Bitcoin has been trying, and surprisingly failing to break the $4,000 barrier. While the price for that is treading water, the Binance and Litecoin stats have been rocketing. Litecoin has doubled in price so far this year alone and people are also saying that it is going to carry on rising as well. Litecoin is quite possibly one of the oldest rivals to Bitcoin and they launched in the year 2011. By the looks of things, this year it could overtake the coin entirely so this is so important to keep in mind if you are an investor.
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It is important to know that some cryptocurrencies, including the famous Litecoin have stopped tracking Bitcoin prices as closely as they once did. Litecoin has risen by quite a lot over the last couple of months and it has been on the increase since it hit a record low of just $23 per coin. This happened in December and a lot of developers have been working hard to secure privacy ever since. They have also made a lot of high-profile partnerships as well.
Litecoin’s rapid increase over the last couple of months has been of significant note since it hit a recent low. The volatility spiked by quite a lot and they have also explored the integration of the Mimblewimble as well. This is a protocol that is said to offer a good amount of fungibility to a lot of blockchains. In March, it is important that you keep an eye on fungibility and that you also look at the blockchain itself. There has been a lot of talk over the recent revelations and this is especially the case when you look at the Coinbase third party provider. They believe in selling client data, so it is more than possible for this to have an impact on the market as well. Of course, crisis has hit Venezuela this week and they have also launched their very own government-sanctioned service. This gives users the chance to send any Bitcoin and even Litecoin directly into the country. This helps Bitcoin and Litecoin to become more utilized and it also helps them to become more reliant on the cryptocurrency in general as well.
These developments are huge for Litecoin and it could be just what it needs to get going. When you look at the upcoming halving. This will tighten up the supply of Litecoin. Previous currencies have seen prices for the tokens rise and this should be of note if you are an investor. There is no guarantee at all that this is going to happen at all but this week, it’s safe to say that big things are set to happen.