Litecoin Price Prediction As LTC Spikes Above $100 – Can LTC Reach $1000 This Year?
The Litecoin price has fallen 5% in the last 24 hours, falling to $96.29 after rising above $100 yesterday. This current level means it has risen by 7% in a fortnight and by 17.5% in the past 30 days, boosted by the Litecoin Foundation’s announcement that its Mastercard-powered Litecoin card will launch in Europe.
Such news served to remind the market of Litecoin’s existence as the “silver to Bitcoin’s gold,” with the altcoin still one of the most widely used cryptocurrencies in the ecosystem. And assuming the broader market and global economy continue to recover this year, it could easily break out to new levels.
Litecoin Price Prediction As LTC Spikes Above $100 – Can LTC Reach $1000 This Year?
It appears that Litecoin’s jump above $100 was somewhat short-lived, and this price proved to be something of a stubborn resistance level for the token. It has made a few attempts to rise sustainably above this level in the last week or so, but each attempt has failed.
That said, LTC’s indicators remain encouraging. Its relative strength index (purple) has dipped slightly in the past day, but it remains at around the 60 mark, signaling continued buying pressure.
At the same time, the 30-day moving average (red) continues to rise further above the 200-day average (blue). While there is a chance that it may have peaked, it is still pointing upwards, suggesting further gains may be in store.
As mentioned above, the expansion of Litecoin’s partnership with Unbanked and Mastercard to Europe is the main reason for LTC’s recent joys. The foundation had already partnered with both firms two years ago to launch the Litecoin card in the US, but following the success of this launch, the card is now coming to Europe and the UK.
“I am delighted to be working with Mastercard to open crypto card programs in the UK, Europe and abroad,” said Unbanked co-founder and CEO Ian Kane. “Mastercard has been very forward thinking when it comes to digital assets, so it’s a great achievement to bring them together with the Litecoin Foundation so that consumers have the ability to use Litecoin in their everyday lives.”
In fact, the Litecoin card will enable UK and European holders to use their LTC holdings to pay for goods and services. As it does in the US, the card will also use the Mastercard network so that LTC can be converted at the point of sale to fiat currency.
This announcement has underscored the utility of Litecoin as a (slightly) more scalable – and usable – version of Bitcoin. Although the altcoin has been half-forgotten amid the rise of Web3, NFTs, metaverse, DeFi and proof-of-stake, it remains one of the most used and most valuable cryptocurrencies on the market.
At the time of writing, Litecoin’s market cap is $6.958 billion, which puts it in 16th place overall. Perhaps even more impressive, BitInfoCharts’ data reveals that it has just over 300,000 active addresses in the last 24 hours, putting it ahead of Dogecoin and Dash (Bitcoin and Ethereum have 888,000 and 655,000 respectively).
Such use highlights the fact that, although it rarely attracts headlines, Litecoin is more than holding its own in the market as one of the most popular cryptocurrencies. As such, there is a good chance it could continue to rise this year as the market generally recovers.
Although $100 has proved too much for it at the moment, it is likely to pass this level in the coming weeks. From there, it could reach $200 or $300 by the end of the year, with the current all-time high of $410.26 (set in November 2021).
Of course, for die-hard Litecoin followers, such levels will be the tip of the iceberg. Some holders are even predicting four-digit prices in the next couple of years, which is ambitious, but Litecoin’s continued growth shows that it is possible.
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Alternatives to Litecoin
Litecoin may have a good spell, but it is not the only cryptocurrency with high potential on the market. Accordingly, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
