. The bulls have tried to gain control and formed an upside rally several times. However, these rallies are typically short-lived and cryptocurrencies are left bleeding out their gains. In the current bearish market, Litecoin (LTC) seems to be making some progress. Or, you can say it is not falling as fast as other cryptocurrencies are. Bitcoin has been trading in red for some days now. As expected, many altcoins are following suit. Stellar (XLM), however, is an exception as it is currently trading in green against the USD.
Litecoin Vs. The Market
Over the last seven days, Litecoin has been in the news. One of the latest news about Litecoin is the upgrade to Litecoin Core 0.17. The foundation announced that the upgraded Litecoin comes with lower network fees. The post by the Litecoin Foundation is as follows:
“On an average, each transaction fee on the network per KB is ~$0.05. Thanks to the upgrade, the fee per KB will reduce to $0.005. This is the same level it was in the year 2015. Officials within the organization said that there were enough empty blocks on the Litecoin blockchain and this was what gave them the power to reduce the fees.
Litecoin (LTC) Price Today – LTC / USD
A prominent jewelry seller, Marks Jewelers also gave Litecoin a much needed boost when it announced that they would now be accepting payments in LTC. The retail giant already accepts BTC, ETH, and BCH. The head of marketing at Marks Jewelers, Joshua Rubin had this to say:
“We are super excited to start accepting cryptocurrency payments from our clients world wide. This will increase the accessibility of our fine jewelry and reduce transaction fees. It will also eliminate the problem of chargebacks. Over the years, Marks has been known to offer a curated selecting of meticulously crafted jewelry. We are happy to give the world full access to the store”.
Still recently, Litecoin (LTC) was listed on one of the most popular cryptocurrency exchanges in the world, Gemini. When the announcement was made, the entire cryptocurrency community was excited. However, not everyone was happy about the announcement. Some users on Twitter stated that getting listed on an exchange isn’t the best way to ensure long-term survive. One user said:
“Rather than focus on liquidity, you should focus on adoption. The Litecoin community wants more opportunities to pay with LTC and the Foundation is looking for exchange listing. Lol. @SatoshiLite can’t you see that the price value of LTC drops each time it gets listed on an exchange? Stop helping”.
Litecoin (LTC) Price Analysis
Right now, Litecoin is struggling to hold its recent gain against the USD and Bitcoin. It is currently trading at $52.15. This means that it is down by 1.09% against the USD and down by 0.10% against Bitcoin. The market capitalization is $3,068,938,533 while the 24 hour trading volume is $265,398,014. The next few trading sessions will determine if Litecoin will triumph against the bears. The cryptocurrency market is unpredictable so its difficult to determine how the market will react.