Things are looking good for a lot of cryptocurrencies today. Many believe that it is due to the fact that whales are becoming interested in the crypto market. Institutional investors are planning to enter the picture now that regulations are more or less in place. To give you an idea just how good the crypto market looks these days, the total cryptocurrency market is at $450 billion and is still marching upward as of the moment. In addition to this, Bitcoin is slowly closing in towards the $10,000 mark yet again.
And the same is true for altcoins. One of the biggest winners would have to be Litecoin. Though it is considered as a slow move compared to other altcoins, Litecoin had a bullish run lately.
The cryptocurrency founded by Charlie Lee has been experiencing gains especially right after rumors that he is going to leave LTC for good. According to Coinmarketcap, LTC has jumped by 8.5% and was even able to retake the sixth spot from Cardano.
Within the week, Litecoin has made 16% gain jumping from $148 last weekend. Compared to last month, Litecoin is already 43% higher than its $120 level.
Leaving for the Sake of Decentralization
Charlie Lee is rumored to leave the Litecoin team in order to make Litecoin become more decentralized. He mentioned that Bitcoin has a more decentralized progression considering that it has an anonymous founder. However, he gives no specific time frame when he is going to leave.
In reality, the price movement may not actually be just because of the announcement of Lee on Twitter that he has plans to leave the Litecoin team. Crypto-debit card provider Wirex added Litecoin support.
Will This Movement Continue?
Litecoin currently has a market cap of $9.19 billion. There is approximately around $660 million worth of Litecoin traded on different exchanges just in the last 24 hours. Among popular exchanges where the cryptocurrency is being traded include Hong Kong-based crypto exchange OKEx. It amounts to 30% of the entire Litecoin volume that is being traded.
Now, the biggest question is if Litecoin is still going to continue its bullish run in the next days or weeks to come?
In order for Litecoin to stay bullish, it is imperative that the digital currency is adopted in daily use. Perhaps, the story started when Litecoin announced on Twitter: “Does your business accept Litecoin?”. At the end of the statement, LTC team invited those who are interested to message them directly in order to know exactly how to take part in the project. Based on the tweet, it is safe to assume that Litecoin’s gameplan is to mass adoption.
With fast transaction time and cheap transaction fees, Litecoin can be used for daily transactions. Come to think of it, it is the picture that Litecoin founder Charlie Lee had in mind. He believes that Litecoin can be used for small purchases.
In fact, he Charlie Lee even thought of the worst case scenario. He even thought of what to do in case the last Litecoin has been mined in the future.