Litecoin is the “silver to Bitcoin’s gold.”
Or at least that’s what analysts (this analyst included!) keep saying. It is repeated so often that today’s Litecoin news update should be utterly predictable.
On Friday morning, the Litecoin to USD exchange rate advanced 4.84% to $66.67.
It was the fourth day of positive gains for LTC. As I said above, this shouldn’t come as a surprise, because Bitcoin is also surging. It reached $7,867.35 by the time this article went to press.
Although BTC is gaining more quickly than LTC, the relationship between the two currencies almost ensures that Litecoin prices will continue to skyrocket. This is especially true now that Wall Street hedge funds are starting to treat cryptocurrencies as a legitimate asset class.
Already, trading volumes are skyrocketing across the industry.
Investors swapped $14.2 billion of cryptocurrency yesterday, an increase of 191% from one month ago. This increased volume is directly related to the surge in prices, too. It’s no wonder that total market cap keeps setting record highs, this time at $228.3 billion.
Daily Litecoin Chart
Some readers might find me unreasonably bullish, but I think these gains are just the beginning.
Once Bitcoin futures are officially traded in the CME derivatives market—which could be as early as December—there’s nothing to stop the crypto market cap from reaching $1.0 trillion.
At first, this trend will only benefit Bitcoin, but it won’t be long till Wall Street turns their eyes to the leading altcoins. Their clients have been clamoring for access to this sector for quite some time.
Our bullishness in Litecoin did not waver when China banned cryptocurrency trading, nor when prices seemed stuck at $55.00. Therefore, we don’t intend to change our Litecoin price forecast now. We still predict that LTC prices will reach $200.00 in 2018.