Many cryptocurrency watchers have been keeping a close eye on Litecoin, a close rival to Bitcoin, Ethereum and Ripple, as it looks set to make significant gains during 2018. Litecoin was hit by the price dip which affected almost all digital currencies and ICOs at the start of the year, but it has now entered a period of recovery that looks set to continue.
At the time of writing, Litecoin was trading at around $179.61 per unit – a remarkable recovery for the fledgling crypto offering. Exactly one year ago, that one coin would have been worth $4.17. This 4000% rise has led insiders to speculate that Litecoin could top $800 by the end of this year – with some placing the figure as high as $855.
Litecoin founder Charlie Lee has poured cold water on this idea to some extent, warning investors that Litecoin’s rise could be slower than expected. Despite this, upcoming changes have sparked the interest of the crypto community, who feel the Litecoin bubble could start to grow in the coming months.
Crypto investors and gurus the Winklevoss twins, who made a billion through Bitcoininvestment, have marked Litecoin as the currency to watch in 2018. They have also announced major expansion to their Gemini crypto exchange platform, and many have joined the dots to conclude that Litecoin is heading to Gemini, along with Bitcoin Cash. That is a serious vote of confidence for the growing digital currency, and it will certainly have an impact on investors.
Another key reason for the speculation is Litecoin’s new addition to its software suite. LitePal is essentially a payment merchant for Litecoin transactions, which also incorporates Bitcoin exchanges. This makes it extremely marketable, with many practical applications. Exchanging the two currencies becomes simple, and payments for goods and services can be made using digital currencies through the platform. It could be a game changer, and it is certainly prompting a flurry of investment – pushing the price of Litecoin ever higher.