Litecoin is going through a period of ‘undervaluation’ mostly because of the recent market crash that took down cryptocurrencies from record values to shocking lows. Litecoin is one of the currencies that also took the brunt of the market plunge. While close competitors such as EOS have managed to recuperate from this drop, Litecoin is still working its way up to its pre-crash value.
But in spite of this setback, there are many reasons that justify the claims that Litecoin will skyrocket once again this year.
Litecoin reached its all-time high at $366.15, before dropping to $114.23 after the market plunge. At the time of writing this article, Litecoin’s price was at $120. This doesn’t show a failure to recover, instead, it just attests that Litecoin is still undervalued and that it has the potential to slowly grow once more. LTC’s will most likely increase in value due to the following factors:
Litecoin’s price is seeing an upward tendency
One can observe that Litecoin has been slightly increasing here and there since the drop. Because of this, it is just a matter of time before Litecoin gets back its momentum and starts its road to ascension.
The re-launch of a new LitePay
LitePay was a very promising product but its launch was canceled, seriously harming the reputation of Litecoin. Many supporters believe a new, more suitable version of LitePay is currently under development. Though this is just a speculation, for the time being, the introduction of a similar product could increase Litecoin’s price.
Litecoin, the silver to Bitcoin’s gold
The most important factor that could contribute to a new record high would be Litecoin’s relationship with Bitcoin. Developed by Lee to be “The silver to Bitcoins gold”, Litecoin has become reputable brand since its fork from bitcoin. The LTC coin will ultimately interest large-scale business investors which also will contribute to tremendously grow Litecoin’s value. Basically, because of Bitcoin’s popularity, it only logical to assume some of this will also influence Litecoin.
All in all, it is easy to see how we might expect Litecoin to skyrocket with these features. But just as Litecoin could hit the roof, it could also drop, so do take the time and research before investing.