Litecoin

Litecoin prices in 2017
Credits: istock.com/allanswart

Litecoin (LTC) Prices Could Mark $200 in 2017

Like any other cryptocurrency, Litecoin is not controlled by any central authority or regulatory body. It was launched in 2011 and is loosely based on the Bitcoin model. But in many ways it overcomes the drawbacks of Bitcoin—in terms of the coin limit, block generation time, and more. Although it is far behind Bitcoin in terms of value it can be obtained easily now. Litecoin prices in 2017 are estimated to rise over the next two months. Although Litecoin prices suffered in 2015 and 2016, it has picked up in late 2017. After a shaky start in January 2017 with the value hovering just around $4, it peaked in August at $76. The value fell and in September 2017 it averaged around $50; this was partly due the the ICO ban by China. Now, South Korea has also followed China’s footsteps by banning ICOs. Financial Services Commission (FSC) in South Korea has banned fundraising through ICOs with strict penalties levied on the ones who do it. This is primarily a step taken to prevent financial scams.

Despite all this, there are a number of reasons for this bullish Litecoin price prediction. The primary reason for the estimated surge in Litecoin prices in 2017 is the SegWig Activation. This stands for Seggregated Witness Activation and is advocated by Charles Lee, the founder of Litecoin. Litecoin was upgraded with SegWit on May 10 this year, and is the first cryptocurrency to undergo this activation. This allowed Lightning networks (LN) to be built on Litecoin along with block scaling. In fact, the first LN-based Litecoin transaction was successfully done on September 1, 2017. SegWit would also enable cross transactions between Litecoin and Bitcoin.

Increased interest of individual as well as institutional investors in cryptocurrencies in general is also one of the reasons for the estimated surge in Litecoin prices in 2017. It is also being promoted as the payment method. According to Charles Lee, Litecoin would be used more for payment unlike Bitcoin which would be used for storing.

Another reason why Litecoin value would go up is it can now be freely traded on Coinbase. This means you do not need to buy Bitcoins first and can directly exchange US dollars for Litecoin.

Additionally, although ICOs are now banned in South Korea as well, the crytocurrency market there is still functional. This country has been a very large market for Litecoin. Litecoin exchange in South Korea, Bithumb accounts for a market share of 23.95% of the total Litecoin trades. So, after the Litecoin market recovers from the shock of ICO ban, we can still expect it to rise to $200.

The cryptocurrency industry in general is still quite new and in its initial phase of growth where most of these cryptocurrencies are facing teething problems. Once this industry grows to a total market size of a few hundred billion dollars, then the actual ruthless competition will begin where only the fittest would survive. Litecoin is estimated to be one of them apart from Bitcoin, Ethereum, and Ripple. It is all about Litecoin being able to find its niche or USP and have an edge over the rest in at least some aspects including technology. Once this happens the rise in value would continue. With all these pros, Litecoin prices in 2017 may touch $200 and even surge to $300 or more by 2018.

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