3 Reasons Why The Litecoin Price Is Going Up So Fast. Will The LTC Surge Continue?

[HumberRolls]

The LTC price is way higher than it was last week—here's why.

Over the past week, Litecoin has experienced unprecedented growth—logging a 333 percent increase in just five days, including a 9-hour 38 percent increase starting Thursday night (PST), another 29 percent jump on Sunday, and a 73 percent bull run Monday night. As of this writing, the price is $321.20 (CoinMarketCap).

But amid all this insane growth, many are left wondering, what's causing it? Here are five reasons.

1. Bitcoin Growth & Futures Trading

Cboe launched bitcoin futures trading on Dec. 10, causing a  spike in Bitcoin prices—and CME plans to launch its own bitcoin futures trading in five days (on Dec. 18). Charles Bovaird has noted that Litecoin's behavior tends to have a directly proportional relationship to Bitcoin's. In this case, there are two possible ways Bitcoin might be positively impacting Litecoin:

Increased activity in Bitcoin, due in part to futures trading, is trickling down to Litecoin and other cryptocurrencies.

The increased Bitcoin activity is driving up transaction fees and clogging the network, potentially sending users in the direction of Litecoin.

Especially as network speeds lag and transaction fees soar on Bitcoin, Litecoin may be an appealing trading alternative with its faster speeds and lower transaction costs.

2. Massive Influx of Users on Coinbase

Coinbase, the popular cryptocurrency brokerage, is adding around 100,000 new users per day, recently surpassing YouTube as the #1 app on the Apple App Store. Coinbase only supports three cryptocurrencies: Bitcoin, Ethereum, and Litecoin.

As mentioned, the positive relationship between BTC and LTC might be playing in the latter's advantage—drawing fresh eyeballs to the most popular crypto exchange on the planet. Many of these users also aren't tainted by the remorse of not buying LTC when it was in the single digits right before their eyes.

3. Buyers Are Beginning to Understand Litecoin

As more people buy into cryptocurrency through Bitcoin through sites like Coinbase, it becomes much clearer to see how Litecoin's speed and low fees are a benefit to them.

Especially when using a service like Changelly, which allows users to convert many cryptocurrencies directly to others (rather than having to trade for BTC or ETH and then into the desired cryptocurrency)—LTC offers a unique advantage in its speed. And while there are certainly other options in this general category, none are on Coinbase.

[skillex]

Nice explanation and well-detailed speculation of LTC @HumberRolls

But im somehow late to invest to LTC already I am just waiting for its possible drop if theres still ever and I will buy 

Do you have an ample amount of it? 

[Snike]

I feel like it's the same with bitcoin. Do you invest now and btc will boom to 50k USD or are you to late? I'm pumped to see what the future is for LTC tho. 

[remember]

welldone. thanks for all your information. i bought 3 ltc weeks ago. :3 still holding 

[Ymerej]

nice information there  LTC is one of the great altcoin

[Kargai]

@HumberRolls received a temporary warning for copy-pasting the article. 

Mere copy-pasting from articles/magazines/other sources/etc. is not allowed. This is plagiarism and has serious consequences.

 

 

[barbaris]

You think this coin awaits the fate of bitcoin? If so then I would buy this coin.

[suresh]

Same here it is just like Bitcoin growth and peole are investing into it because of the growth of Bitcoin and popularity. I am looking to get some litecoins, however the price is too good.

[Upsilon]

Well just being on CoinBase alone is a huge factor. When the average person learns about crypto and decides to invest into crypto one of the first places they check out is coinbase simply because how well known they are. Not to mention having GDAX aswell