Categories: CryptoNews

Litecoin Price Dips Again As GDAX Hype Dies Down

After news recently broke about GDAX adding litecoin to their platform, there was some initial excitement. Many people hoped this would be the moment where Litecoin would finally take off and soar to higher values. Unfortunately, none of that has happened so far, and it looks like GDAX is seeing very little LTC trading volume.

The Initial Litecoin Excitement Has Come and Gone

For the longest time, people have been wondering why Litecoin is still relevant to this very day. From an investment perspective, it provides a cheap way to get into cryptocurrency, in the hopes of a price increase. Unfortunately, that price will not be coming anytime soon, as the number of use cases for Litecoin remains very limited.

That being said, when GDAX added Litecoin, the price per LTC saw some upward momentum. Things went from a US$3.6 price per Litecoin all the way to nearly US$4. Not the biggest of increases, but it represented a 10% value shift overnight. Getting this alternative cryptocurrency into the hands of as many people as possible is never a bad thing.

What people fail to realise is how getting listed on bigger exchanges is no guarantee for overnight success. If there is no reason for the average consumer to buy Litecoin, they won’t do so. If consumers show no interest in it, neither will big investors, as there are no indicators for future profit.

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All of this has caused the initial Litecoin hype to quiet down. Moreover, the Litecoin price is slowly tracing back to its US$3.6 value where it was before the GDAX announcement. Despite Litecoin being traded against both the US Dollar and Bitcoin, GDAX does not have sufficient volume to make a warrant a price boost right now.

Until more use cases for Litecoin arrive, there is very little reason to get involved in it. Bitcoin may not do much more from a features point of view, but it far more widely accepted than Litecoin [will ever be]. There is no little to no appeal for retailers to accept Litecoin if they work with Bitcoin already.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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