Why did Litecoin go up 100% this week and what would have helped me foresee that type of increase for next time?

Written by Quora

Oct 13, 2017

This question originally appeared on Quora, the knowledge sharing network where compelling questions are answered by people with unique insights. Answers below are by April So, Marean Vladimir, Morton Gelt, Ilia Askey, Dave Ross and Rabeya Luna.

April So, SMALL BUSINESS OWNER (2010-present)

Answered December 11th, 2017

For those of us who bought Litecoin early (below $30), we always knew it was a volcano ready to erupt.
Charlie Lee is not only a brilliant engineer, but a dedicated leader with a stable vision for his company. When he founded Litecoin, he wanted to be branded as the silver to Bitcoin’s gold. The designed ratio between BTC and LTC is 4:1, meaning that ultimately, for every 1 Bitcoin, there will be 4 Litecoins. Bitcoin is currently trading at over $17,000 while Litecoin is trading at $195 (at the time of writing this post), so Litecoin is sorely undervalued! This morning, Charlie Lee was on Squawk Alley with Glenn Beck, promoting Litecoin as he promised he would try to do more of in the upcoming future. Litecoin has sat in Bitcoin’s shadows for most of 2017, but will continue to erupt in 2018. You would have only foreseen this if you believed in the company and its founder, from the beginning. Here’s a good opinion piece on Litecoin to get your head spinning: Litecoin’s rise to $1000 will be just the beginning of cryptocurrency’s silver surfer.

Marean Vladimir, works at OK Corral (2007-present)

Answered December 11th, 2017

Well, Litecoin was undervalued for a long long time. While others were surging, Litecoin was barely moving. I bought it at 45$ waiting for it to moon, too bad I sold it at 150$, with a profit though.

Bitcoin had a lot of growth since June, and I presume with futures it will stabilize more and leave room for others to grow, like IOTA did, Litecoin is doing and I do hope that Ethereum and Ethereum tokens are next.

Now I focus on Ethereum more, as I think it offers real world solutions to problems long term, but we shall see. I also use Ethereum to invest in token ICOs like INS or the last one, Caviar who just finished their presale and are at the ICO phase. They build a crypto fund to invest in crypto and real estate, and if it works, hopefully I can stop doing bad trades like selling Litecoin at 150$. 🙂

But no one can tell the future. All you can do is find projects that are interesting, do your research, invest, wait, and hope for the best. And never risk money you cannot afford losing because that will take a toll on you.

Morton Gelt, Founder of Decentralized AI Startup (2017-present)

Answered December 12th, 2017

LTC’ Charlie Lee managed to persuade the entire market that LTC is silver to BTC gold. Therefore, the logic is simple: btc had climbed gazillion of % this year, it is time for LTC. Even if LTC reaches 10% of BTC market cap there is lots of room to $700. Besides, LTC is a better coin, easy to transfer with very low fees. It doesn’t suffer traffic congestion with all the unconfirmed backlog (vs BTC).In addition with BTC getting futures the larger market expectations is that futures will spread to other main coins including LTC. So why not to buy?

Ilia Askey, CEO at Kexy (2016-present)

Answered December 12th, 2017

It jumped because Steam platform stopped accepting BTC and started with LTC.

Plus time of hype is here. People see cheap coin and they buy that. It is cheap in compare with BTC. Same happening to Ethereum now. And also other coins 🙂

Dave Ross, Financial Analysis

Answered December 13th, 2017

Do your research and buy solid coins. Don’t try timing the market – you will miss out on opportunities. Cryptos can be very volatile, so make sure you are ready for the ups and downs. Buy on the dips. Best of luck.

Rabeya Luna, works at Washington University in St. Louis

Answered December 11th, 2017

It rose because STEAM is accepting Litecoin fo transaction.

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