Litecoin is recently experiencing a renewed momentum early on in 2021. This is basically owing to the steady warming of the financial firms towards cryptocurrencies along with the institutional investors and retain investments carving a new path for them.
As a result of all these reasons, Litecoin will be riding the market on a bullish pattern in order to achieve its next level of resistance.
Litecoin Gains Exponential Pace
Litecoin started this year with a few challenges. During the end of the year 2017, Charlie Lee, the founder of LTC, had supposedly sold the entire bag that he owned to LTC in order to focus on the development of the project.
Very obviously, Lee had faced a whole lot of criticism and backlash for this decision. His Twitter account is named ‘Satoshilite’ which is a reference to Satoshi Nakamoto, the creator of Bitcoin. Recently Lee took to his Twitter handle to post a reply to his criticizers after an entire year of that incident.
He stated that the reason he sold his LTC because holding them would spike the value for the short-term. On the other hand, it would have an adverse effect on the success of Litecoin in the long-term. In order to avoid that conflict, he took the necessary steps.
However, in 2017 December, LTC witnessed a 5,000% increase despite the correction in the market. Then in 2018 Litecoin jumped back to the previous level which was almost $26.
The latest adoption by financial companies encouraged retail investors to do the same. Since September, LTC has gained more than 350% and finally successfully managed to reach their next level of resistance of $228.
This figure brought an end to Lee’s original sin.
