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.
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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.
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