OK so I am probably the last person to pick up some Litecoin. While I did end up getting in, things didn't go as planned. My plan was to transfer some USD to my Coinbase wallet to wait for a good opportunity to pick up some Litecoin. While waiting for Coinbase to transfer my USD though Litecoin went on a nice little run to above $80. By the time I got the USD in my wallet it was above $80 so I waited a few days while it bounced around, but the FOMO was strong this time and it over powered me!!!
Fear Of Missing Out
I really feel that there are big things ahead for Litecoin and I always thought it was undervalued. I saw it go on this run and instead of waiting for the right time to buy I succumbed to the FOMO and bought in just 2 days before the entire market made major corrections and all coins were down including Litecoin. I bought in at $78 as you can see from my GDAX screenshot, but had I been patient (which is my strategy) I could have picked up Litecoin for mid $60. I thought I was catching a little dip, but it just kept going down after I bought in.
Hold & Believe
While I did buy in a bit too high I really do think that Litecoin is undervalued and we will see it above $100 by the end of the easy. I was buying this Litecoin for long term holding and it was a test of GDAX as an exchange which I have not used much. Regardless, I believe in Litecoin and where the project is going so as all cryptos seem to do it bounced back! Today it popped back above $80 for a while as you can see from this screenshot from today.
Stache'n Crypto On GDAX
I think that GDAX has some good features (mostly being able to transfer USD from Coinbase with no fees, see my article about that here). It is an easy platform for beginners to use and visualize as there is not as much going on as other exchanges. For now I am going to leave my LTC on GDAX, but I will most likely move it away and stash it in my Exodus wallet.