Here is one possible reason: Valve the gaming company announced that it was no longer using Bitcoin for payment because of the high fees and is now accepting Litecoin. This is huge! Moreover, because of all the technical advantages of LTC in the near-term (Atomic Swaps, The Lighting Network, Smart Contracts, Covenant, etc) and its current price, I still believe LTC is a highly undervalued asset! I’m in LTC for the long-term. This is only the beginning.
Although not related to your question I’d like to address the bubble issue:
With the increase in the price of LTC, let’s for a moment concede to the notion that we are near the bubble popping in cryptocurrency. What happens after a bubble pops? Take for instance the 1999 tech bubble. The Nasdaq had a total market cap of about $6 trillion. The bubble popped. Companies like Intel, Microsoft, Amazon and Apple survived; online dog food companies didn’t. Google emerged a couple years later (going public in 2003) stronger, faster, and leaner than any other tech company at the time. Today Amazon and Google are titans if not demigods in the tech space along with the second gen tech companies like Microsoft and Apple and first gen tech companies like Intel and IBM. Moreover, the market cap of the Nasdaq today is about $12 trillion - double of that when the bubble popped in 1999. Think about that.
Once again, I’m in it for the long-term! We are early! Crypto currencies are not even mainstream yet or even close to realizing their potential. For example, the other major digital assets in the Top 10 on coinmarketcap have not been introduced to institutional investors via futures or other instruments. This is an important step in the bubble cycle. Because of this, I think we are a long ways off. Once again, we are very early, my friend, even though it does not seem like it. Even if we are at the peak of the bubble popping (according to the bubble chart), there are even more powerful currencies that will emerge once it does! These crypto-currencies will be Google- and Amazon-like in its evolution after the bubble. I am somewhat hesitant to even think of something larger than Google or Amazon. It will be a semi-intelligent beast that governs itself: A decentralized autonomous organization (DAO) driven by AI. This is my thought on what will emerge after the bubble pops.
Imagine: Ethereum with its smart contracts will look like a tricycle on the autobahn compared to a Porsche of a future blockchain platform with AI-based contracts using the expectation-maximization (E-M) algorithm to create its own contracts. The E-M algorithm is the same general one used in computer adaptive tests (like the SAT) and self-driving cars used in computer vision. This DAO will grow without people - leveraging IOT, giving to charities, helping the poor, building a real smart energy grid to handle the Proof of Work scaling issue, or waging war in its best interest. Our world is changing and I welcome the bubble whenever it comes!
LTC is a undervalued asset and will continue to rise in its price as more and more users are coming onboard.
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