The crypto market’s sideways motion reflects in Litecoin’s performance, consolidating around the $58 – $60 range. So, what’s in store for LTC? Is a leap towards $75 on the cards? Let’s analyze in this Litecoin price prediction.
What is Litecoin Crypto?
Dubbed as the “silver to Bitcoin’s gold,” Litecoin is a peer-to-peer cryptocurrency that offers faster transaction times and a different hashing algorithm. Created by Charlie Lee, it has long been considered one of the top cryptocurrencies.
What’s happening to cryptos today
The crypto market’s current consolidation between $1 trillion and $1.2 trillion hints at an upcoming positive momentum, possibly pushing towards the $1.2 trillion mark.
Litecoin Price Analysis: Why is LTC down?
Litecoin, with its current price at $64.6 and a market cap of $4.7 billion, saw a marginal 7-day growth of +0.91%. However, a slight bearish sentiment is evident with a -0.17% dip in the past day, influenced in part by Bitcoin’s ongoing consolidation.
Litecoin Price Prediction: LTC UP Soon?
With the larger crypto market showing inklings of an imminent upturn, there’s a heightened probability that Litecoin, being one of the foundational cryptocurrencies, will resonate with this optimism. Historically, major altcoins like Litecoin often mimic the trend of the overall market, albeit with varying intensity. Considering Litecoin’s inherent advantages, such as faster transaction times and its established reputation, it’s well-poised to capture any market-wide bullish sentiments. This means Litecoin can extend its price towards the anticipated $70 – $75 bracket.
Should you Buy Litecoin today?
Given its current price around a significant support and potential bullish signals, investing in Litecoin might be worth considering. However, to safeguard against unforeseen downturns, a stop loss is advisable.