$300 and higher? Litecoin is predicted to reach back to “its fair value”

More and more people are using Litecoin as a payment method, according to a report by payment service provider BitPay. Thus, experts say, monthly payments using LTC increased by 109%, but for some reason, it has no effect on the value of the asset, which has fallen by 4.68% over the past 24 hours. However, one Litecoin supporter is confident that the token will soon regain its former glory. 

LTC payments rising

The study says Litecoin is gradually catching up to Bitcoin in popularity as the primary token for purchases. Consumers use the asset to make purchases on leading e-commerce sites related to electronics, video games, gold, jewelry, and other goods. In just one year, monthly Litecoin payments grew 109%. 

Moreover, it has become known that: 

• Litecoin makes up 27,64% of all cryptocurrency payments processed by BitPay (Bitcoin in first place with 41,62%);
• Litecoin payments are most prominent in North America, but there has been spectacular growth worldwide in EMEA, Asia-Pacific and Latin America;
• Litecoin is mostly used to buy computer games, electronics, jewelry, gift cards, pay for VPN/hosting, and other Internet services.

The report also mentions the reasons why users are choosing Litecoin more often. Among them: 

• Speed. Because LTC was created as a faster alternative to BTC.
• Trust. The Litecoin network has been running over 11 years.
• Pay from almost any wallet. LTC supported by the most popular multichain wallets.
• Strong community. Despite the coin outside of the top 10 cryptocurrencies by market cap.

The latter is especially strange, given that Litecoin is one of the oldest cryptocurrencies, it seems that the asset should definitely be on top, but the value of the token has been almost unchanged since May and recently began to fall significantly. 

Litecoin current price and predictions

At the time of writing, LTC is trading at $74.17 per coin. Over the last week, the token has fallen in value by 1.94%, and by almost 6% in a day.

The current value of Litecoin especially seems paltry when you remember the historical high of $377 in May 2021. This begs the question: when will LTC rise? Several things indicate that it will happen. 

1. Famous Litecoin supporter Shan Belew predicted that LTC will get back to “its fair value.” He believes the token is undervalued compared to Bitcoin by a factor of 18, and its market capitalization should be $100B instead of the current $5.44B.

2. The trading volume of LTC increased by 55%, after which the experts of The Coin Republic noticed that the token is preparing to overcome the resistance at the level of $80.

3. We recently reported that Litecoin suddenly rose in value while other cryptocurrencies were falling due to the FTX crash. This reaction was due to the fact that Michael Saylor of Microstrategy mentioned on Twitter that LTC could be recognized as a commodity after Bitcoin. The reaction was not long in coming and the token soared to $80. Now the coin is likely to drift at the same level, and then there will be growth. If the value rises to $100, the price could easily reach $143 and then $300.