ForexMinute.com – After a little research on the Litecoin blockchain, we got to know that a huge chunk of this coin (around 30,000 units) has been dumped. This was the sole reason why the LTC around $1 yesterday, sending a quick shiver to the Litecoin community.
In the wake of this event, there was speculation of Litecoin losing its charm in the market. Many of the reports by our fellow news websites also predicted that it will die soon under the influence of other altcoins’ growing popularity. Reason behind such speculation is the slow downtrend Litecoin charts have been displaying since the Mt. Gox mishap.
But indeed, it was not just the Litecoin which faced the massive drops during those times. It was a global catastrophe that affected each and every cryptocurrency in some way. The only trouble however is that Litecoin never tended to surprise audience with over-the-top surges like others. It simply focused on increasing its trade among merchants, which kept it away from double-digit escalations.
Although it is for the first time that Litecoin has dropped with a double-digit percentage that has further initiated a series of negative events inside the market. It is clear that the seller of 30,000 LTC was indeed in no mood to wait for the price rebound. Furthermore, he made good money even if he did sell the entire stash in around $7.
So the bottom line is that that is it justifiable to judge Litecoin because one of its holders had a pee-like feeling all of a sudden? For those who are predicting the death of Litecoin are no more wrong than those who thought Bitcoin will evaporate by the end of 2013. On the other hand, we believe a massive drop is the best time for a coin to pick up momentum once again, only if provided with a great community support.
So now we have a market in which LTC is being traded at around $8. It simply means there will be more people willing to invest in this coin. Being the second most traded cryptocurrency, Litecoin will surely rebound, and will provide better profits for its investors. It is too soon to predict the end of its aura. Investing now in LTC would be a good move.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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