A Closer Look At LiteCoin
Shain Vernier • 1 min read
There is no doubt about it, cryptocurrencies are becoming a buzzword across the financial community. Fortunes have been made investing in Bitcoin and Ethereum as well as many others. Active trading strategies, like the one outlined earlier in the session by my colleague Rowan, have proven to be effective ways to engage this market.
What Is LiteCoin (LTC)?
Until recently, LiteCoin (LTC) has been an afterthought in the digital money environment. However, as of late LTC is gaining popularity among small cap investors.
LiteCoin May Just Be “The Next Big Thing”
The truth is LiteCoin has been around since 2011. As with the other cryptocurrencies, it is a peer-to-peer mode of transfer dependent upon blockchain technology. Its performance metrics for 2017 are impressive:
Up over 1400% year-to-date
Up 32% last month
A market value of over $3 billion
Ranks as the fifth largest cryptocurrency (by market cap)
From an investment perspective, LTC’s price is attractive. Currently, LTC is trading around $60 per coin, a fraction of Bitcoin and Ethereum. For a cryptocurrency with the longevity and relative stability of LTC, $60 is a relative bargain for a long-term position.
As an active trader, I like the daily pricing volatility. It is not out of the ordinary to see a 10% swing in pricing over a 24 hour period. Volatility equals opportunity, and LTC brings plenty of it to the table.
Bottom Line: Cryptocurrencies are still very much in their infancy. As the market finds its place in contemporary finance, there will be some ups and downs. For now, LTC can be an affordable way to play the market using an active or hands-off trading strategy.