Take a look at this volume. The Chinese have completely taken over Litecoin trading. They trade in LTCCNY. They do not trade the LTCBTC ratio. I no longer follow the LTCBTC ratio. It did once drive the price of Litecoin. I remember trading on BTCE before the 2013 bubble. LTCBTC was a big deal back then. Litecoin broke the $10 mark and I knew it would go insane. It immediately shot up to $48. It then slowly drifted back to $1.00.
Very few people in China were trading LTCBTC or LTCCNY in 2013. By 2016, LTCCNY has dwarfed all USD trading and BTC trading. They do not care about the LTCBTC ratio. The average trading volume of LTCBTC in china is 500 Litecoin on BTCC. OKCOIN and HUOBI do not even have a LTCBTC trading pair.
I suggest grabbing all the sub $5 Litecoin you can get while you still can.
On a side note, there is no chart on TradingView for my newest crypto investment.
I actually sold a few of my litecoin to buy some really cheap WAVES. I bought about 20k WAVES under 0.00032
I think WAVES is a really undervalued right now. It is below ICO prices, and there were 30k BTC invested in the ICO. This is not some scrub alt coin. Serious money is invested into this coin. I'd suggest throwing even .5 BTC or .1 if you're looking for a little gamble over the next 6 months. I think it has good chances for a nice return. I will be buying even more if it drops below .00027
Comments
nimbus
⋅
any updates on ltccny?
UnknownUnicorn357720
⋅
@nimbus, I would say let's wait a week and see if we climb back above the line. Litecoin seems a little slow lately. Also this drop was caused by the liquidation of about 40% of the total open litecoin futures contracts on OKCOIN. They dropped from 1600k contracts to under 1000k contracts. That's at least 3 million dollars lost @ 20x leverage.
It has done this before. I actually move a little more litecoin into WAVES as it's bottoming out right now. When WAVES pops I will sell and buy up more litecoin.
So lets wait for some weekly candles to develop and see if litecoin is entering a downtrend.
derpderp
⋅
@brandonj, Isn't LTC already in a downtrend? All altcoins are rising, except for LTC. I long for the days of 0.01 BTC per LTC...
UnknownUnicorn357720
⋅
@derpderp, Yes in terms of LTCBTC. But I don't really pay attention to that pair. LTCCNY is the pair that has an overwhelming amount of volume. It leads the price action. I would look more at LTCUSD than i would the LTCBTC ratio. The Chinese don't seem to care what the ratio is.
derpderp
⋅
@brandonj, Do you have any targets or expecations CNY or USD wise? It seems like $5 is so far away, almost an utopia.
UnknownUnicorn357720
⋅
@derpderp, No not at all really. It all depends on what bitcoin does. When bitcoin tops out I will sell Litecoin. That's my plan. Price doesn't matter. The last time I sold was like June and it happened to be $5.50 when Bitcoin topped out at $750.
derpderp
⋅
@brandonj, But Bitcoin is over $750 now, yet LTC is almost $2 lower than in June... So it's not really following BTC anymore. If it did, it would've been around $6 per LTC right now.
UnknownUnicorn357720
⋅
@derpderp, It is it's own coin. It has always lagged bitcoin. Let's wait and see if the bitcoin futures market breaks the June high. It's about $80 away still, while all other markets have broken the June high. Litecoin may not follow. And LTCCNY looks a lot better than LTCUSD.
I'll admit the drop in LTC looks bad. I did decrease my LTC position and increase my position in WAVES.
derpderp
⋅
@brandonj, Yup. I would be really surprised if LTC doesn't do anything. It's been a while since the last major pump, and the coin is far from being 'dead'. (Active development has been resumed recently, possibly activiation of SegWit before BTC).
Do you have any target in mind USD or CNY wise?
UnknownUnicorn357720
⋅
@derpderp, I'd say $6 would be a decent target. Maybe 45 CNY. For a small move. If it blows past those, there's no possible way to tell. I do hope some day we go past 380 CNY. All depends on how crazy bitcoin gets.
I will say that I expect a drop in all crypto around new years. Look for a reason to sell around Christmas Day and the days to follow. I may exit to USD completely.