Litecoin prices were up as expected this morning after the popular bitcoin alternative was added to Huobi, one of China’s largest digital currency exchanges.
This is welcome news for the Litecoin community after investors saw the value of their coin plummet to the low teens after reaching a peak of $48 last November.
For supporters, Litecoin is viewed as a potential long-term contender in the digital currency space and an opportunity for latecomers to realize bitcoin-like gains. But Detractors are quick to point out the coin’s shortcomings in regards to technical achievement and having a less than desirable name.
Silver to Gold
Litecoin is often touted by supporters and its creator as ‘silver to bitcoin’s gold’, the rationale being its larger overall quantity and a lower value making it more psychologically accessible to new investors.
Now that litecoin is traded on Huobi, co-founder Jun Du says it will have a chance to shed its ‘shanzhai’ (loosely translated as ‘cheap copy’) image in the minds of Chinese investors.
Altcoin rally
Many market watchers are predicting that the Litecoin news will help to spark a new altcoin rally. This morning, 28 of the top 40 crypto currencies were up in early morning trading according to cryptmarketcap.com.
Several users on bitcointalk have predicted that Goldcoin (GLD) will be the next crypto currency to see its popularity soar after its developer discovered a solution to the 51% problem, a problem that Satoshi was addressing before his disappearance.
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