ForexMinute.com – For an altcoin which is considered Bitcoin’s closest competitor, Litecoin still holds the attention of both new and seasoned traders. Ever since its launch in late-2011, the coin gathered investors who were believed to have missed the Bitcoin train. Its features – certainly better than Bitcoin – received much attention by mainstream media. Positive notions ultimately brought its value to as high as $45 at one-point of time.
But is it supposed to stay the same way in the future? It is quite tough to predict such a thing, especially when there is a hoard of other coins trying desperately to dethrone Litecoin from its silver-crown. In this particular year, we have seen how Litecoin’s value is on a steady decline, a trend which is hurting its loyal, long-term holders. In the meantime, Bitcoin’s value has also dropped by 70%, and is still pursuing further lows.
The most notable fact however is the survival of these coins, despite of the aggressive falls their value has seen in recent times. No other coins have been able to survive that long, especially after falling on such magnitudes. This might be the only reason why there is still some visible support within the communities of both Litecoin and Bitcoin. But does a larger support translate into a better trading environment. Not in this case.
Speaking for Litecoin specifically, its traders are genuinely losing interest in the coin despite its marvelous features over Bitcoin. The money-minded lobby inside the Litecoin community is hugely responsible for misbalancing the demand-supply ratio of Litecoin. There is a certain impatience in the market, getting derived from the lower demand, increasing altcoin competition, toughened ROIs, absence of new features, more dumping, and several other factors.
On the other hand, there is a better chance of the long-term traders exiting the market, which will surely bring Litecoin to more lows. This is all because of a speculation of it being the next Bitcoin. Litecoin has by far cashed on this campaign, but now the very same silver-to-gold-Bitcoin tag is hurting it. And when the speculations fade, Litecoin fades alongside.
It is now the time for this coin to come up with its own identity. No doubt it is better that Bitcoin when it comes to speed and security but what it unfortunately lacks is, a definite and creative marketing campaign. Wonder why merchants choose to adopt a cryptocurrency whose transaction takes prolong periods to get confirmed. Indeed, Litecoin has pro-merchant features, but Bitcoin has got the edge of being number one. Ever heard of Pepsi calling itself the next Coca Cola.
Creating a different road for Litecoin will further impress traders in big ways. It might also end the correlation between Bitcoin and Litecoin trading markets. Make this digital currency a competitor not a prototype of Bitcoin, that’s what we are fantasying. Send in your views over it.
To contact the reporter of the story: Yashu Gola at email@example.com