Update mid-November: we see more upside potential in Litecoin as explained in Litecoin price on the rise mid-October. Moreover, given today’s chart setup, we expect the 100 USD in Litecoin’s price to materialize before 2018 starts.
Is the price of Litecoin moving to 100 USD in 2018 or not? That is the million dollar question top of mind of crypto investors, and, in particular, enthusiasts of Litecoin. After our $60 Litecoin price forecast was met on August the 27th, we thought it was appropriate to update our readers on where we believe Litecoin’s price is heading next. Below are 3 factors we believe will help accelerate the materialization of our 100 USD Litecoin price forecast.
#1 The Creation of Litecoin Alliance is good for the Litecoin price
Although building a solid community and keeping it alive is no easy task, we consider this a major step for Litecoin. If successful, the main benefit of the Litecoin Alliance will be providing a structure to this growing community to attract more users and investors.
In fact, such a structure will make it easier for coders and enthusiasts to collaborate on projects and might help making Litecoin more accessible by reaching out to different wallets and exchanges and encouraging them to offer Litecoin.
The Litecoin Alliance is currently recruiting and roles are being defined to include PR, marketing and development among other roles. It will be interesting to see who will join and what the plan moving forward will look like.
#2 Litecoin’s superior Scalability
No scalability means the more transactions are made, the higher the waiting time and cost for each transaction is.
And when it comes to scalability, Litecoin is superior. It can offers a higher volume of transactions at a lower cost thanks to its fast block generation. For instance, Litecoin’s mean block time is 2.5 minutes versus 10 minutes for bitcoin making it 4 times faster.
So as other Cryptocurrencies are facing challenges related to scalability because transactions are reaching all time highs, Litecoin is getting more and more noticed by investors. This interest kept growing as Bitcoin and its community was in the midst of the debate around the segwit update and how to increase Bitcoin’s scalability while maintaining the integrity of the code.
This uncertainty was good for Litecoin price and will probably continue to be as scalability issues remain a challenge with other Crypto currencies. Litecoin is also set now to benefit from the advantages of the Lightning Network. These advantages include:
- Reduced fees: Users will only need to pay an opening and closing fee Versus multiple transaction fees.
- Atomic Swaps: Safely swaping of one cryptocurrency for another without the need for an exchange.
#3 An awesome Litecoin price and Litecoin transaction chart set up
The chart below shows Litecoin price in a clean ascending channel since June. Even when Bitcoin’s price dipped to reach a low of 1800 USD in mid July and most if not all Cryptocurrencies dipped, Litecoin remained within the channel and was consolidating its gains to reach new all-time highs in August.
The all-time high in Litecoin price is also supported by an all-time high in transactions. That is an important indicator because it reflects real life demand for Litecoin.
To conclude, when we consider the work led by Charlie Lee to build a stronger community with more defined roles and a clear focus on driving users and investors demand up, in addition to Litecoin’s strong code and high scalability and most of all the strong chart set up supported by an all-time high in transactions, it is very likely that Litecoin price will reach 100 USD in 2018.
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