Litecoin is a Cryptocurrency system being used throughout the world for payments. A cryptocurrency is a decentralized digital currency since no bank or an administrator is being involved in between for these payment or transaction system. This happens directly to the users without letting anyone in between of the transaction through a system called cryptography. However, these deals are being verified by the network nodes and are being recorded in blockchains which are an immutable public distributed ledger.

Looking into the past, there was an immense growth seen in Litecoin Cryptocurrency values. However, following all the increments of Litecoin currency rates, many experts were left pondering behind the cause. We found the five reasons behind the insane growth which are being described in detail below.

Growth and future trading of Bitcoin

Some months back, on 10th of December 2017, Bitcoin futures trading was launched by Cboe or Chicago Board Options Exchange, causing a massive hike in Bitcoin prices, while CME planned to start its own Bitcoins Futures trading within the next five days on 18th of December.According to Charles Bovaird, who noticed the behavior and trends of Litecoin to be directly proportional to that of Bitcoin. Thus, as per the case above, there could be a couple of possibilities that must have impacted the Litecoin most positively.

With an increment in the activity with the Bitcoin in regards to futures trading must have impacted various cryptocurrencies like Litecoin in a dribbled manner. Along with the Bitcoin activities being increased, It uplifted the transaction fees, also a lot of transactions caused jamming of BTC network resulting in attracting the users towards the Litecoin in a considerable number.

The users must have discovered Litecoin to be a trading alternative with a better speed along with low transaction charges as compared to Bitcoin with the low speed with higher transaction rates during inflated activities.

Enormous ingress on Coinbase by the users:

By triumphing and exceeding YouTube and became the no.1 App on Apple App store; Coinbase the famous and most trusted cryptocurrency brokerage and digital currency exchange being headquartered in San Francisco, California. They broker exchanges of Bitcoin, Ethereum, Litecoin and other digital assets with fiat currencies in 32 countries. Therefore, with the positive relationship between the BTC and LTC must have played its role towards attracting more and more fresh users towards them. These users could have invested hugely in LTC due to undervaluation.

Buyer started understanding Cryptocurrencies and especially the advantage of Litecoin on Bitcoin:

Since many users used to get Bitcoin through these brokerages like coinbase, they began studying Bitcoin over LiteCoin and could quickly make out the difference and advantages over each other. Whereas LTC offers incredible and unique advantages prominently on speed along with various other option not being related to coinbase.

Many of the buyers being Inexperienced: –

With so many buyers being in fluxing on coinbase, there could be many reasons related to FOMO or Fear of missing out. With the crazy and abnormal buyer’s behaviors on cryptocurrency without knowing much about it, driving amateur user towards it to purchase them directly, instead of waiting for the price to get down or being sold off by some ex-user.

These amateur users purchase these without doing research or not knowing, which results in them to buy it at a high price which results in further rise in its price or rates. However, most of the users being experienced ones are also buying LTC as a choice because they hope to make some good profit out of it with the flow.

With Charlie Lee being on Social media and Press: –

The creator of Litecoin, Charlie Lee, had already made a notable presence in the Blockchain world and decided to take himself on some media blitz by appearing on CNBC’s Squawk Alley and The Glenn Beck program. With this, the buzz was around Ethereum which went high towards the sky with an immense increase from $90 to $ 410 during the spring. By then many mainstream news agencies started covering Litecoin news, which results in more and more visibility towards cryptocurrency, and thus, driving the passion on cryptocurrency and also the price.