Litecoin (LTC) has had a massive downfall when this currency fell down from trading as the fifth-best currency to being placed at the 6th spot on the global coin ranking list. Since it was pushed down by EOS thanks to the benevolent set of gains for EOS which made its market cap sky-rocket it to the moon as the fifth-best currency, LTC has fallen down even lower as it just took over the 7th spot on the list due to its market capitalization at this moment. Let’s see what awaits Litecoin in the future as well as how LTC is doing in the market at this moment.
Litecoin Drops Down to the Seventh Spot
A couple of weeks ago Litecoin (LTC) long-held spot was taken over by EOS which beat LTC by having an amazing set of increases which consequently pushed its market capitalization up, making it the fifth-best currency.
That was a massive defeat for Litecoin, as LTC is considered to be the closest to the original coin, Bitcoin while holding the fifth spot on the global coin ranking list for a long time.
In addition to this defeat, Litecoin has had another over-throne when this currency was pushed down to the seventh spot on the list while it was previously trading as the sixth-best currency in accordance with its market capitalization. This time, LTC was pushed down by Cardano, which had an amazing previous week that sky-rocketed this digital asset.
It seems that there is a bit of concern that Litecoin will continue to drop from this point once the market trend turns to red again, pushing the currencies down with the value as it is usually a case after having a “safe” period when all currencies or the majority of currencies are trading up.
It is usually the case that investors decide to collect the gains from weeks-long rises in the market, that way creating a massive selloff.
Massive selloffs will, of course, cause the value of the affected currencies to go down, that way losing on its price and trading in the red. Since it seems that investors found Cardano and EOS two spots more interesting than LTC, it is yet uncertain at this point what will happen to Litecoin once the tables turn and the market turns red again.
Litecoin and Private Running Nodes
It seems that the CEO of Litecoin (LTC) is not up for losing the great game of cryptos, so Lee Charlie tickled the public by using a very interesting comparison between watches and private nodes. He pointed out that when you have your own watch, you know what the time is, so you don’t have to ask anyone about it. He stated that the same thing goes with having private running nodes – you don’t have to rely on miners for verifying your transactions.
With this statement, it is presumed that the LTC team on the head with Charlie Lee will be taking over another project in the terms of making their platform even more decentralized, which means that the greatest power will belong to the users of the platform.
Charlie Lee already showed signs that he is up for making LTC more decentralized when he decided to give up his LTC units back in December of 2017, so creating private running nodes for a superb level of decentralization seems like a natural step.
Litecoin and the Market
Even though Litecoin (LTC) is going down on the global coin ranking list, since LTC is following up with the latest trend in the market, this digital asset is being traded in the green. Dropping to the seventh spot in accordance with its market cap when compared to other cryptos, Litecoin showed a bullish behavior in the market while stubbornly trading up in the green and breaking the value of 150$ while going up for 160$ per one unit in the course of only several days.
After the latest change in the market, LTC has gone up for 7.76% against the dollar. In addition to this rise, Litecoin is trading up against BTC as well, going up for 3.74% against this crypto.
Due to the most recent increases, Litecoin can now be traded at the price of 159.71$ per one unit, going pretty close to the value of 160$ with great odds of going above the initial price by the next day in case it continues at the current pace of growth.
Litecoin (LTC) made its record price back in mid-December when this coin was dealing around 366$ per one unit.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.