While the torrid moves of Bitcoin and Ethereum are capturing headlines, some smaller coins are setting up for some potentially strong runs. Litecoin in particular has caught my attention recently. With a roaring bull market in cryptocurrencies taking place, I've been looking to add more exposure to my portfolio. I recently bought Litecoin for a few reasons. First, the chart is showing incredible accumulation, particularly over the past four months. A move past prior resistance of around $250 has to potential to drive Litecoin towards the $500 range. Second, Litecoin is a top-ten market cap cryptocurrency. If I'm going to make a bet in crypto, I'm more inclined to take one in a larger, more established coin. Crypto trading is a volatile and potentially dangerous area of speculation. Consequently, I have a stop loss in place to preserve the majority of my capital should the trade run against me.
If you are interested in using Coinbase to purchase Litecoin and would like to receive a $10 sign up bonus, use this link.
Full Disclosure: I currently own Bitcoin, Litecoin and Ethereum.
Full Disclosure: This post contains an affiliate link to Coinbase.
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