Litecoin has been going through a good period in recent times. Because Litecoin is a form of Bitcoin, there tends to be a match in the way that both cryptos grow.
With Litecoin hitting almost 600% growth recently, is there much room for it to continue growing? Will it be able to continue the rise in the long term, or has it hit a plateau? How will this impact on investors, traders and other people who use Litecoin?
During 2019, Litecoin has almost been the standard bearer for the continued and stable growth of cryptocurrencies. With almost 600% growth since December and nearly 350% growth since February, there has been a constant and impressive rise. This has led to two main things: Litecoin has started to grab more prestige within the trading community, and it has also attracted new investors.
There is a lot of worry within the trading community at the moment as to whether Litecoin can continue this period of growth. There is a lot of contrasting talk between analysts of the cryptocurrency market. While some analysts feel that there is still plenty of space for Litecoin to rise in current conditions, there are also some who feel that there could be a drop about to occur.
While a drop would not be a disaster, especially after the year that Litecoin has had, it would not be desirable either. If Litecoin undertakes a steep drop, then it could cause traders to remove their support, and another steep drop could take place.
Hitting a plateau
There is also the worry that Litecoin has hit a plateau. Some analysts believe that it has reached its peak in the current market and that it will be unable to rise much beyond what it has already hit. Because of this, analysts feel that an investment in Litecoin at the moment is like placing everything on black when playing roulette. It could work out really well, but it could work out poorly too.
There is a big change that is coming to Litecoin though that could help to invigorate the market. Litecoin is currently in the process of announcing a halving event. Halving means that Litecoin miners will get half as much Litecoin from each block as they would have before – so when they have finished mining, they will get Litecoin that is worth half as much, unless the price of Litecoin rises accordingly. Because it creates a huge change in the balance around the supply and demand of Litecoin, this does help to increase the price of Litecoin.
What does this mean in terms of investors? Basically, it means that currently traders feel that holding onto Litecoin, even if it does suffer from some minor dips in value, is the right thing to do. Because the halving event is likely to help increase the value instantly but also raise the glass ceiling for the price that Litecoin can reach, holding onto Litecoin until after the halving event is very likely to result in a massive increase in the value of the holdings.
Benefit to others?
One of the biggest beneficiaries of Litecoin is online casino players. Any player who enjoys playing games such as blackjack or video slots will know the benefits of using Litecoin to place wagers. By using Litecoin, it allows players access to significantly higher levels of security than any other financial transaction method. They will be able to easily play their favourite online casino games without any worries of hackers being able to take their money away.
It also makes it a much faster process to withdraw money from online casinos. Because the e-wallets that handle the transfer of Litecoin do not have to go through the lengthy protocols and middlemen that are associated with banks, a Litecoin transfer can be completed instantly, whereas a bank transfer will take a minimum of two working days, and quite often even longer than that.
There is also the third benefit that is on offer, which many online casino players will not have counted on. Because the halving event is likely to increase the value of Litecoin, any winnings that are paid out in Litecoin from online casinos will become more valuable as the value of Litecoin increases.
While there are never guarantees that cryptocurrencies, or in fact any currency, will increase in value, the halving events are as close to a guarantee as it gets. During the last halving event, the value of Litecoin actually doubled in a short period of time. This means that potentially online casino players who have managed to grab a big win on a progressive jackpot or at the tables will see the value of their big win increase at a rapid rate.
This could cause more online casino players to choose to play with Litecoin over other cryptocurrencies and could see Litecoin become even more popular.
The best place to play Litecoin casino games
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Words: Sean McNulty