Litecoin is looking at a potential rebound after the recent crash. Platforms such as Venmo started to accept it as a valid payment method, which has pushed the price up over the last week or so. Litecoin had also reclaimed its 200-day moving average, trading above the moving average line as we speak, showing great potential.
Litecoin is based on similar technology that operates other major cryptocurrencies such as Bitcoin. However, what’s different with Litecoin is that its blockchain is mined every 2.5 minutes compared to the 10 minutes that Bitcoin requires, meaning Litecoin can process transactions much faster than Bitcoin and is better suited to act as a simple payment method.
While Litecoin trades for less than $200, Bitcoin is still hovering around the $37,000 level. For average investors, its affordability and stability make it an excellent option as an alternative cryptocurrencies to spread the risk. Once Litecoin is widely accepted by more and more payment platforms and shops, we might see its price rise steadily.
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