Many analysts predict that Litecoin will also witness a steady rise in the value of its coins in 2018. Such analysis is drawn on the back of Litcoin’s similarity with well-established players such as Bitcoin and Ethereum. The experts have projected the price of $600 by the end of this year.
Comparative analysis has revealed that the Litecoin is one of the largest cryptocurrencies in the market. It is because of this reason many institutional investors and other cryptocurrency funds have substantially invested in the Litecoin. And this number is gradually increasing by the day. However, in order to be prudent, every investor should diversify its holding in the cryptocurrency so that non-systemic risk could be mitigated.
In 2017, Litecoin has stolen the limelight as its value surged by 5200%, which is four times greater than the bitcoin’s rise. Furthermore, there are numerous advantages Litecoin has over bitcoin. For instance, Litecoin founder Charlie Lee resigned from his position from Google in June 2017. The dedication of Litecoin’s founder was taken as the positive gesture in the future performance of this company.
Further, the Litecoin has the ability to process cross-border transactions at a much higher speed then the bitcoin. Apart from that, the transaction costs are also low when compared to that of bitcoin.
However, the Litecoin has also faced setbacks because of the following reasons:
- Request to join BitPay was denied
- The unexpected poor performance of LitPay
The company is now trying to consolidate itself in order to confront the challenges of tomorrow. In this regard, Litecoin Foundation was formed. This foundation is run by Charlie Lee who is the current Managing Director along with three other Directors. The aim is to train the developers through this foundation. These developer would later on improve the efficiency and effectiveness of the operations of Litecoin.
It should be noted that the cryptocurrencies ought to be used to disappointments pertaining for the volatility that is inherent in their structure. This volatility is largely due to the unregulated nature of the cryptocurrencies.