Crypto price predictions have been quite bullish this year and the ones about LTC’s price are no exception. LTC has also been doing great so far this year.
A recent Forbes article reported that Litecoin (LTC) reached a high of almost $99 and that happened on April 3. LTC has appreciated by about 230%.
LTC has retreated by now, and it lost some of those gains its rate is still up more than 200% year to date, and the coin outperformed the top ten list rival this year so far.
Forbes quoted a report revealed by SFOX where the are some key factors that are mentioned which impact LTC’s rise.
The approaching LTC halving is the first factor mentioned.
In August 2019, the reward for mining LTC will drop by 50%, and this will reduce the amount of newly minted LTC entering the ecosystem. This is expected to push the price up.
SFOX states that “tens of thousands [of] merchants worldwide and growing” are selling their goods and services for LTC.
This is also expected to have a positive impact on the price of LTC soon.
Among other factors that have enabled the price of LTC to rise, Forbes mentioned a higher speed of transactions as well.
Back in January, LTC had under 300 transaction channels, and now the network has 1,300.
Also, LTC founder Charlie Lee wants to implement Confidential Transactions to make the payment system more fungible.
Bullish price predictions
LTC price predictions have been quite positive lately. Not too long ago, we were reporting that LTC can hit $230.
Expert opinions have stated that LTC can even reach $1,000 or $2,000, but this might be a bit too far-fetched to believe.
UToday has recently brought up an expert in order to provide an example and said: “George Tung, a cryptocurrency analyst, claims that Litecoin will reach $1,500 towards the end of 2019. Brian Kelly, the head of BK Capital Management (LLC), is sure we might witness an LTC price of $500 or even $600 by the end of this year. Though conservative, this approach seems to be close to reality.”