Litecoin Poised for Rally in Fourth Quarter
As the price of Litecoin climbs to record highs, it appears our LTC price forecast is on track to come to fruition earlier than expected. For those who may be unfamiliar with our Litecoin price prediction for 2017, it shows the cryptocurrency reaching $200.00 by year’s end.
If that happens, the Litecoin market cap could surpass Ripple and Bitcoin Cash to become the third-largest cryptocurrency in the world. Only Ethereum and Bitcoin will outweigh its market capitalization.
Considering that Litecoin currently trades at $62.58, our forecast suggests that investors can earn more than 220% returns before ringing in the New Year.
I understand if such a bold prediction sounds far-fetched to stock market investors, but the truth is that 220% gains is not a “bold” prediction by cryptocurrency standards. Triple-digit returns are a common feature of the crypto market.
In fact, coins like LTC can accumulate those kind of gains in a single week. For instance, here are this week’s biggest winners.
|Top Performing Cryptocurrencies This Week|
|Name||Symbol||7-Day Price Change|
If a coin price can give you more investment value in a week than a stock can in five years, perhaps it’s time to ignore the naysayers and pay attention to cryptocurrencies. Not that all coins are worth looking at, though.
Some of them are like investment candy—a quick sugar hit without any real nourishment—while others are more like steak and potatoes, providing actual sustenance and energy.
Litecoin was candy during its earlier years, mostly because it had forked off Bitcoin’s blockchain.
This gave the impression that it was nothing more than an offshoot of Bitcoin, a pale imitation incapable of innovation. “Why would you have a copycat when you can have the original?” was the sentiment…at least until now.
In the last few months, Litecoin crossed several milestones that Bitcoin had not. It introduced “Segregated Witness,” a feat that Bitcoin only accomplished months later, and added the “Lightning Network” for fast payments, a feature that Bitcoin has yet to implement.
At risk of torturing the food metaphor, let me just add that these developments have Litecoin looking a lot more like steak and potatoes. (Also, yes, I know it’s a simile and not a metaphor, but who really cares?)
The point is that Litecoin prices went “vertical” earlier this year and it could happen again before 2017 is over.
What Does That Mean for Litecoin Price Predictions in 2017?
Litecoin’s value depends on two things:
It needs to win over some portion of vendors and consumers in order to stay relevant over the long term, while simultaneously making its token easy to trade.
The latter part of those conditions was met earlier this year. Popular cryptocurrency exchanges added Litecoin onto their list of tradeable coins, alongside Ethereum and Bitcoin.
This means that investors can trade U.S. dollars (or other fiat currencies) directly for LTC coins, exposing the Litecoin market cap to enormous upside. You can see the impact of this policy shift in the Litecoin price history.
As you can see in the Litecoin price chart, prices catapulted in the second quarter from roughly $4.00 to its current level of around $62.00. That’s a 1,450% gain.
This incredible rocket ride took the Litecoin value past its previous highs, but that doesn’t mean investors should assume there are no more gains left for Litecoin to achieve.
Our Litecoin price prediction for 2017 suggests it could reach the $200.00 level in part because of the heightened accessibility, but also because of popularity.
Unlike Bitcoin transactions, which take days to complete, Litecoin sends money in a matter of seconds. Its speed puts Bitcoin to shame, namely because it added the Lightning Network after implementing Segregated Witness.
Don’t worry if these terms seem foreign. I only mention them to point out that Litecoin’s technical capabilities are in many ways superior to Bitcoin’s. Litecoin has effectively taken bolder chances than Bitcoin, walking blindfolded into an uncertain future.
There was no guarantee that SegWit would successfully integrate into the network. In fact, many analysts believed that Litecoin might collapse under the magnitude of the change.
But it didn’t. And more to the point, its success acted as an instruction for Bitcoin when it came time for BTC to adopt some serious scaling proposals.
Investors typically fall into two groups when it comes to cryptocurrencies. One half finds it alluring, be it for the technology or for the investment gains. The other half thinks it is a bubble.
They’ll bring up the many investment bubbles of the past, like the Tulip Mania in 17th century Holland or the South Sea bubble in the 18th century.
However, if they bring up the 2000 Dot Com Crash, I’m forced to remind them that the groundwork of today’s digital economy was laid during the late 1990s.
To be sure, hundreds of worthless companies that attracted far too much capital went up in smoke when the Nasdaq burned to cinders. But from those ashes came Google—now known as Alphabet Inc (NASDAQ:GOOGL)— Amazon.com, Inc. (NASDAQ:AMZN), and Facebook Inc (NASDAQ:FB). So it’s not a total loss.
Likewise, there are a handful of cryptocurrencies that can genuinely change the world, and in doing so, make their investors extraordinarily rich. I believe Litecoin is one of them, and apparently, more and more investors are starting to agree with me.
Once again, the Litecoin market cap grew 1,450% so far in 2017. Is it so difficult, considering those gains, to fathom a Litecoin price forecast for 2017 that includes 220% growth from here on out?