Good evening my fellow Steemicans, I hope you are fine. I certainly am after the crazy boom Litecoin had! I made a YouTube video aswell:

Please note that I am better at writing than speaking. Without further ado, let's get into it.

Litecoin and it's foundations

Litecoin is already established since 2011 and was launched only 2 years after Bitcoin. Litecoin themselves represented themselves as silver opposed to bitcoin being gold. The biggest disadvantage of Litecoin is that it actually doesn't bring anything different to the table than other cryptocurrencies. Litecoin is superfast but that's about it.

A coin can't keep on booming

Litecoin it's value was only 3 USD about 3 months ago, yes you read that right, 3 USD. From March 2017 until May 2017 it almost sevenfolded in value! A coin and cryptocurrency that boomed so hard what is bound to happen? Nothing can only go up forever, not even in the cryptocurrency market. Litecoin was licking the 35 USD barrier but was never able to find the perfect spot.

A witness that is segregated called Segwit

Segwit seperates the transaction signature from the transaction itself which greatly reduces the amount of data required by hardware wallets. Transaction are a lot faster and scripts became new versions so they are able to be upgraded in the future. Segwit is needed to have a faster network and better scalability. After Segwit people lost complete hope, even with all the advantages Segwit brings. The general assumption was that Segwit brought nothing really new and innovative because Litecoin was already superfast.

Mister Charlie Lee

One week ago news came out that Sir Charlie Lee was leaving Coinbase to fully concentrate on it's baby Litecoin. What did Sir Charlie Lee in that short time to increase the value of Litecoin, did he use his magical powers to push Litecoin over the 35 USD barrier and lift off? If he really has those magical powers, I wish I could be his apprentice so he can teach me how to control the dark force!

Two brothers going seperate ways

When Bitcoin increased in price, Litecoin followed in it's babysteps but never past the 35 USD barrier. Litecoin always followed Bitcoin and decreased when Bitcoin decreased. Yesterday something remarkable happened when Bitcoin lost about 2% of it's value in one hour. Bitcoin lost a really a small percentage but for the first time in a long time Litecoin did the opposite. It took a more colourful and exciting pathway.

Little brother Litecoin was saying to his older bro Bitcoin, bro I love you but enough is enough. You took good care of me, we walked all this distance together and it was an enjoyable walk but now it's time for me to follow my own path and to take my own steps! As soon as I saw Litecoin taking a different way and as soon as I compared the charts deep inside I knew Litecoin was ready for a lift off.

My expectations after breaking the barrier

It took Litecoin more than a month to break the 35 USD barrier but Litecoin finally did it and how! Oh boy what a run they had. As of right now Litecoin is at this moment sitting at about 45 USD and had an outstanding increase of value of about 45% in 1 day! In my opinion Litecoin will test the 50 USD level but meet huge resistance there. I think the psychological level of 50 USD will be a really important level in the growth of Litecoin. I am not sure if they will be able to break it. It will probably stabilize between 40-45 USD to 50 USD.

Bitcoin and it's slow transactions

Bitcoin still holds 1/3th of the marketshare an thus the power. It will hold the number 1 position for at least this year but Ethereum is knocking at the door. Cryptocurrencies are booming and the slow transactions of Bitcoin are becoming a real pain. That's the biggest reason why Litecoin is having it's increase, together with Sir Charlie Lee it's incredible powers! Bitcoin it's problem are becoming more clear every day, it's as slow as a turtle and they really need to step up their game.

Only the beginning

Sir Charlie Lee will use it's full power and magical wands to fully unleash Litecoin it's potentials. I have high expectations of Litecoin. It will test the 50 USD level but I don't know for sure what the future holds for Litecoin. It might be able to break the 50 USD barrier sooner than later and only time will tell. When we compare Litecoin to let's say Dash then it's undervalued in my opinion. Dash does have the advantage of having private transactions but they are sitting at around 180 USD. That's a huge difference compared to the established cryptocurrency that Litecoin is since 2011. Bitcoin and Litecoin always tend to go hand in hand but now it's time for Litecoin to follow it's own destiny.

I have trust in Litecoin and I really hope all of you Litecoin holders made or are making a good profit out of it! I hope you enjoyed this article, if you did please comment and give me your opinions, I would love to hear them.
Your boy, Sunny Escapades <3