Today, July the 5th Litecoin hit a record high of $55 USD exactly before falling slightly back to around the $53 mark. Below is my analysis and explanation of why Litecoin has been growing so much recently and my predictions for where it will go from here.
If you are don't already know what Litecoin is, it can be explained in its simplest terms by saying it is the little brother of Bitcoin of sorts and was one of the first real altcoins. Of course it does have some differentiating features from Bitcoin, more information can be found here: https://en.wikipedia.org/wiki/Litecoin
Over the past 3 months Litecoin has experienced a relatively linear growth in price, with a few dips here and there but always correcting itself back onto its upward path. Since the activation of Segregated Witness (SegWit) in early May the price has started to grow exponentially, and is currently the most traded coin in $USD value with a current daily trading volume of just over $1 Billion USD and growing - overtaking bitcoin earlier this week.
To the untrained eye it may seem there is little relation between the prices of Litecoin and its big brother Bitcoin, but after careful analysis you can see that the two coins roughly match each others current price trends - in late 2013 when Bitcoins price first spiked to over $1000 the price of Litecoin also increased nearly tenfold to $40 a coin respectively. I personally consider Litecoin to be the silver to Bitcoins gold. This is why I believe Litecoin is one of the safest and most viable investment in the Cryptocurrency world today - the fact that it mimics the behaviour of Bitcoin and in my opinion will reach $100+ by the end of 2017.
So that wraps up this thread! If you haven't done so already I would highly recommend you invest in Litecoin yourselves - doesn't have to be a lot, a coin here and there makes a hell of a difference. I personally am holding 20 LTC at the moment and considering buying more in the next drop. I hope you enjoyed reading this thread and learnt something, feel free to voice your opinions in the comments - I read them all! Please do upvote and follow me if you liked this post, more like it coming each and every day.
-sl4de
