Litecoin News Update
The Litecoin price is once again on a tear and a Wall Street trader thinks it could double from here. The average LTC price made a new record high overnight as it strode off straight toward our price target. But we may have been a little too undaring in our Litecoin price prediction for 2018.
While we set it at $400.00, CNBC’s Fast Money trader Brian Kelly is setting it at $500.00—nearly double the price today.
A quick heads-up; Kelly is a money manager who heads BK Capital Management, LLC—an asset management company named after himself.
The investment firm primarily invests in cryptocurrencies, so Kelly is a keen watcher of this space. He has an eye for digital currencies which, in his view, can reward investors exponentially. Not only does he pitch them on national television, but he actually trades them.
One of his latest trades is…you guessed it…Litecoin—the altcoin that’s virtually on everyone’s lips right now. That’s because it has beaten the big daddy of cryptocoins with its mindblowing performance this year.
Where Bitcoin is up about 1,650% year-to-date, Litecoin has broken all records with it staggering 7,700% climb.
Chart courtesy of TradingView.com
How is this possible? It’s simple.
Just as Kelly reminds us, Litecoin has managed to steal the limelight from Bitcoin for being both cheaper and faster to transact in.
Litecoin comes with a “technical lead over Bitcoin.” It is the better iteration of Bitcoin’s blockchain technology, like a smartphone is to a feature phone.
Litecoin takes lower processing fees and processing times are much faster when comparing it to Bitcoin’s more expensive and slower platform.
This is the point of difference that’s lending Litecoin a growing fanbase as it markets itself against Bitcoin.
Kelly believes that if the LTC price breaks out from the current level, it could easily go to $500.00. “That’s your trade,” he says.
At the time of writing, Litecoin price is up an average 10.73% in the past 24 hours. The average LTC to USD rate is currently $356.28. The LTC to BTC rate is likewise up about 15% in this period, just as Litecoin outperforms Bitcoin.
Most of the demand is flowing in from within North America, where Coinbase’s trading arm, GDAX, is generating about one-fourth of all the trade volume.
If an expected Santa Claus rally takes prices over $380.00 by end of the year, we may revise our Litecoin price prediction upward to bring it in line with Kelly’s. For now, we are holding on to our $400.00 price target for 2018.