In December 2023, the value of Litecoin surged by 7%, accompanied by a rise in trading volume, active addresses, and daily transactions within the decentralized project. In 2023, LTC achieved a significant milestone by surpassing 1 million daily transactions for the first time in its history. Now, can LTC price reach $200 in 2024. Let’s take a look at this Litecoin price prediction 2024 article in more detail.
How has the Litecoin Price moved in recent days?
As of now, the price of Litecoin stands at $ 72.53, accompanied by a 24-hour trading volume of $ 661.37M, a market capitalization of $ 5.37B, and a market dominance of 0.31%. Over the past 24 hours, the LTC price has experienced a decrease of -2.93%.
On May 10, 2021, Litecoin achieved its highest price of $ 410.76, marking its all-time high, while its lowest recorded price occurred on Jan 14, 2015, at $ 1.113740 during its all-time low. The subsequent lowest price since its all-time high was $ 40.47 (cycle low), with the highest LTC price since the last cycle low reaching $ 114.66 (cycle high). Currently, the sentiment for Litecoin’s price prediction is bearish, while the Fear & Greed Index indicates a reading of 70 (Greed).
Litecoin’s circulating supply presently amounts to 74.05M LTC out of a maximum supply of 84.00M LTC. The current yearly supply inflation rate stands at 3.29%, resulting in the creation of 2.36M LTC in the last year. In terms of market cap, Litecoin holds the #3 position in the Proof-of-Work Coins sector and is ranked #13 in the Layer 1 sector.
Is Litecoin Price poised for a substantial surge in 2024?
On-chain data sourced from Santiment reveals an increase in active addresses for LTC between November 11 and December 31.
According to Santiment data, despite ongoing profit-taking activities by LTC holders, the price of Litecoin witnessed an ascent from its low of $58.83 on September 11 to a local high of $76.28 on December 8. Notably, Litecoin demonstrates a relatively high correlation of 0.78 with Ethereum. Consequently, it is probable that the price movements of LTC will closely track those of ETH.
Can LTC Price reach $200 in 2024?
Considering the recent market trends and performance indicators for Litecoin (LTC), it appears that there are mixed signals regarding the possibility of the price reaching $200 in 2024. On the positive side, there have been 15 green days in the last 30 days, accounting for a notable 50% of the observed period, showcasing a degree of market strength.
Furthermore, LTC maintains high liquidity, as evidenced by its substantial market capitalization. However, the cryptocurrency has experienced a -4% drop in price over the past year, underperforming 96% of the top 100 crypto assets in the same period.
Moreover, LTC has lagged behind Bitcoin and Ethereum, indicating a potential lack of comparative strength. The fact that Litecoin is trading below the 200-day simple moving average and is down -82% from its all-time high also raises concerns about its current trajectory.
Additionally, the yearly inflation rate of 3.29% may impact the overall valuation. While the market conditions are dynamic and subject to change, these factors suggest a cautious outlook for LTC reaching $200 in 2024, requiring careful monitoring of future developments in the crypto space.
The forecast for Litecoin suggests a trading range between $65.89 and $158.07. Should Litecoin manage to reach the upper end of this projected range, it would signify a substantial increase of 120%, ultimately reaching a value of $159. This prediction provides a potential scenario for significant positive movement in Litecoin’s price, but market conditions are dynamic and subject to change, requiring ongoing monitoring and analysis to assess the accuracy and sustainability of such projections.