Litecoin Gets Major Wall Street Exposure
Litecoin News Update
Litecoin prices are consolidating just as we watch the lemmings commit mass suicide. But it shouldn’t scare you if you’re a contrarian. Today’s Litecoin news update should bring you some comfort.
The “father of value investing” first introduced us to the “lemming behavior.” According to Ben Graham, when these lemmings (the nervous sellers) see a price drop, they hasten to sell off their holdings in fear of losing profits. They run for the cliff and drive themselves off to their death.
At this point, the value investor holds on to his investments. It is this value investor who reaps the best returns in the longer run.
I don’t for a second doubt the power of value investing even in the most speculative of all investment spaces—cryptocurrencies. After all, this is the tenet that ties us in the crypto-brotherhood—that is, “HODL,” which is a constant reminder that we must hold onto our Litecoins for our dear lives.
What we are seeing right now is a classic example of a price correction after Litecoin’s moonshot rally.
In the past five days alone, Litecoin first doubled in price and then reverted about 30%. The lemmings tend to overlook the “first” part but the investors must not.
The reality is that Litecoin is just beginning to gain visibility in the mainstream. We’re seeing both investors and speculators coming into this newfound investment space.
While the investors keep prices stable, it is the speculators who add to its volatility. And you can expect Litecoin’s price volatility to grow just as Wall Street begins to pour big money into it.
Take note that amid all the doomsday commentary in the past 24 hours, investors missed a major development.
Litecoin has just been added to the Bloomberg Terminal—the premium data service primarily used by banking sharks, big hedge funds, and Wall Street traders.
Bloomberg’s decision to add Litecoin and two other digital currencies—Ethereum and Ripple—to its service, after Bitcoin, validates the fact that there is significant investor interest out there. Big money may now be lining up to, at least consider them, if not invest in them.
At the same time, rumors of Litecoin futures are also making rounds on the street.
The developments should serve as a pre-warning to investors to expect more price volatility in the coming days.
Litecoin founder Charlie Lee reminded investors not to speculate on prices too much and just “HODL.”
“Rein in your excitement,” he said, as prices take unexpected swings with more and more speculators jumping aboard.
What’s Happening to Litecoin Prices Today
The Litecoin price has dropped about 9.44% in the past 24 hours. At the time of writing, the average LTC to USD rate was $268.54.
Prices seem to be going haywire on the chart, just as the buyers and sellers face off. The good thing is that volume is holding steady over $2.0 billion.
Daily Litecoin Price Chart
Chart courtesy of TradingView.com
The majority of the trades are flowing in from the American trading exchange GDAX, followed by Taiwan’s Bitfinex, and South Korean Bithumb.
We remain bullish on our Litecoin price prediction for 2018, as this digital currency gains traction in the mainstream. Despite the recent turbulence in prices, our LTC price target is rock-steady at $400.00.