has been seen as the silver to Bitcoin's gold. Therefore, it has come as a disappointment to many that Visa has failed to support Litecoin. The best way for investors in the coin to help raise its value is to support the merchants using Litecoin. The more its popularity spreads, the more the coin will grow. This will enable Litecoin to succeed. It is predicted that, despite interference from major banks, Litecoin will still hit $1,000 within the next two months. The worst case scenario predicted is that the coin will not reach this value until the end of 2018.
The announcement of Litecoin's new feature, LitePay
has been seen as a game changing advancement in cryptocurrency technology. Litecoin's official credit cards will give the coin real world applications, bringing cryptocurrency transaction methods closer to the mainstream. One of the biggest indicators that the coin will prosper is the fact Microsoft has given it backing. They have stated plans to use Litecoin, Bitcoin and Ethereum
as the foundation for their new, decentralised monetary system. This means Microsoft has effectively called Litecoin the third most valuable coin in the market.
The predictions for Litecoin to soon reach $1000 are based not just on the emergence of the LitePay project, but also due to analysis of the coin's value rise over time. In mid February Litecoin rose by 34 percent, an unexpectedly large surge in value.
The value of LTC has had several months of significant volatility. In December, after relative stability, the coin dropped to $97 but soon rebounded. There is a readable pattern of Litecoin suffering occasional drops in value then rising significantly. However, despite the delay of LitePay, significant corporate interest in the coin is likely to help it still hit $1000 in value.
Image Source: Pexels