Why LTC Is Most Likely to Get to 1,000 USD Faster
Wednesday, July 4, 2018, 6:00 PM | Leave Comment
If you are a cryptocurrency enthusiast, you may have already heard about Litecoin and the buzz it has been causing. If you are new to cryptos, all I will say is that Litecoin is a safe place to start!
Being its newer “baby brother” of sorts, Litecoin features many improvements over Bitcoin, and everyone is looking to invest.
But why should you spend your hard-earned money investing in Litecoin? How can we be sure that it is going to reach 1,000 USD soon? Keep on reading to find out the answers.
In this article, you’ll explore the reasons Litecoin should be your coin of choice and why you will be singing all the way to the bank if you invest in it now. You may also want to check latest cryptocurrency news to get a clear picture of it.
So, here we go.
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It will enjoy a higher adoption rate as the time goes on
Most altcoins that hail from Bitcoin have an adoption rate that is directly proportional to the usage of Bitcoin. This simply means that the more people use Bitcoin in the crypto market, the more they embrace the altcoins, too, and vice versa.
However, these altcoins are improvements upon Bitcoin and have much more to offer than Bitcoin does, which makes them more attractive. They are also more scalable, which means they have more usage potential than Bitcoin can.
Segwit and the lightning network make Litecoin far more attractive than Bitcoin and other cryptos, and the currency can expect to gain a lot of new converts in the near future.
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Trading in Litecoin is far more advantageous than Bitcoin
The premise of cryptocurrencies was to reduce the time and money people spend on transactions. Bitcoin did well on this front, but Litecoin is even better. Litecoin’s transaction speed is just 2.5 minutes compared to Bitcoin’s 10 minutes.
Litecoin is, therefore, more attractive to miners and investors alike. This also ends up increasing its adoption; who wouldn’t want to use something that saves them time and money?
This is because a miner, for instance, will earn a reward four times on Litecoin in the same period of time that a Bitcoin miner takes to earn one reward.
Furthermore, Litecoin transactions are dirt cheap compared to Bitcoin. It costs about 0.001 LTC, which is approximately $0.08, to make a Litecoin transaction. Bitcoin transaction charges, on the other hand, are not constant, but typically range from $5 to $6!
Even if you knew nothing about the cryptos, which one would be the obvious choice for a wise investor?
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It’s halving time is quickly approaching
Unlike fiat currencies, cryptocurrencies have a maximum number of coins that can be in circulation. Once this number is attained, there will be no more coin mining.
As a result, the number of coins being created halves every few years. Most digital assets might experience halving every three to four years, but Litecoin’s halving will come only 20 months after its inception.
When halving occurs, the coin usually has a high chance of doubling its price. Since Litecoin’s current value is now in the $80 range and still rising, it should have a value of at least $160 after halving – but we can expect this to be much greater when we consider the other factors mentioned in this article.
Surely the $1,000 value is too far off.
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Litecoin is grossly undervalued
The current value of Bitcoin is $5,903.53, which is more than a thousand times higher than that of Litecoin. Truthfully, this does not make any sense. Why? Litecoin is far better than Bitcoin as a currency; it is faster, cheaper and more scalable. The only thing Bitcoin has on Litecoin is more history. Litecoin should, therefore, have a much higher value than it does now.
Good investors tend to spread their portfolio among different cryptos as a risk management measure. Most of them find Litecoin to be a worthwhile investment and, consequently, about 18% of all Bitcoin investors also hold Litecoin, which leads to an increase in its demand.
Considering all these matters, there is no reason why Litecoin should not see a value increase to the $1,000 range very soon.
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Aliant is adding Litecoin to its payment system
Aliant is an American firm that offers merchant services. It has announced that it will add Litecoin to the list of cryptos with which its clients can make payments. Ethereum and Bitcoin were already on the list, but this declaration will inevitably increase their clientele’s curiosity about Litecoin.
Given that Litecoin is faster and cheaper than its counterparts, this news is likely to bolster demand for the currency, as more people adopt cryptos as a mode of payment.
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The price of Litecoin has been increasing faster than that of Bitcoin
Yes, the value of Bitcoin is far higher than that of Litecoin, but on the other hand, Litecoin’s rate of increase is much higher. While Bitcoin has seen a 1300% increase, Litecoin has increased by 2000%, and as a newer coin, it has a higher likelihood of increasing further.
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The maximum number of coins
We have already mentioned the “maximum number of coins” phenomenon in cryptos. Let us now go into the numbers. There can only ever be 21 million Bitcoins, while the maximum number of Litecoins is 84 million.
But what do these numbers mean? Currently, there are 16,731,775 Bitcoin and 54,232,633 Litecoin in circulation. This represents 79% and 64% of the currencies’ total coin numbers, respectively.
The percentage of the Bitcoin that is already in circulation is far higher than that of Litecoin. When investors look at this figure, they are going to be more psychologically attracted to Litecoin than Bitcoin. But why?
With a total of only 21 million, Bitcoin has a much less chance than Litecoin of doubling its price. Litecoin has a greater chance of quadrupling its value than Bitcoin has of doubling. With more investors seeing Litecoin as the better option, its value is also likely to rise with its increased demand.
Final thoughts
Litecoin has had an exciting ride on the crypto space. It has even been called the “silver” to Bitcoin’s “gold” due to all the advantages it has over Bitcoin.
While there is no sure way of predicting just how much the coin will be worth at the end of 2018, when combined, all the factors we have talked about point to $1,000 or more. As more people begin to embrace its scalability, it is bound to see a big increase in value.
For now, it is one of the best cryptos to hold; just wait for the price to increase as people begin to scramble for it and watch your bank account fill up.
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