A few weeks ago, during the bearish trend, I noticed that LitePay had emerged out of the woodwork as a major hot topic. I also noticed that there were more and more positive rumors surrounding adoption and partnerships for Litecoin. The most important thing that I noticed though was that the price of Litecoin had remained stagnant despite all of this positive news. Now, I know some day traders/short term traders adhere to the principal of not trading based on news, but I disagree, especially in this market, which is far less manipulated than the stock market.
With the stock market, there are many different ratings agencies that can make or break a stock. That said, although we are beginning to enter an era where ratings are valued above general public sentiment, I think that crypto is still a market where that public sentiment has more sway than others. So, if money is going to flood based on news, it may be time to buy. The fact that the price hadn't jumped yet made me see it as a deal, so I picked up about 3 Litecoin at $145 each. Now, this isn't huge money because unfortunately I was in some other positions I didn't want to leave at the time, but I was happy with the 3 because I saw a spike coming.
Lo and behold, it hit about $220 yesterday/today, which gave me a healthy profit which I was happy to put into Steem Power, because we are LONG overdue for a spike back into the top 10 crypto market cap list. I truly believe it is imminent because of the coming SMTs and the growing Steem Economy, so I'm putting as much as I can reasonably put into Steem Power for the foreseeable future and ESPECIALLY when it is under $5 still. I'm getting in before it's too late because there will come a time in the near future I think where Steem is worth $20 and I can see it hitting $100 one day. Litecoin could go up more, sure, but I KNOW that Steem will spike in the near future. Only a market catastrophe will keep it down! Steem will be a huge community for decentralized development and that time is coming! I'll hit 10,000 Steem before I know it!
I'm not always sure what can be done with Steen. Wiah it was just a bit easier
Hi @dreamer007, thanks for the comment! Would you mind clarifying a bit? Are you wondering about the different things you can do with Steem? :)
Key reason for current run seems to be rumour about a hardfork supposed to be coming, I also had some LTC which I cashed out today since I do not trust in those stories. Even Charlie Lee mentioned that this is scam so you are good leaving it for now.
Ah yes, I heard that after I acquired, but was very excited to see that too. Thanks for pointing that out too! People hoping to make extra bucks the way they did with bitcoin cash, etc.
But I also heard that it is an 'unauthorized' hard fork (not that crypto really needs authorization) and that it isn't supported by the main dev team. Definitely a good time to get out imho, even though it is possible the run could continue. :)
Time to make some real money 👍⚡♨️
I did the same picking up litecoin when it was on the low. Glad I had the extra money to do it. I need to convert some over to steem and build it up.
Good call! :)
How can be crypto way less manipulated than crypto? Crypto is heavily manipulated by a bunch of miners who earn most of the big bucks while the rest follow them.
Oh, don't get me wrong @luiggih, there is malpractice and manipulation ALL OVER THE PLACE in the crypto world, but because of how young it is, I think it has been less tainted than the stock market, which has manipulation techniques that have been perfected over years and years and years. :)
Okay now i fully understand your point. Thanks!
Well Steem seems difficult when you pay out there is all different places where you have to jou n and transfer to before pay out. If I could just use my Luno wallet that would be so much easier
For sure; I wouldn't be surprised if a solution like that comes extremely soon, as the development culture around the steem blockchain is flourishing. Also, keep in mind, there are sites like Steem.Cards which let you buy Visa Gift Cards (prepaid debit cards) with your Steem/SBD. There is a fee that would be steep if you're only taking a little bit out (fee of $7.95), but if you take a lot out, that's a great solution (up to $500 can go on the card, currently)!
I actually took all my Steem and bought into Lite Coin the other day. About $180 USD worth. I am hoping it will get up to $250 before I sell. It's not looking likely, so I may just sell, and break even.
That's one approach! I hope it works out for you! :)
Thank you
Your strategy is great really I guess you predicted really very well that soon the ralley of litecoin would come ...Happy for you @biddle
There was a great post by @samstonehill earlier today where he compared the price of the top 20 cryptos on 1 Jan 2017 (so just over a year ago) with today.
Litecoin is sat there at a price not too dissimilar to where Steemit is now (c$4). Looking at the prices of the cryptos on the list it's not hard to see Steemit enjoying similar price rises over the next 12+ months. I think it is a sound plan to stock up now.
That post is worth a read alongside yours.
amen! I'll take a look at that one! :)
I'd love for LTC to get to $300 so I can sell. I'm still up overall though.
Your post is Snatched Up About 70 More Steem Power With Profits From Litecoin Trades very very important and pawaarfull
Those are great news thank you for sharing this post
Great information sir!!!!!!
Very informative post about crypto.
any other currencies/coin worth looking at? also want to build up my steam power
also desperately needs some more steem power, tried to get delegation from minnowbooster but nothing ever gets accepted, any advise on where i could rent some?
I named to pick up some extra LTC juggling whilst the price was crashing. But then lost a good chunk of tokens when I got caught out by the sudden rise. Oh well, I might leave the day trading to those who are good at it!
You really have very great skills in investing and everyone does not have this six sense....... Happy trading :)
i guess everyone is just jumping on the litecoin as an alternative @biddle
Hi! according to Bix Weir, Litecoin will go to the moon! He said it would become widely used in the near future. Bix Weir is actually getting out of Bitcoin and shifts into Litecoin.
Do you think that his optimism is over the top?
Thank you for your article, I have also put more into Steem power this week.
Cheers.
maybe now i begin to understand the contents of your post, thank you for sharing the important post sir