As the icy grip of the crypto-winter continues to bite like the polar vortex currently hitting the USA, more and more predictions are circulating about where Bitcoin will end this bear run, with some critics almost enthusiastic about the idea of Bitcoin falling to zero – largely for the self-gratification of being able to say proudly “I told you so!”. Although in reality it is unlikely that the leading cryptocurrency will sink this low, there is still genuine concern about just what the final line will be before the market levels out.
However, with all the talk about Bitcoin, the fate of many other important altcoins has been somewhat overlooked of late – one of them being Litecoin.
The peer-to-peer cryptocurrency and open-source software project was released in October 2011, as an early bitcoin spinoff or altcoin under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. At it’s peak, Litecoin enjouyed a brief period of trading at just over $350 USD. Today, it holds a fraction of that value, trading at little over $30 USD.
So where will rock bottom be for Litecoin? According to the latest preditions, it could fall to $6 USD – if we are to trust the predictions of the oddly named “Magic Poop Cannon,” a Houston-based, self-proclaimed “Crypto Pop Legend”. Despite the name doing little to support the credibility of the claims, the underlying maths is interesting and seems to have a firm basis.
As we end the week in red, the chances of the prediction becoming reality certainly aren’t showing signs of diminishing. We’ll cjeck back on Monday to see where Litecoin stands.