A lot of people in the cryptocurrency space have trying to convince others that Litecoin is becoming its own coin and will not be influenced by whatever happens to Bitcoin. Especially not when it comes to the price of Litecoin versus the price of Bitcoin.
While I do believe Litecoin has its own merit and can stand on its own legs perfectly fine, all of the above is utter speculation at best. Especially in regards to the Litecoin price, as you can put the Bitcoin price chart next to it and it’s a near perfect match.
While there could be a ton of reasons for people to buy Litecoin all of a sudden, it is not a coincidence these “purchases” seem to mostly happen at the exact same time the Bitcoin price goes up.
I am well aware Bitcoin and Litecoin will always be tied together , despite people’s best efforts of making it appear otherwise. And I do want both coins to succeed, as it will help with worldwide cryptocurrency adoption and awareness.
But there are some interesting differences when comparing the current price trends of Bitcoin and Litecoin. The amount of Litecoin transactions is staying relatively flat, except for a recent spike early November. Things have settled down quite quickly after that spike though. The amount of Bitcoin transactions, is on the rise, as you can read here.
Both the total transaction value per day, as well as the average Litecoin transaction amount per day are staying relatively stable, with no noticeable spikes. This is also a very similar pattern to Bitcoin.
Whether you want to deny it or not, the conclusion for both Litecoin and Bitcoin prices rising is exactly the same : there is no real reason. And while that might not mean much to most of you out there, it is a valid reason for concern in regards to price stability.