When we look at cryptocurrencies, they remind us almost of children on a playground. In this case, bitcoin is the ruler of the sandbox, and dogecoin, litecoin and other various altcoins such as darkcoin stand by his side. If other entities come along, such as anoncoin, namecoin or blackcoin, they’ve got to get bitcoin’s permission first, and none can ever forget that bitcoin is the leader, or else they face being ousted for the rest of the school year. It might not necessarily be fair, but it’s the way the system works, and anyone who doesn’t want to play by the rules doesn’t get play on this “crypto jungle gym.”
In the digital financial spectrum, bitcoin also leads in the sense that its price (as well as other qualities) seems to affect other coins. If bitcoin goes up, other coins go up. If it goes down, the other coins experience a drop, and litecoin is right there, standing alongside bitcoin awaiting its beck and call… Waiting to see what bitcoin does so that it knows where it should stand.
Currently, litecoin is in a unique situation. It seems to be doing well while other related cryptocurrencies are not, even though its volume has dropped somewhat. Over a 24 hour period, the stability of litecoin grew to the delight of many digital currency enthusiasts by about half a percent, and many can’t help but recognize that bitcoin had an influence in this. What’s ironic is that bitcoin’s other two henchmen, dogecoin and darkcoin, suffered during this same period, both enduring drops of about one percent to two-and-a-half percent, so many are looking at litecoin right now as the lone knight in shining armor.
Following yesterday, litecoin is on the verge of hitting that special two dollar mark, and the question has been raised whether litecoin can reach the “resistance level” of $2.35. If things keep up, litecoin fans are thinking, “Yeah, it probably could.” So let’s hope for continuing growth. We never know when it might come in handy.