Why Litecoin is going down each day? When will it rise?
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You must know these facts before you start gaining or losing trust on Litecoin
December 2017 was a crazy month for those who traded Litecoin (XRP). People got too much trust on Litecoin like they are trusting Ripple (XRP) now. If you are one of the CryptoCurrency traders, you already know what I mean.
The value of Litecoin (LTC) remained between $87 to $95 on December 1, 2017. However, it rose in a crazy way and reached over $374 on December 19, 2017. Such change in 18 days was an awesome performance for any traders and they made really good money from Litecoin. Thereafter, the dip started.
However, those who purchased at a higher price are now blaming Litecoin that it made them lose so much money. Litecoin(LTC) touched $200 on December 22, 2017, but it went up again and $307 on December 23, 2017. People got their trust back and started trading again. So now Litecoin has seen continuous dip since then. It is now valued at $209 (as of 7:07 AM GMT on Etro Trading).
Why Litecoin is dropping
Well, there is no source that can give a perfect answer to this question. Why are you just looking at Litecoin and not the other currencies? What do you think about Bitcoin (BTC), Etherum, Dash, and many other cryptocurrencies? They all are going down in December. Bitcoin broke the boundary of $20,000 in December and now it went down and valued at around $13000. So all are going down, you need to look at other currencies before blaming Litecoin.
If you look at performance for the month, you can see that Litecoin gained a great value in December and if you look at yearly performance, its value increased over 4600% in a year. So how can you lose trust in a coin that gained that much and lost a little at the end of the year?
Another reason behind the drop of all the cryptocurrencies could be the Christmas, new year and holidays. People usually spend money in Christmas in the new year to celebrate. So many traders must have closed the opened position to get money.
Charlie Lee and Litecoin
Litecoin is a cryptocurrency that is backed by projects and mined by many people around the world with complex hardware and codings. Charlie Lee is the creator, but it doesn’t mean that Litecoin will not perform without him. There is no effects on transactions or mining even after Charlier Lee sold all his Litecoins. Decreasing value is a complete different aspect because it’s not just LTC but almost all other cryptocurrencies are facing the dip.
Charlie Lee also warned investors to invest only that much that you can afford to lose and gave an example what if a Cryptocurrency is dropped by 80%? That advice must be taken care seriously and people should invest within their means
However, Charlier Lee has twitted that he would help Litecoin to climb back ALL Time High. I am not sure how he is going to do, but he just said. Here is the tween made on Charlier Lee on December 30th.
Seeing how people lost trust because I sold makes me more convinced that it was the right move. Litecoin was too centralized and dependent on me. Eventually, for Litecoin to succeed, I need to step away. But I promise I won't do that until I've helped LTC climb back past the ATH.
— Charlie Lee [LTC⚡] (@SatoshiLite) December 31, 2017
Should I sell my Litecoin (LTC) at loss? Will it rise again?
When you invest your money, you take all the profit and you also bear all the loss. Predicting price of a Cryptocurrency is like predicting a baby inside womb without a medical test. So there is no one who can guarantee. However, please tell me the cryptocurrency that has not given any return in a year or moved to the new year with loss? The value is expected to go up and it may happen sooner or later. All you need to do is have patience and hold if it is not killing you and you can afford. Ups and downs are the part of trading as well as lives.