Launched a few months ago to improve the mass adoption and global integration of Litecoin cryptocurrency, the Pay with Litecoin campaign with the twitter handle #PayWithLitecoin is presently making waves. The Pay with LiteCoin campaign, which was launched by the Litecoin Foundation, was aimed at making Litecoin (LTC) acceptable everywhere money can be used in the world.
The #PayWithLiteCoin campaign has quickly amassed so much popularity. According to TMT Blockchain Fund’s Gabriel Francisco, this campaign could make LTC become the first digital currency to realize mass adoption. The campaign has an official website which contains all the details and benefits of making payments with Litecoin.
On its website, #PayWithLiteCoin places Amazon, Seamless, Apple, Starbucks, eBay, Uber and 4 others among the top 10 most requested integrations from users. Though it has not been confirmed yet that the above firms have integrated Litecoin, but a more recent information detailed that SurfAir has integrated Litecoin.
Litecoin accepted by Weedmaps Community as Payment Method
Despite the launching of the Pay with LiteCoin campaign by the Litecoin Foundation not long ago, geared toward making Litecoin a generally acceptable means of payment everywhere money can be used in the world. Litecoin cryptocurrency has a swift and effective payment feature which has made the cryptocurrency attracted the favor of Weedmaps – an online community who has chosen to adopt Litecoin as a method of payment on its platform.
Weedmaps is a legal online community for marijuana users. The business also supplies marijuana. Weedmaps publicly expresses its fondness for the cryptocurrency and stated its intention to adopt LTC as a method of payment for marijuana delivery. The community has therefore released an announcement to every individual within the community that they can now make payment for services using LTC.
Justin Hartfield, Weedmaps’ founder made this announcement. Justin stated that there is a likelihood that LTC would serve the Cannabis industry better than BTC. This is definitely a good sign for Litecoin as Litecoin payment integration progresses.
Thailand Legalizes Litecoin (LTC)
Last month, Thailand’s regulators declared the nationwide integration of regulatory structure for initial coin offerings (ICOs) and digital currencies to operate within the country. A few days ago, a report was released that 7 digital currencies would be allowed by Thailand’s SEC to be used for initial coin offerings, exchanged, and within Thai.
Among these 7 digital currencies eventually legalized by the SEC is Litecoin (LTC). The Press release published in respect of this announcement says that all the 7 digital currencies “are expected within 90 days from the effective date.” More so, the Finance Ministry must approve these cryptocurrencies to function. However, LiteCoin Foundation has not yet reacted to this news, which leaves Litecoin enthusiasts in doubt as to whether Litecoin cryptocurrency has been legalized in Thai.
Litecoin’s Current Price and Market Performances
The hack attack on the South Korean Coinrail cryptocurrency exchange led to an increase in selloff of cryptocurrencies, which causes a drop in the values of cryptocurrencies including Litecoin. This action caused the total market capitalization of all cryptocurrencies to drop below $290 Bln.
Despite this bearish movement, Litecoin crossed the $122 point at some points last week. As the Litecoin Community and cryptoanalysts anticipate a bullish trend, the bears strike back harder. As at press time, the cryptocurrency market has tumbled into fractions, where half traded in the red, and other half showed positive signs.
More so, Litecoin trades for about $99 at press time. Presently, on coinmarketcap.com, the cryptocurrency is rated as the sixth largest digital currency by market capitalization which stands at about $5.6 Bln. However, these fluctuating prices have not in any way affected the efficiency, effectiveness, and progress of Litecoin.
Litecoin has been experiencing a tumultuous movement since the first half of 2018. However, Litecoin has largely patterned its price after that of the number 1 digital currency by market capitalization – Bitcoin (BTC). Mimicking the leading cryptocurrency, the price of Litecoin soared beyond $100 in early Dec. last year, climbing as high as about $250 before the year 2017 ended. However, closely following Bitcoin’s footstep, Litecoin cryptocurrency dropped down back to its pre-peak levels in 2018. And since then till lately, the price of the cryptocurrency had stayed slightly above $100 before dropping slightly below $100 to about $99. Now, cryptocurrency analysts are wondering if the price of Litecoin may fall further below beyond this significant level.
Litecoin Cryptocurrency Drops Below the $120 and $115 Supports
As reported by the Ethereum World News, the price of Litecoin has recently dropped by a substantial margin, falling down beyond key support levels of both $120 and $115 against USD. More so, a newly set up bearish trendline is being formed, and this indicates a resistance for the price at $110.
The report also noted that Litecoin’s price is presently sliding up, as of early this week, it traded closer to the 23.6 percent Fibonacci retracement level from the last drop.
On the disadvantage, Litecoin’s recent drop of $100 marks a short-term support. Now that the price had fallen beyond this significant level, this could definitely lead more to a further decline down below $99, setting the next important threshold and support level close to $95.
What could worsen Litecoin’s recovery the more is the fact that the general crypto market is in a bearish trend, losing about $46 Billion in selloff after the Coinrail hack attack. Aside Litecoin cryptocurrency, many other top cryptocurrencies have dropped in price significantly within the past few days.
Impact of Litecoin’s Further Price Drop
As the price of Litecoin falls below $100, this may as well have an important psychological impact on Litecoin investors. For instance, such a fall in price could make investors nurse negative feelings about Litecoin cryptocurrency. As at press time, Litecoin’s market capitalization has dropped beyond $6 Bln, with 24h trading vol. of about $3.24 Mln. This trading vol. is only about one-fourteenth Bitcoin’s trading vol. over almost the same period of time. Nevertheless, Litecoin has only experienced a lesser percentage drop in price over the last 24h as compared with XRP, BCH, or EOS.