Caveney’s prediction is based on the fact that the digital currency is one of the three virtual currencies that are being supported to be traded on Coinbase, which is arguably the most famous exchange cryptocurrency platform as of August 2017.
The other digital currencies are the virtual currency market’s “gold” Bitcoin and Ethereum.
In his report, Caveney claimed that aside from the support from Coinbase, there are other reasons behind his positive views on Litecoin:
“There are at least a half dozen other digital currencies out there that are about as big and well-known as Litecoin, including several that have larger total market caps at the moment, so it’s a big deal that only Litecoin is supported by Coinbase along with Bitcoin and Ethereum. But Coinbase’s approval is not the only reason to consider buying Litecoin.”
Other reasons behind Litecoin’s rise and attractiveness
According to Caveney, Litecoin’s adoption and activation of the scaling upgrade soft fork called Segregated Witness (SegWit) has worked wonders on the digital currency’s performance. SegWit was originally designed for the leading virtual currency Bitcoin, but developers of Bitcoin opted to implement the ‘hard-fork’ option that was activated on Aug. 1.
This has led to the split of the Bitcoin Blockchain network and the creation of the new digital currency called Bitcoin Cash.
Moreover, Litecoin developers are also scheduled to add the Lightning Network to the Litecoin platform which is expected to improve the scalability of transactions and to investigate the feasibility of anonymous smart contracts.
Litecoin has been trading at the $44.69 level against the dollar and already has a market cap of $2,345 bln.