Litecoin is one of the cryptocurrencies that has performed well in recent weeks. Bitcoin’s “little brother” soared and then started falling. However, Litecoin has recently gained ground in comparison to other coins. But what is the Litecoin price prediction for the end of the year? Let’s take a look at it in more detail.
How has the price of Litecoin changed in recent weeks?
The Litecoin price has seen more of an up and down in the last few weeks. The Altcoin rally did not begin until the start of November when the LTC price went up from $55 to $72. Just after that, the price dropped even further as a direct consequence of the FTX crash. It sunk back down to $51 before restoring slightly in the days that followed.
As a result, Litecoin experienced a strong rally, with the price rising from $60 to $79. Only the price of Litecoin elevated so dramatically, while the prices of other altcoins increased only slightly. In the weeks since the price of LTC has soared to $84. In recent days, the price has remained relatively stable at $75.
Litecoin price prediction: Why did Litecoin perform so well?
Unlike bitcoin and other altcoins, litecoin has seen substantial gains in the last 2-3 months. This was particularly true just after the FTX crash. This was because many investors saw other altcoins as volatile and recommended investing in a well-established project alongside bitcoin.
MicroStrategy CEO Michael Saylor also mentioned Litecoin as a good option alongside Bitcoin. This could serve the same function as a future means of payment and a store of value as bitcoin does.
What is the price prediction for Litecoin at the end of 2022?
By the end of the year, the price could be even higher than it is now. The price of Litecoin is currently moving sideways. It is, however, stroking the resistance at $70, which it only momentarily surpassed a week ago. If this resistance drops, the Litecoin prediction for the end of the year could drastically improve. At the time of writing this, the LTC price is trading at $64.86.
Much will also depend on whether bitcoin can break through the $17,000 resistance level. Should this happen, it would very likely also bring the Altcoins and the Litecoin course up.
Litecoin price prediction: How high can the Litecoin price rise?
If the price of Litecoin breaks through the mentioned resistance in the next 1-2 weeks, it could rise even further. A sharper drop in the price seems unlikely. That is only possible if the Bitcoin price, followed by the overall market, falls again before the end of the year. A sideways movement appears to be the most likely, with a stronger rise in the final few weeks of the year.
Ultimately, we still expect a slight increase by the end of the year. As a result, we are issuing a Litecoin year-end prediction of $68 to $75.
Is it worth investing in Litecoin now?
Our Litecoin prediction for the end of the year suggests that there will be a slight increase in the coming weeks. But is it worthwhile to invest in bitcoin’s “little brother” in the medium and long term, or should you look to other altcoins as an alternative to bitcoin?
Ultimately, Litecoin can perform a similar function to Bitcoin, which sets it apart from other Altcoins. However, it has recently proved that it is still relevant in the market. It is very similar to Bitcoin, but in case of doubt, it can see higher percentage price increases.
Due to the current market phase, an investment in the LTC could definitely be worthwhile in the coming weeks. The year 2023 could usher in a bullish market climate.
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