Altcoin Litecoin (LTC) has reached its highest level in over a year. Afterwards, it showed significant consolidation just below $110. There has been a 22% increase in the last seven days. Accordingly, Litecoin is among the best performing cryptocurrencies in the market. So what’s next for next?
Dynamics in the rise of Altcoin Litecoin
Litecoin’s recent listing on EDX Markets, a new US cryptocurrency exchange backed by major financial institutions like Fidelity and Charles Schwab, has boosted its legitimacy significantly. The exchange has a positive reputation with regulators. It also sets it apart from other platforms such as Coinbase and Binance, which are facing legal challenges. This list refers to institutional adoption of cryptocurrencies like Litecoin. It also provides a platform for them to further their market presence.
In a little over 30 days, Litecoin will host an important event. Accordingly, it is preparing to experience the halving event, where the block reward for miners will be reduced from 12.5 LTC to 6.25 LTC. This halving will effectively halve Litecoin’s inflation rate. Market participants are eagerly awaiting this event, as evidenced by the increased on-chain activity on the Litecoin blockchain, with 1 million transactions per week up to June 29. The halving event has the potential to create bullish momentum for Litecoin’s future price performance.
Price prediction and technical analysis point to bullish potential
Prominent crypto analyst Michael van de Poppe makes an important point. It highlights Litecoin’s recent breakthrough above the $100 resistance level, alongside the 200-week Moving Average (MA) and the Exponential Moving Average (EMA). Accordingly, he expressed his optimism about his expectations. Van de Poppe has set bullish targets of $180 and $250, representing potential gains of 65% and 130%, respectively, from current levels. There are additional technical indicators such as LTC rebounding from June lows and breaking out of a long-term pennant structure. cryptocoin.com On the whole, these support a positive outlook for Litecoin’s price trajectory.
Considering Litecoin’s current price of just over $100, it has a long way to go. To reach $1000 per token, it will require an increase of about tenfold. This looks ambitious. However, the cryptocurrency has a relatively small market cap of around $8 billion. It also leaves room for a significant uptrend. Even with a tenfold increase, Litecoin’s market cap will only be around $80 billion. Accordingly, this will represent approximately 13.3% of Bitcoin’s current market cap.
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