Litecoin Reaches $300 Goal After Founder Boosts Investor’s Confidence
As the entire world already knows, cryptocurrencies have gone mainstream. Although, this shouldn’t come as a surprise since altcoins such as Bitcoin, Ethereum and Ripple XRP are generating phenomenal profits for people who invested at the right time.
Even though the aforementioned altcoins are the most popular ones, this doesn’t mean that stock investors are limited to them. In fact, there are more than 3,000 altcoins that people can choose from.
Litecoin Aims for $300
Take for example Litecoin which sits on the 6th place in the cryptocurrency market with a market capitalization of over $16 billion. This altcoin has been on a downhill ride for a while but now, things are finally looking good for Lite,coin investors.
Charlie Lee who is the founder of Litecoin confirmed that he and his company were gunning for a $300 per coin price on Saturday. When this was happening, Litecoin as valued at $238 per coin and this puts it up more than 16% over the US dollar.
Charlie Lee Sells Tokens
The reason why Litecoin’s value was going down was because Charlie Lee, the founder, sold all his tokens. While this might seem like Charlie Lee was looking to bailout on Litecoin, this wasn’t the case because Charlie Lee was actually trying to avoid conflict of interest.
Litecoine Reaches $300 Goal
Nonetheless, after Charlie Lee made it clear to everyone that he puts all his trust in Lite,coin and that he still is devoted to it, stock investors became more eager to buy Lite,coin tokens once again.
This boost of confidence that Charlie Lee gave investors led Lite,coin to reach its highly anticipated $300 goal. Although, Litecoin was valued at $320 on December 20th and the altcoin still needs to grow a bit more until it’s in the green zone again.