Litecoin (LTC) seems to be climbing its way back since it’s bearish drop starting just before Christmas. The eighth largest cryptocurrency hit all-time highs on December 19th at just above $370 a coin, before sharply falling to $220 a few days later.
Like many other coins, this was mostly due to cryptocurrency exchange issues. As cryptocurrency gained a large chunk of the mainstream limelight in 2017, cryptocurrency exchanges failed to scale as quickly as investors flooded in and it has become a real thorn in the side for many.
Coinbase, the U.S’s largest online exchange, now serves over 14 million people and gained over 100,000 new users the day after Thanksgiving. The exchange and its counterpart exchange, GDAX, have suffered many outages when various digital currencies hit all-time highs and the systems were unable to handle the influx of transactions and people on the site. Currently, both exchanges are having ‘service outages” and are unable to process personal identification, thus preventing new investors from joining.
Another popular exchange, Binance, has now halted all new user registration on its system. The company states that its exchange is unable to currently handle the surge of new investors and is in need of an immediate infrastructure upgrade. Many other exchanges have announced similar issues, such as Bitfinex, Bittrex, Kraken, and CEX.IO. It seems that everyone seems to be ill-prepared for the surge in popularity. Many of these large exchanges are scrambling to keep up, but keeping new investors temporarily from entering the databases might just give them enough time to improve the current systems to handle times of extreme traffic.
What’s Next For Litecoin?
LTC is an extremely popular altcoin in many Asian countries. Around December 28th, the coin continued to plunge in price as rumors surfaced that South Korea would shut down all cryptocurrency exchanges. Now, the country has set January 20th as the date for all anonymous cryptocurrency exchange accounts to be taken down.
Despite the uncertainty of cryptocurrency in South Korea, Litecoin has corrected and still remains a top altcoin contender. Due to its low fees, extremely fast transaction times, and large block sizes, the cryptocurrency stands out among the rest.
At press time, LTC is currently trading at $255.34 a coin, up 7.66% for the day. For the month, Litecoin is up 149% and for the year, it is up a whopping 5729%.
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