Litecoin is currently trading at around $4.73 USD per Litecoin on the popular crypto currency exchange Btc-e.com. This comes just a day after Bitcoin broke the $100 USD per Bitcoin mark on April 1st, 2013 (Not an April Fools Joke). So what is driving this historic increase in value for Litecoin and where might it go from here?
Merchants Accept Litecoin
Contributing to the rise in value are a number of merchants that have recently started accepting Litecoin. No longer is Litecoin relegated to cheap gambling sites, but actual physical goods are now available to purchase. Here are a few of the many sites that have recently announced Litecoin acceptance:
AllThingsLuxury.biz has been supporting Litecoin for awhile now. They sell luxury items such as jewelry and precious metals for Litecoin.
Hashr came online just recently as another big dealer of physical goods that accepts Litecoin. The site is designed to offer goods that may be of interest to cryptocurrency enthusiasts.
They accept ONLY Litecoin for a number of physical goods as well as games. The number of goods they offer is still very low, but this site has some definite potential.
- 3DP4BTC – 3D Printing For Bitcoin
This site has traded Bitcoin for 3D printing in the past, and recently announced they’ll be accepting Litecoin as well.
These are just a few of the merchants that have begun accepting litecoin as of late, and the number seems to be increasing (If you have a Merchant you’d like to suggest please suggest in the comments below).
Atlantis Has Come Online
Many have credited the tor/onion site Silk Road as being a driving force for Bitcoin’s success. Recently a new site, going by the name Atlantis, has come online that acts similarly to Silk Road but accepts Litecoin. While I don’t normally cover these sites, this is a significant enough development that it demands recognition. If Atlantis manages to attract a decent user group, it could very well follow a similar path to Bitcoin.
MtGox May Trade Litecoin
MtGox.com, the world’s largest Bitcoin exchange, has indicated that they are working on plans for Litecoin trading. If so, this could bring increased liquidity to a crypto currency that has historically had just one trading platform. The full discussion can be found in this bitcointalk thread.
Where To Go From Here
In relation to Bitcoin, Litecoin is currently trading at somewhere between 0.02 and 0.03 BTC/LTC. For those that believe Litecoin will eventually catch up to Bitcoin, this is fairly undervalued. Litecoin enthusiasts have long suggested that the crypto currency, which is designed to have four times the number of coins as Bitcoin, will eventually reach 0.25 LTC/BTC. If this is indeed the case, then now may be a good time to get into Litecoin.
Litcoin mining has also seen a huge increase in recent weeks. Our article on Litecoin mining has become the most read article on CryptoJunky as new users flock to the currency. The difficulty is at an all time high. Where it had a difficulty rating around 15 just a few weeks ago, the rating is expected to jump to around 137 sometime tomorrow. It seems that as more and more Bitcoin ASICs come online, GPU miners are turning their rigs to Litecoin. For more information on Litecoin check our popular Getting Starting With Litecoin article or our Guide To Mining Litecoin.
Note: If you’re leaving a comment please add an address that other readers can tip you at. See this post on how Bitcoin is changing the internet for more details.