By Gaurav S. Iyer, IFC Published : September 28, 2017
“With great certainty comes great reward”—I can’t remember where I first heard that phrase, but it basically sums up our Litecoin news for the day.
(Yes, I know its original incarnation was “With great power comes great responsibility,” but this version relates much more to my life.)
In any case, the phrase came to mind as the Litecoin to USD rate advanced 6.3% to $56.14 on Wednesday.
At that level, you would imagine that Litecoin price predictions are maxed out. But once you put yesterday’s gains in the proper context, it becomes clear that Litecoin still has 61% upside potential.
You see, LTC prices were riding high at the start of the September. The Litecoin to USD exchange rate was shattering previous records, finding a new level above $90.00 (which is 61% above the current price range).
No one was expecting a sharp policy reversal in China to screw things up, but that’s precisely what happened. Prices started unraveling once rumors of a crackdown leaked out of China.
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Uncertainty seeped into the hearts and minds of investors.
What made it worse is that Chinese regulators operated in shadow. They didn’t release an official statement banning cryptocurrency exchanges, nor did they deny the rumors. So it became a daily guessing game.
Litecoin prices dropped to $33.13 at one point, sparking fears that a death knell was around the corner. But lo and behold, Litecoin is still standing. What changed?
Well, uncertainty faded. We learned the Chinese ban was real. We learned that Litecoin to yuan trading would stop at the end of October. And we learned that China’s fear of capital outflows is what prompted the crackdown.
Confidence seeped back into the hearts and minds of investors. Now the big question is: where do Litecoin prices go from here?
Our Litecoin price forecast suggests that LTC is headed back to $90.00 in the short term, and well beyond in the long term. Here’s why.
Trading volumes were supposed to collapse once China banned Litecoin to yuan trading, but that simply is not happening. Roughly 220.36-million LTC tokens changed hands yesterday.
The majority of this trading took place on Korean and American exchanges, showing that geographical support is taking root. There is no reason why Litecoin won’t head back up to $90.00, which means that investors still have 61% undiscovered upside potential.