Bitcoin Leads the Way
The big gains in Bitcoin during May was the launch pad for another strong month with the market gaining 35% and blasting through the key $10,000 level. The last two months have taken the market by surprise and has brought mainstream financial attention back to the crypto space.
The gains in June have been spurred by the big move in May and from Bitcoin’s status as “Digital Gold”. The original safe haven precious metal has been rallying strongly on financial concerns and the recent tensions between Iran and the U.S.A. For those who believe in cryptocurrency, they know that Bitcoin has an advantage over its predecessor in that physical gold is hard to move across borders. With Bitcoin, you could jump on a plane and fly anywhere in the world with your savings waiting for you at the next destination. This may bring demand from Iranians who might not want to hang around after President Trumps threats to the country’s ruling regime.
Litecoin Happily Follows
Litecoin saw another strong month to hold the $100 level and continue its rally to $135. As Bitcoin has recovered, bargain hunters have piled into the coin as cheaper alternative.
Litecoin is the fifth-largest coin by market value and one of its key attractions is the goals and vision of founder Charlie Lee. Another example of this was news that Litecoin was teaming up with TravelbyBit, a crypto travel booking platform, which will allow users to pay for more than a million flights and hotels worldwide. This highlights the difference between the two, where Bitcoin may be used a store of value and Litecoin will be used as more of a mainstream payment option.
Another huge month for Bitcoin has seen the largest cryptocurrency gain 145% since the 1st of January, when doomsayers were calling time on its worth as an asset class.
This move in Bitcoin and Litecoin has been impressive and yet the majority of the world’s populations stay fast asleep to this financial revolution, which is maturing by the week.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.