It is true that Litecoin didn’t do very in the first two quarters of this year and that its value is depreciating over the course of this year, but there is hope. Litecoin made a great leap last year but the trendline of bears went too far. This caused coin holders to lose interest and sell their coins at loss. Being an oversold territory, LTC holders are considering selling it and if the market has been any indication, such assets gain value due to the rebound.
Another reason for Litecoin holders to cheer is the fact that it’s been accepted widely at different trading platforms. itBit, one of the digital currency trading platforms that are regulated by the NYDFS greenlit the listing of Litecoin (LTC). Since it is a trading platform that deals in the US and is regulated, more investors will be attracted to the platform.
Another step forward in Litecoin’s rise is its listing at the SFOX, a cryptocurrency prime dealer. SFOX is known to cater institutional investors and high-volume professional traders and had only 3 cryptocurrencies listed until now. They were able to attract investments from notable firms and personalities such as Y Combinator, Khosla Ventures, and Airbnb co-founder Nathan Blecharczyk. Their CEO Akbar Thobhani believes that Litecoin’s utility and liquidity capability and the support from Litecoin Foundation makes it a promising currency for their customers.
Litecoin’s CEO Charlie Lee commented that this move will help litecoin’s liquidity and make it more accessible to institutional buyers. Also, he believes that such a backing will raise the value of the cryptocurrency in the near future. Although several analysts remain divided over Litecoin’s future, it seems that such important additions to Litecoin’s portfolio add weight into the positive zone.