A lot of the cryptocurrency exchanges are looking to add Litecoin to their platform. One such exchanges Gemini cryptocurrency exchange.
Currently, Litecoin is trading around $ 173. According to the Gemini Cryptocurrency exchange, Bitcoin Cash and Litecoin are the areas in which they are looking to expand.
According to the owners of the exchange, Winklevoss Brothers, in the year 2018, the institutional money will step into cryptocurrencies. According to them, this will propel the cryptocurrencies to a whole new universe.
Irrespective of the positive noises, currently Litecoin is in a downtrend. It has fallen by approximately 13% in the last 7 days.
According to the inventor of Litecoin, Charlie Lee, Litecoin needs to consolidate.
Only when it consolidates at the present levels, it will be able to move ahead. He is trying to reduce the excitement around Litecoin. Litecoin has already rallied by approximately 4000%. This is the reason why he believes that it needs to consolidate.
A year back, Litecoin was trading around $ 4. Currently, even after the recent fall, it is trading around $ 173. This is the reason why even the inventor of the cryptocurrency believes that it should consolidate for a certain period of time.
One of the main advantages of Litecoin is that it is able to complete transactions much sooner. This is the reason why many of the investors think that it can be a worthy successor for Bitcoin. On the other hand, it underwent a fork as well. Thus, more value was created for the Litecoin holders as well. This also generated a lot of frenzy in Litecoin.
The launch of Litepay further added to the excitement. However, ever since these announcements, the cryptocurrency has been falling consistently. Also, currently many of the other cryptocurrency’s are in a downtrend as well.
This is the reason why there is little hope for the cryptocurrency to recover. Investors will have to wait it out.
Only once these cryptocurrencies are able to consolidate, they can rally in the future. Currently, however, it seems like irrespective of positive or negative news, the cryptocurrency is headed lower.
It will require quite some time for consolidating considering the exponential rise which it has seen. Only once it undergoes consolidation, it will be able to let the rise further.
One thing which is for sure is that with the institutional money coming in, it can easily reach new heights in a short period of time after the consolidation.