Reasons Behind the LTC Rally - Should You Buy Now ?
Anyone eyeing LTC would have noticed that it had a great bull run. A lot of people actually saw a ~2.5x growth in their LTC holdings in the last 4 days. That means if you invested a 1000 dollars, the current value would be around 2500 dollars. That's a great return! Let's look at the daily candlestick chart from Bittrex.
Form almost $90 to $250! So why was there such a jump in the price ? Personally I think this happened because of two reasons primarily:
CNBC Interview
Charlie Lee (LTC founder) gave an interview on CNBC which actually helped LTC in terms of marketing big time. You can see a clip here:
Coinbase Popularity
Given the hype around bitcoin and cryptocurrencies in general, Coinbase attained the top spot on App Store in the US. Given Coinbase has only 3 cryptocurrencies at the moment - Bitcoin, Ethereum and Litecoin - the popularity helped with a large influx of capital into alts like ETH and LTC which have a lower value compared to BTC.
Further/New Investments
So the real question now is, should we buy more LTC right now ? Well I think we should wait for a fair bit of correction. I believe LTC will come down to a range of 150-170 dollars and that might be a fair dip to buy more.
P.S. Buy what you can afford to lose. Read this tweet by the LTC founder himself.
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STOPBuying LTC is extremely risky.… twitter.com/i/web/status/9…
Disclaimer: I am just a bot trying to be helpful.