Litecoin is of to a massive run to begin 2019 and it peaked on the 6th of January. This has followed on from a stagnant performance in the beginning of the year, with the price hovering around $30. According to CoinMarketCap, the price on 6th January reached $39.84, the highest of the year so far. This trend has seen a downslide from reaching the peak, however it’s a promising sign none the less. It’s widely speculated that this is due to the company’s partnership with UFC, the world’s premier MMA fighting organization.
Litecoin is commonly referred to as, “digital silver”. While Bitcoin remains the most widely accepted, “digital gold” asset on the market, Litecoin is seen as silver due to its fast transaction times and wide use cases. The year 2018 was a rough year for Litecoin, as the coin saw a steep decline from its all-time high levels in December 2017 / January 2018. However this new rally in early January could be the sign of a future bull run for Litecoin, where many speculate the coin could return to $50 or more.
Litecoin Partnership with UFC – #1 MMA Organization in the World.
The UFC is the #1 MMA fighting organization on the planet. With a huge roster of fighters and massive viewership, it is an attractive organization for many household brands to associate with. In late 2018, Litecoin became the first cryptocurrency to advertise with the UFC through a sponsorship deal. This deal came into effect on 29th December with the UFC event UFC 232: Jones vs Gustaffson, in which two of the best Light Heavyweight fighters in the world challenged for the title. Litecoin has now become a pioneer in sponsoring a UFC event, the very first cryptocurrency to do so.
Regarding the news, Charlie Lee, original founder of Litecoin, tweeted the following:
“Excited to announce that the Litecoin logo will be on the canvas as the Official Cryptocurrency Partner of @UFC 232 on 12/29 in Inglewood CA!”
Litecoin’s logo was placed on the canvas of the octagon where fighters fight. This highly visible product placement was shown to millions of users throughout the world during the fights in the night, driving awareness and consideration of the Litecoin brand. According to a blog posted by the Litecoin Foundation, there are many similarities between the Litecoin brand and UFC, in that they both have amazing communities that provide, “unwavering passion and enthusiasm that continues to propel us forward.”
Future Potential Awareness
On its blog, the Litecoin Foundation has said that they wish to continue a long and fruitful partnership with the UFC. According to the blog post:
“We view this sponsorship as the first step to what will hopefully be a long and fruitful relationship with UFC. We look forward to the possibility of doing some amazing things with this incredible organization.”
Boost of Awareness
According to The Lite School on Twiter, Litecoin trended with a score of 100 after Litecoin was announced during the event. This number is the highest possible that can be achieved.