Dubbed as the silver to Bitcoin’s gold, litecoin was created in 2011 to help fix some of the flaws in Bitcoin. As it stands now, litecoin has a market cap of USD 3.55 Billion and ranks 7th after the major cryptos. Despite its bearish run all the way down from USD 375 at its peak, investors are optimistic about what litecoin has to bring to the table as it has outperformed both Ethereum and Bitcoin with appreciation values reaching 2000% over the past year. Therefore here are three reasons why Litecoin Price can go up in 2018.
More people will use litecoin
Litecoin has an abundant supply of 84 million coins, and it has fast transaction speeds while being the preferred coin for anonymous transactions and the dark web. This makes it more likely that many will adopt this coin as time progresses. It’s also important to know that litecoin with many other coins are somewhat tethered to Bitcoin in their price and as more people use Bitcoin, the usage of coins immediately close to it, shoots up as well. The proof for this can be seen between the correlations of bitcoin’s price with litecoin’s. Litecoin also has a potential to scale far beyond what Bitcoin can at the moment thanks to the activation of both SegWit and Lightning network. Therefore not only does litecoin transact faster than Bitcoin but does so at a fraction of the cost, regardless of how many transactions are happening. What’s interesting to note is that many of the dark web users are drifting away from Bitcoin due to its escalating costs and lack of transparency and litecoin makes up 30% of the transactions in the present.
Listing on new exchanges
Another reason litecoin is gaining so much traction is because it is getting listed on exchanges such as Gemini and Coinbase on which traders can now get Litecoin to Bitcoin Exchange. As a result, this has increased the demand and adoption of the coin, and it will soon drive its price up. The more the number of exchanges it gets on, it easier it gets for more people to Buy Litecoin with credit card which will further increase its value. Also since the coin has taken a significant fall recently, this is a good time for investors to buy as many before the next surge in prices hit the market.
It is expected to surpass its all-time high in 2018
The increased media attention has given litecoin a good reputation. While already an established project litecoin has the confidence of investors who have a stake in the top coins of the crypto market. Added to this, it is known that investors in cryptocurrencies diversify their portfolio to hedge exposure and about 18% or investors who have Bitcoin use litecoin. This strengthens the position of litecoin as a strong contender and establishes it at the top of the coins. Due to all of these reasons it shouldn’t come as a surprise if litecoin’s price shoots over the USD 1000 mark in the next surge.