Litecoin prices surged 1,425% this year, and these meteoric gains are just the beginning for the cryptocurrency...
Check out the Litecoin chart below to see how the cryptocurrency's prices skyrocketed from $4.33 on Jan. 1, 2017, to its closing price of $66.04 on Sept. 11.
Litecoin's 1,425% gains more than quadrupled Bitcoin's 323% price growth this year. But if you didn't buy Litecoin, it's okay. One bold Litecoin price prediction projects the digital coin will trade for $200 by the end of 2017.
That's a 202.84% gain in just four months.
While we know what sent Litecoin prices soaring in 2017, a new possibility will boost Litecoin prices even higher by the end of the year...
Why Litecoin Prices Climbed 1,425% in 2017
There are two specific events that boosted Litecoin prices in 2017.
First, the digital currency exchange Coinbase allowed customers to buy Litecoin on May 3. Coinbase is one of the most well-known digital currency exchanges, with 10.2 million users.
Not only did this make Litecoin easier to buy, but it brought more awareness to the currency. Making Litecoin easier to buy on a major exchange increased its demand and its price. On May 3, Litecoin prices opened at $15.88 and climbed to $21.04 by the next day.
That's a 32% increase in just one day.
And it's not just U.S. exchanges increasing transactions...
Second, a buying frenzy from Asia helped boost prices.
On May 7, South Korea's largest digital currency exchange, Bithumb, offered Litecoin trading. According to CoinTelegraph.com, Litecoin daily trading volumes on the exchange skyrocketed from $80 million to $174 million on the day.
That's a 117.5% increase.
Since then, Asian exchanges have continued to see heavy trading volumes. Today (Sept. 13), one Asian exchange is accounting for 22.72% of all Litecoin transactions.
While these catalysts helped push Litecoin prices higher so far this year, there's another catalyst that could send it 200% higher by the end of the year...
Why Litecoin Prices Could Reach $200 by the End of the Year
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According to an Aug. 29 ProfitConfidential.com report, Litecoin prices could reach $200 by the end of 2017, thanks to its transaction speed making it a better choice for businesses.
"Unlike Bitcoin transactions, which take days to complete, Litecoin sends money in a matter of seconds," according to the Aug. 29 report. "Its speed puts Bitcoin to shame."
In fact, Litecoin transactions are confirmed to be four times faster than Bitcoin transactions, according to Seeking Alpha.
That transaction speed could give Litecoin the edge over Bitcoin when it comes to day-to-day transactions, according to Money Morning Cryptocurrency Expert David Zeiler.
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The problem right now is that the infrastructure to make it easy to pay with cryptocurrencies doesn't exist. But Litecoin's speed solves one of the biggest problems with making transactions easy, Zeiler told me.
"Eventually, some smart developers will figure out ways to make paying with a cryptocurrency as easy as using Apple Pay or Android Pay," according to Zeiler.
When that happens, Litecoin will be the front-runner in the crypto world since it was designed to be used for daily transactions, and, as the fifth-largest crypto by market cap, it already has a strong brand.
And a major company accepting Litecoin as payment may happen sooner than you think. Currently, there's a petition on Change.org with nearly 9,000 signatures asking Amazon.com Inc. (Nasdaq: AMZN) to accept Bitcoin and Litecoin as payments.
As the digital currency becomes more popular, it may have to oblige.
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