Why Litecoin (LTC) Could Be in For a Phenomenal Rise
Litecoin (LTC), the virtual currency, has shot in price in the last two days, and this upward trajectory does not seem to be stopping anytime soon. Indeed, as of last evening, the price of Litecoin was well beyond the $300 mark per token. Industry experts easily project that the digital currency is destined to hit the $500 mark before the year is out. The solid performance of Litecoin has been largely attributed to the overall good trading environment of most digital currencies.
Indeed, the trading in Litecoin had gone beyond $400 million in the last 24 hour period across all the major trade exchanges. The majority of this volume in Litecoin trading was realized at Bitfinex and GDAX exchanges. These two performed so well that they easily outdid the Bithumb exchange, which had previously held the top spot for trade in cryptocurrency. From the data that is readily available, the presence of three fiat currency in the top tiered three exchanges clearly indicate that there is fresh serious capital getting into the cryptocurrency trade.
Image 1 – Litecoin (LTC) Charts – Source: https://coinmarketcap.com
What is the Future for Litecoin?
The unfettered rise of the Litecoin (LTC) has been received quite well in the cryptocurrency market. However, the Litecoin has not achieved this feat in isolation. Not too long ago, other digital currencies like the Dash, Monero, Ethereum and even the Bitcoin posted a quite impressive increase in prices.
Nonetheless, most serious traders in the digital market have their eyes firmly fixed on the Litecoin. Even though it is expected that there will be a phenomenal rise in the performance of most of the cryptocurrencies with the continued acceptance of altcoins, it is expected that the Litecoin will outshine most of them in the end. Many agree that it is the
cryptocurrency to watch.
Litecoin’s rapid surge clearly indicates that industry heavyweights have isolated the potential of this digital currency. Indeed, this is largely responsible for the massive $16 billion market cap that the altcoin has enjoyed of late. It is almost certain that the cryptocurrency will continue to enjoy this bullish push even in the days ahead, considering that the altcoin realized this rise from the previous market cap of $8 billion in
only two days.
Many industry players agree that the Litecoin will soon be the payment option that many will turn to should the price of the currently leading cryptocurrencies become too large for smaller payments. As the Litecoin continues to grow in popularity and demand, many investors have expressed their dismay at having not bought more of it when the prices were a bit low. Of course, any expert will advise you that considering how things are today, there is no better time to invest in the Litecoin than today.
Image 2 – Litecoin (LTC) Founder Charlie Lee – Source: Steemit
The world has generally adopted cryptocurrencies in 2017. As the year invariably draws to a close, Litecoin’s price point and market cap is bound to reflect this acceptance. Indeed, as it is today, the market capitalization of the Litecoin far outstrips the entire market capitalization of all digital currencies at the beginning of 2017.
The altcoin is worth more than the entire worth of all digital currencies just over one year ago. Actually, as more and more investors opt out of the more traditional means of investment like gold, there can be only one way for the Litecoin: a massive increase in value.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.