Litecoin, nicknamed “digital silver”, recorded its ATH or All-Time High at the price of $370, returning to 10th position by market capitalization, but what are the price predictions for LTC?
Litecoin, nicknamed “digital silver”, recorded its ATH or All-Time High at the price of $370, returning to 10th position by market capitalization, but what are the price predictions for LTC?
Litecoin passes all time high!
$370! pic.twitter.com/nZFibLy2Q4
— Litecoin (@litecoin) May 7, 2021
Litecoin was born in 2011 following in the footsteps of the crypto queen, Bitcoin, and officially became one of the historical crypto assets that still respond positively to market demand.
In contrast to BTC and ETH, however, LTC has seen a much slower upward trend in its price, only hitting its ATH in recent days.
In fact, while BTC started touching its $55,000 as early as the beginning of 2021, reaching ATH of $63,000, followed by Ethereum which continues to break its own all-time highs above $3,000 day after day, LTC only matched the trend in these early days of May 2021.
The causes of this slowdown could be attributed to new DeFi tokens such as Uniswap (UNI) or Virtual Machine crypto assets such as Binance Coin (BNB) which have seen a boom in demand in the market during this same period.
Not only that, the digital silver Litecoin currently holds a 1% dominance in the crypto market, compared to 44% for BTC and 16% for ETH.
Nevertheless, Litecoin along with other historical crypto assets has seen its pump sustained, which repositions it in tenth position in the entire crypto market. But what will the future trend be?
Litecoin price prediction
Litecoin’s trend seems to be following that of the crypto queen BTC, which is currently swinging to stay on the $60,000 price point.
Recently, former Federal Reserve Chair Janet Yellen stated that the Fed will have to start tightening with the goal of preventing the economy from overheating. This means that in the US, there is a possibility that the Fed will start talking about raising interest rates and tapering.
It is no coincidence that last month, the Fed itself joined the idea of bitcoin as “digital gold”. And so, the entire crypto market followed, including Litecoin, nicknamed “digital silver”.
Thus, a bullish trend is a plausible answer to the price prediction for Litecoin, which with its design qualities should withstand even the new competing tokens.
Having touched its all-time high of $370 today, there is nothing to rule out a shift of the support price bar to $400, although based on current expectations, this trend could occur in the long term.
Litecoin was born in 2011 following in the footsteps of the crypto queen, Bitcoin, and officially became one of the historical crypto assets that still respond positively to market demand.
In contrast to BTC and ETH, however, LTC has seen a much slower upward trend in its price, only hitting its ATH in recent days.
In fact, while BTC started touching its $55,000 as early as the beginning of 2021, reaching ATH of $63,000, followed by Ethereum which continues to break its own all-time highs above $3,000 day after day, LTC only matched the trend in these early days of May 2021.
The causes of this slowdown could be attributed to new DeFi tokens such as Uniswap (UNI) or Virtual Machine crypto assets such as Binance Coin (BNB) which have seen a boom in demand in the market during this same period.
Not only that, the digital silver Litecoin currently holds a 1% dominance in the crypto market, compared to 44% for BTC and 16% for ETH.
Nevertheless, Litecoin along with other historical crypto assets has seen its pump sustained, which repositions it in tenth position in the entire crypto market. But what will the future trend be?
Litecoin price prediction
Litecoin’s trend seems to be following that of the crypto queen BTC, which is currently swinging to stay on the $60,000 price point.
Recently, former Federal Reserve Chair Janet Yellen stated that the Fed will have to start tightening with the goal of preventing the economy from overheating. This means that in the US, there is a possibility that the Fed will start talking about raising interest rates and tapering.
It is no coincidence that last month, the Fed itself joined the idea of bitcoin as “digital gold”. And so, the entire crypto market followed, including Litecoin, nicknamed “digital silver”.
Thus, a bullish trend is a plausible answer to the price prediction for Litecoin, which with its design qualities should withstand even the new competing tokens.
Having touched its all-time high of $370 today, there is nothing to rule out a shift of the support price bar to $400, although based on current expectations, this trend could occur in the long term.
