Many predictions have been made lately around the price that Litecoin (LTC) may have by the end of the year, and as it seems, the crypto may hit the mark of 600 USD, a fact that results particularly interesting considering the current performance of the coin.
Litecoin figures in the charts as the 7th largest cryptocurrency with a market capitalization of $3,656,267,429, and a price of $62.9 at the time of press, according to Coinmarketcap. So if it were to happen that the price reaches that value by the end of the year, we would be speaking of an increase of 10 times the current price, or in other words, a 967 percent of the increase.
With relation to the above asseveration, many have been questioning whether or not the coin may get to that level, and also, what are the main reasons to believe that is a possible thing. Let’s see all the details on this.
Litecoin (LTC) description
Litecoin was created and developed by Charlie Lee back in 2011; it was launched via an open source client on Github. The LTC token is a decentralized peer-to-peer cryptocurrency that works under the license MIT/X11. Litecoin was created as a fork of Bitcoin, so in essence, it was meant to have the same characteristics of the leader of the sector, but improving some of the issues that Bitcoin has in its ledger.
In this sense, Litecoin’s ledger functions with a Proof-of-work timestamp scheme, and also has the hash function working with the algorithm Scrypt, instead of the one that Bitcoin uses, which is the SHA-256. An average operation takes 2.5 seconds to be completed and is equipped with a token reward of 25 LTC (until 2019 according to an estimate).
In general terms, one could say that Litecoin is one of the strongest, if not the most, out of all of the altcoins that exist already. In fact, if we compare the crypto with Bitcoin (BTC), we would find the LTC platform works way faster and with one of the cheapest prices per transaction as well.
In addition to this, Litecoin provides great usability, which means the platform utilizes blockchain processes such as smart contract liftings and others. But not only that, the currency also has the capability of being used as regular currency such as fiat money, which means users can buy lots of goods and services by using Litecoin.
Facts on the Litecoin price prediction
- Bitcoin influence on the coin: We all know that Bitcoin has a great influence on each and every crypto in the market, and of course, this is something of which Litecoin is not exempt. However, this is not the only way Litecoin will receive an impulse from BTC, truth be told, with the present conditions of the market Bitcoin will likely deploy strategies in order to stabilize its system, and this might have as a consequence the increase of the transactions occurring in the network, so as the system clogs, many users will migrate to reliable platforms such as the one that LTC has.
- Coinbase endorsement: Coinbase represents a huge endorsement for Litecoin, being LTC one of the privileged cryptos enlisted in the platform. Coinbase receives millions of transactions every day, and with more than 100,000 new users that each day engage with Coinbase, we can be sure that this will be a great piece in the puzzle in the long run.
- Media attention: Litecoin has been receiving a lot of attention on social media during the last months. This, in the beginning, was actually not a positive thing as many users were Tweeting their complaints regarding project failures in the past, such as the association with Litecoin’s LitePay. However, the hard time seems to be gone for good, and now a bunch of artists, entrepreneurs, businessmen, doctors, and even athletes are supporting the crypto and endorsing the coin through its Twitter accounts.
- Bitcoin resemblance: As we said before Litecoin is related to Bitcoin because of the fork in which it was created, so in many aspects, both platforms provide very much the same. In fact, many users are starting to notice the resemblance between both cryptocurrencies and are starting to migrate to Litecoin as it represents a cheaper and faster option.
Litecoin has actually all of the features and tools to succeed in the goal of reaching never-before-seen heights. In fact, the coin has already done this in 2013 and 2017, so we can be sure that is actually a possible thing to happen. Additionally, Charlie Lee, CEO of the company, is hungry for success, and proof of that is the Tweets that he publishes stating that Litecoin is coming for Bitcoin. So stay tuned, this might be the Litecoin’s year.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pxhere.com
Ripple XRP Mega Breakout: What’s Next?
The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:
Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.
XRP is now sitting at .51704 as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.
Ripple XRP Mega Breakout
The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.
While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…
Where will Tron (TRX) be when we land in the same month next year?
The volatility of the crypto market has made it quite difficult to predict the outcome of what prices will become. To predict the prices of cryptocurrencies, various factors and characteristics are used to forecast whether a cryptocurrency will come up with a bull run.
The price of altcoins is significantly affected by the rise and fall in the Bitcoin price. In other words, if there is an increase in the price of BTC on a given day, there will be a high tendency for other altcoins to follow the same trend.
Concerning Tron, the market activity of Bitcoin has also affected the price of TRX lately. If that is the case, what will be the price of TRX before the year runs out and even next year? Well, we will be using various factors to predict the price of TRX in a year time or so (after seeing the recent market pickup).
The expected value of Tron TRX in a year or so now?
On a positive note, Tron has released lots of projects to aid and benefit its users worldwide, ever since the launch of its MainNet. Even recently, the blockchain announced another mega project known as Project Atlas. Despite the start of these projects, there hasn’t been a significant change in its price until recently. It is essential to know that even when these projects were getting launched, its price kept depreciating.
There aren’t any upcoming projects on…
Litecoin Cash (LCC): The potential mover?
Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.
Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.
While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.
For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.
Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying…
Ripple XRP Mega Breakout: What’s Next?
Zeex Expands Through Multiple New Partnerships
Supporting with Five Highlights, the New Generation of ColdLar Wallet Pro 3 Shocked Release
Altcoins2 weeks ago
Tron network gets a boost as crypto exchange ChangeHero lists TRX
Altcoins1 week ago
XRP could skyrocket above $50 if Ripple gets 10% of SWIFT’s business
Altcoins2 weeks ago
Latest price predictions of Ripple: Expected XRP price as 2018 ends now
Altcoins2 weeks ago
The Future of Cardano (ADA)
Altcoins2 weeks ago
Coinbase Becoming Custodian For 40 New Altcoins
Altcoins4 days ago
The Potential of TRON TRX Gaming Industry
Bitcoin2 weeks ago
New SEC Commissioner Supports Bitcoin ETF
Altcoins7 days ago
Tron (TRX) among the most promising blockchain projects out there, here’s why