In the crypto world, cryptocurrency analysts like throwing big numbers anyhow. Just try to search for the current Litecoin (LTC) value and investors interested in LTC, are offered with guess approximations that tokens could rise to $400 to $1000 by end of 2018 alone.
However, unlike stock and Forex forecasts, cryptocurrency prices have made good on several long-term price forecasts in the recent past. Bearing this in mind, what are the chances of the current LTC price rising to $1000 or even $10,000 soon?
Insights from the Litecoin Historical Price Data
LTC successfully traded past $100 in November 2017. This implies that an investor who invested $200 in LTC in February 2017 obtained a staggering $5000 as profits.
Is LTC Appreciating more in Value than Bitcoin?
The best backup for a $1000 or even $2000 LTC value by 31st December 2018, depends on how LTC is currently outpacing BTC.
With BTC currently hitting $7164.28 after a remarkable period of rising investor acceptance, LTC’s measly $67.78 in worth seems like peanuts in comparison. In 2018, however, the current BTC price has only risen by 1300%. LTC worth, on the other hand, has skyrocketed by a stunning 2400%. More importantly, as we witnessed with mass virtual currency value at the beginning of December 2017, LTC is currently recovering from price pull-backs faster and more positively as compared to BTC.
The 4 Optimistic Features of LTC
Forbes highlights four optimistic characteristics of LTC that will greatly determine its imminent value.
The initial one is BTC’s growths and future trading that spike the price of LTC. In other terms, any positive change of BTC directly benefits LTC, not just because it oozes down to LTC and other virtual currencies, but also because the extra traffic in the BTC network propels transaction fees and clogs the system.
The second feature is the considerable influx on Coinbase- a digital currency brokerage that is currently trending. Coinbase backs three cryptocurrencies including LTC.
The third aspect is the mass adoption of LTC due to its similarities with BTC, faster transactions and cost-effective transaction charges.
Lastly, LTC has recently gained a good media attention, hence the coin enjoys a free public eye.