Litecoin (LTC) is well known for its digital asset which lures more traders and investors to its network because of its cost-effectiveness, high speed, and stability. It has been labelled as a better alternative to Bitcoin. LTC enjoys being in the public eye due to its regular mentions in the headlines and many people are keen on investing in it.
After a few years of being at the top with other giant digital currencies, LTC is projected to breakout from its current position. However, there is still much to be done by the LTC management for it to move upward. The coin is currently trading at $55.55
Litecoin to Hit the $10k Mark by 2020!
In November 2017, LTC was valued at $100 and in December of the same year, LTC price rose to $331. However, LTC has encountered severe dips in 2018 that have also been reflected in other cryptocurrencies.
Perhaps, one of the influencers of LTC’s value is the market undertakings of Bitcoin- LTC is a close fork of BTC, and just like other digital currencies on the market, LTC has not thrived in detaching from BTC.
With the value of BTC going as low as $6000, LTC has also seen its value swinging between $50 to $60.
Although Litecoin is gradually recovering from the setbacks, it can reach $1000 within the next three months and hit the $10,000 mark by 2020.
Factors Determining the Growth of LTC
The Forbes Group has highlighted three key factors that will determine whether Litecoin will hit the $10k mark by 2020.
The first one is BTC’s future growth and spikes. It is good to acknowledge the fact that a positive turnaround from BTC would definitely influence Litecoin. This is because a growth in BTC’s network boosts transactions that trickle down to other cryptocurrencies.
The second factor is a wide acceptance of the Litecoin protocol. The fact that LTC is likened to BTC- though faster and economical compared to BTC- can trigger a heightened impact on the value of LTC in future.
The last factor is a growth of investors and traders on Coinbase that will also positively impact the price of LTC.
LTC has displayed a good usability than BTC. Many traders and investors often use Litecoin as the standard for various blockchain businesses, especially smart contracts. This clearly suggests that the probability of LTC price skyrocketing is very high.