Litecoin has doubled in last week and has been gaining ground on valuation within the crypto-currency space. It has come a long way since start of the year when it was quoting below $5.
What is causing this spike? Charlie Lee has gone on offensive with a lot of media presence recently. Bitcoin transaction costs and increasing mempool is giving him enough fuel to help grow Litecoin support recently. Of course, the major reason for this is that Bitcoin has hit the stratosphere recently and went up to $17k. Overall, as bitcoin keeps the frenzy going and as it looks more and more out of reach to newbies, you will see other alternatives rising fast.
Litecoin has a few things in its favor. It has built a decent platform and it is slowly increasing adoption across the board. The biggest success of Litecoin is the listing on Coinbase exchange. Coinbase is adding users at a pace never seen before. Recently Coinbase app went above Youtube on Apple App store. As new users signup they are too scared to touch a flaming hot bitcoin and look at more affordable looking Litecoin and grab a few. This is a typical naive behavior of small investors without really understanding the fundamentals.
I have written a few times already. Litecoin and Dash will continue their march upwards along with bitcoin as the market expands. New investors are going to buy altcoins due to FOMO. They feel they already missed bitcoin due to recent upmove. And of course, there is some genuine reason for the world to have more than one digital currency as we can see from recent network clogging at bitcoin and ethereum.
My personal target is $1000 for Dash and $300 for Litecoin in next 3 months. Let us see how far we can go as crypto world goes mainstream in 2018.
