Litecoin Price Analysis
Litecoin prices are swimming in unfamiliar waters.
The cryptocurrency was stuck in the shallows around $50.00 for a while, but a strong current has carried it upstream. LTC prices have nearly doubled in the last month.
Many of those gains were concentrated in the last two weeks. For instance, LTC advanced 46.72% against the U.S. dollar in the past week. And this brought the Litecoin to USD exchange rate to $104.30.
At the same time, the Litecoin to Bitcoin rate jumped 1.76% to 0.00950178 BTC.
Prominent gurus like Mark Novogratz and Michael Arrington say we could see cryptocurrency investment stretch into the trillions of dollars. And, since this trend could continue as new money pours into the crypto space, it seems like Litecoin is headed to $200.00 and beyond.
If you think that this Litecoin price forecast is too ambitious, consider that we predicted that Litecoin would exceed $90.00 when it was trading close to $30.00. “You got lucky,” is the tempting rebuttal to this argument.
Maybe we did. But, if that’s the case, we get lucky a lot. We also predicted that Bitcoin would reach $10,000, that Ethereum would cross $400.00, and that the cryptocurrency market cap would exceed $250.0 billion.
Those predictions seem obvious in hindsight, but we made them months and months ago, when investors were running scared from cryptocurrencies.
How Bullish Are Investors?
Trading volumes surged overnight and through the early morning hours. Investors swapped $652.58 million worth of Litecoin as of this writing. This reflected a 67.79% increase from yesterday, although yesterday’s levels were also strong by historical standards.
Daily Litecoin Chart
Where Are Investors Buying LTC?
GDAX is the most prominent exchange for trading LTC tokens. It accounts for 18.19% of total volume, whereas the number two exchange, Bithumb, accounts for 17.09% of total volume.
Bitfinex came in at number three, with 11.76% of total transactions processed.
We maintain our Litecoin price forecast of $200.00 for 2018. However, cryptocurrencies are rising more quickly than imagined, and we may need to revise our estimates upward. Keep a close eye on our Litecoin news updates for further notice.