Litecoin Popularity Surges as Bitcoin Prices go through the Roof

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Litecoin Popularity Surges as Bitcoin Prices go through the Roof
Litecoin Popularity Surges as Bitcoin Prices go through the Roof

Litecoin Popularity Surges as Bitcoin Prices go through the Roof

Litecoin is gaining popularity from the increased prices of Bitcoin as new traders who cannot afford to buy Bitcoin feel it better to invest in other virtual currency. Particularly, when Bitcoin notched up the $1200 mark and now trading safely in the $800s, many traders are feeling it is not in their reach; instead invest in Litecoin which is trading close to $35.

According to the latest reports, Bitcoin is expected to reach new heights and its supporters are all set to make it one of the most preferred trading and investment options; however, due to the shortage of the crypto-currency, a certain group of investors are looking for an alternative in the form of other virtual currencies like Litecoin.

Recently, the crypto-currency market capitalization site coinmarketcap.com reported that Litecoin has joined the billion dollar virtual currency club; this is definitely going to help the people who are supporting it and wish to make it big. In fact, Litecoin was  trading at $48.99 the other week with a market cap of $1.14 billion dollars, and is expected to gain traction.

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Litecoin Is Emerging as an Alternative to Bitcoin

Market observers believe that as the exchange value of Bitcoin is going up, other virtual currencies like Litecoin are going to benefit a lot. In fact, Litecoin is among a group of alternative virtual currencies riding high on the recent popularity of the Bitcoin virtual currency which has gained traction even after the seizure of Silk Road.

Market observers believe that Litecoin as well as many other virtual currency which got inspiration from Bitcoin will be a mega success as according to them Bitcoin is carving the path for them. These virtual currencies are going to fill the limited circulation of Bitcoin and meet the requirements when the demand goes up.

Moreover, as all these virtual currencies are based on the principals of a peer-to-peer, decentralized, digital currency in the line of Bitcoin, there won’t be much intra-digital currency tussle; rather, mutual growth. A new entrant Namecoin is making great inroads as it has passed the $100 million dollar valuation threshold recently.

It is not yet clear when these virtual currencies will be recognized as all of them are alternative currencies, as no nation has adopted a crypto-currency alternative to fiat money. However, the last months’ development in the U.S. show that the government is willing to incorporate virtual currencies and willing to make them a means for legitimate currencies in law.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com