Litecoin is up over 70% this month. It looks like it has finally broker free from a fairly flat trading pattern. Even while other digital currencies, Bitcoin and Ethereum soared, Litecoin has been pretty much stagnant.
Litecoin recently topped and all time high above $50. So is now the right time to look at Litecoin again?
The reason for the sudden jump in price is because trading support of litecoin has been added to popular exchange Bitstamp. This will give it much more exposure and should increase it’s trading volume.
There may be further upside on the way too, as SegWit, a software upgrade that will increase the transaction volume capacity of the currency. Litecoin is often seen as Bitcoin’s silver. But this update may make litecoin more valuable as an actual currency.
Litecoin also coming to eToro
Litecoin will also soon be available for trading on social trading platform eToro. This will further expose Litecoin to more investors and in this case, more traditional traders. These existing traders will be trading litecoin alongside forex and stocks.
Buying litecoin online
Buying litecoin is easy. In my opinion the easiest way to start buying is through Coinbase. I was able to sign up, go through the verification process and buy litecoin in about 10 minutes. This was a purchase made with a credit card, I imagine it would take a little bit longer if you used a bank transfer.
Speculating on the price of litecoin
As mentioned before, you can also trade litecoin (soon) on eToro. The advantage of trading via etoro is you can speculate on the price going both up and down. So if you don’t believe all the hype around the currency, it’s possible to short litecoin. You can also trade using leverage, although due to the nature of litecoin being volatile, I would only recommend this option to very experienced traders.
Another option, if you like trading using Bitcoin, is Whaleclub. They support Litecoin and support both long and short positions.
It’s good to see Litecoin getting some love. As one of the earliest digital currencies there’s still a lot of interest and future potential.
What do you think of buying litecoin? Will you be investing? Let me know in the comments.