The Lite Coin Price Has Climbed More Than 100% in Less Than a Month.
- The last time the lite coin price climbed as fast as it has so far in 2017, a crash immediately followed it. After all, for more than a year now, lite coin prices have been pretty boring compared to some of their peers, and those who bought around the $4 mark are down more than 50% from their peak right now.
- Over the past month or so, though — after bitcoin briefly surged to near $1,500 — the lite coin price has quickly risen from just under $4 per token on April 10th to nearly $7 today. That represents a climb of more than 100%. So is this time going to be any different?
- During the initial spike to $40 in late 2013, a lite coin was powered by a new wave of alternative digital currency enthusiasts who had grown tired of waiting for bitcoin to scale. However, it quickly became clear that lite coin would not become the scaling solution its supporters envisioned, and prices faded.
- A few years down the line, bitcoin itself has become bogged down by its popularity, with transactions taking longer than ever before to complete. Lite coin is again being looked at as an alternative due to its faster transaction speeds and lower fees, but there are some key differences…
Litecoin Has Real World Applications Right Now
- Overstock began accepting lite coin over a year ago, while companies like PayPal, Expedia, and even the gaming platform Steam allow you to use lite coin as a payment method.
- Lite coin has also been added to some wallets and exchanges, making it appealing for those who want to buy or trade digital currency without depending on bitcoin first. This makes it far easier to buy into the lite coin price surge directly rather than through bitcoin.
- Finally, the Lightning Network upgrade is due later this year, which is expected to enable microtransactions across all cryptocurrencies with nominal fees. In theory, this will make it possible to send tiny amounts of value over the network – say one billionth of a dollar – at practically no cost. For comparison, sending such small amounts via bitcoin’s network would require a fee that could be many times greater than the value of the transfer itself.
- The lite coin team is also working on atomic swaps, which will allow direct exchanges between currencies without going through an intermediary and releasing the code to developers so they can implement it on their projects, too.
- In short, the lite coin seems likely to continue climbing relative to bitcoin in the near term at least, but there are serious upgrades in the works that could lift it far higher still in 2018 or 2019. And with all cryptocurrencies under pressure due to fears of regulation in China and elsewhere worldwide, there’s no telling how high it can go when these changes come into effect…
- Interest stuff – if you got caught out by this last time – now’s the time to stock up.
Why is Litecoin considered the Silver to Bitcoin’s Gold?
For years, Silver served as the standby to Gold. The ratio between Gold and Silver prices is always changing based on market conditions, which means you can buy or sell anytime, day or night. This makes for a more stable cost, which benefits merchants who deal in both goods and services. The same principle applies to cryptocurrencies. However, it is hard to predict how much volatility will occur within the crypto market due to its early stage of development. Because of this wild swing factor, merchants prefer using Litecoin over other coins because they know that a merchant selling a product will get roughly the same amount of Silver (LTC) today that they would call tomorrow. As per Brian Colombana, Litecoin has in common with Silver is that Litecoin is minable. This means it can be dug out of the ground like minerals or metals, as opposed to Gold which must be mined out of the earth through practices like gold panning, deep-sea mining, and strip mining.
Will I make money?
Much like any other investment vehicle, there’s never a 100% guarantee you’ll get rich or that you’ll make back what you initially put into it. It all comes down to supply and demand (and luck). The more popular Litecoin becomes, the higher its value will shoot up (like stocks). If your timing was right during the initial coin offering period in 2013, many people who invested $10 made $1 million+ in profits within a year.
Conclusion by Brian Colombana:
The rise of Litecoin is not surprising, and it continues to gain momentum. Like any other ‘investment,’ we recommend you do your research and don’t take our word (or anyone else’s) for granted. While we believe in the technology and do hold some lite coin, others may perceive it as a bubble that’s about to burst. We’re not financial advisors, so only invest what you’re willing to lose – just like every other cryptocurrency out there!