Litecoin’s price broke through the eighty-dollar mark in the last few days with the price briefly touching a high of $92.07.
Reasons behind the Litecoin rise?
With Bitcoins price having approached and breached the $5000-dollar mark, investors are now looking for an alternative. Or arguably the next Bitcoin.
Litecoin combines much of the benefits and attributes of Bitcoin at a much more attainable price. Litecoin transactions are processed quicker than Bitcoin’s.
Litecoin also benefited from implementing the Segregated Witness or SegWit before Bitcoin. The Segregated Witness technology essentially separates data from the Cryptocurrency signatures allowing the data to be broken down into a smaller size. This then reduces the size of the block allowing more transactions to be added. Litecoin also enjoys the infrastructure provided by Coinbase; one of the leading Cryptocurrency Exchanges.
Litecoin’s and cryptocurrency exchange price gains
The appetite for Cryptocurrencies and investment in Cryptocurrency Exchange has exploded this year with the market cap now breaching the $175BN level, up $161BN year to date. With the Market Cap hitting a high of nearly $179BN in the last few days.
Priced at $4.33 in January Litecoin’s price has enjoyed a measured surge following the implementation of its SegWit technology in May. Prices following the improved technology have increased dramatically and year to date Litecoin has risen more than 1847%.
Litecoin 2017 price forecast
Whilst some have predicted that volatility could play havoc and deter mainstream investors from Cryptocurrency Exchange it would appear that many are willing to take the gamble. Providing the Market Cap continues to increase so should demand and confidence for Cryptocurrency Exchange investment.
Although experts predicted a level of Cryptocurrency volatility to pay its part and profit taking to end short-term rallies many Cryptocurrency experts anticipate the Market Cap to continually increase, with some boldly predicting the main player Bitcoin to reach $20,000 within the next three years.
Litecoin as a key contributor often referred to as the ‘Silver to Bitcoins Gold’ and is therefore very well placed to continue increasing in price, with many expecting the Cryptocurrency to reach $200 by the end of 2017.