LITECOIN’S price could skyrocket this year after the cryptocurrency was recently touted for a major market exchange announcement that may dramatically alter its value, it has emerged.
The Winklevoss twins, known for their hugely popular Gemini crypto exchange, stated that one of their fundamental goals for 2018 is to expand their platform.
This could mean adding Litecoin to the exchange.
The current value of Litecoin at the time of writing is $179.61, however, this could dramatically change.
Tyler Winklevoss stated that Gemini’s areas for expansion “are from the Satoshi Nakamoto family tree -- Bitcoin cash, Litecoin”.
The Winklevoss brother also explained that this year is going to look “very different” due to added involvement from “Wall Street” in the crypto sphere.
He went on: “In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different.”
Litecoin, created by a former Google engineer named Charlie Lee, is currently experiencing a downward trend after plummeting by 11.6 per cent in the last week.
The cryptocurrency is currently worth $179.26 but has fallen by $23.52 in the last seven days.
Mr Lee himself has attempted to level the excitement surrounding the fledgling virtual currency.
He previously tweeted that the crypto market “needs time to consolidate” in a desperate attempt to calm investors of Litecoin’s inherent volatility.
He wrote: "Sorry to spoil the party, but I need to reign in the excitement a bit.
"The market needs time to consolidate. That's just my experience from seven years of watching this space...People need to be aware of this possibility and invest responsibly."
Despite its recent free fall, Litecoin has seen an exponential rise in value over the last year.
Cryptocurrency value tracker and exchange Coinbase showed that the value of the Litecoin has risen by a whopping 4196.16 per cent over the last year.
On March 14, 2017, the cryptocurrency was worth a mere $4.17.
If Litecoin was added to the Gemini exchange it could have a huge impact on its value.
Litecoin is similar to Bitcoin from the fact that it harnesses the blockchain to document transactions.
The cryptocurrency was formed in 2011 and differentiates itself from its biggest rival with its ability to process transactions faster.