Over the past two weeks we saw Litecoin’s surge past $400 in a rather shocking turn of market demand, making it the 4th most valuable cryptocurrency at the time. The aftermath of this price shoot was a rather sad downhill trip for Litecoin investors as they saw their coins drop to about $260 per coin. But what can we say, it’s the cryptocurrency market and volatility is a thing to always expect…as Litecoin is once again beginning to rise above the $300 mark.
Litecoin’s Steady Growth
The LeeCoin has enjoyed a rather successful end of year as its value has boomed by almost five times its initial value in the month of November. Working with the figures that were available via CoinBase, Litecoin was valued at $66 on November 17, 2017 but exactly a month down the lane to today it stands at $323 as at the time of this writing. The creator of Litecoin, Charlie Lee, stated earlier this year that he expected his creation to stand at about $300 at the end of 2018.
“I would be happy if Litecoin stays at around $300 by the end of next year. It’s still very surprising how much it has grown this year,”
Yet here we are just at the end of 2017 and Litecoin has already hit this mark. What is even more interesting is the fact that the one year space between now and the end of 2018 could see Litecoin doubling or even tripling in value. This is due to how the cryptocurrency market has successfully grown in 2017 and how much attention it has drawn to itself.
More Investors, Even Better Growth
Steady growth in any sector is a very good marketing tool to drawing investors, and the cryptocurrency market’s success could achieve this same purpose; bringing in more investors in 2018. Looking at just how lucrative the cryptocurrency market has become, everyone wants to own a digital currency. But bitcoin’s high value at the moment has made it almost impossible to buy a single coin, thus most people who want to invest in cryptocurrency will resort to altcoins that have a potential to rival bitcoin. As this happens, the demand for these is going to be higher and in turn increase its value. Now, considering the fact Litecoin is very eligible to contend with Bitcoin (having even earned the name Bitcoin’s silver), most people are going to rush for it and this could catapult the value of one Litecoin to about two or three times the present value.
Regulatory Frameworks And What They Could Mean
Countries like South Korea are beginning to put measures in place to regulate cryptocurrencies and people willing to invest in this space. Charlie Lee agreed to the fact that emerging markets’ contributions to the rise of currencies like bitcoin and ether and Litecoin are not entirely healthy for the cryptocurrency market as a whole, as these emerging markets are not well regulated. In as much as this regulation is very necessary, it could greatly affect cryptocurrencies that are largely concentrated in those emerging markets too, South Korea for instance. This is because regulatory structures could reduce the number of people who can patronize these cryptocurrencies, and as demand decreases value also does. This would cause coins like Monero, Ripple, and Zcash, to underperform against other currencies like Bitcoin, Litecoin and Ether in the coming year.
- American Express Partnership Sets Ripple Into High Priority Chinese Market - Nov 14, 2018
- What To Expect In Ethereum Scalability 2019 And Beyond - Nov 14, 2018
- Ethereum Sees Above Ground 200 Again After JP Morgan Statement - Nov 5, 2018
- Bounty Hunts And “All About Freedom” – October’s IOTA In Retrospect - Oct 29, 2018
- Shenzhen Court Rules For Bitcoin Transactions In China - Oct 26, 2018