Nov 24, 2022 at 04:53While other tokens are rapidly losing price, some suddenly showed a sharp rise. One of them is Litecoin. The LTC price as of November 24 is about $77 and the market capitalization is $5,565,346,986. There are 71,682,181 of a maximum of 84,000,000 available in circulation. Meanwhile, back in October, the price of Litecoin tokens was hovering around $55.
Notably, in previous cycles, it has always been the leading indicator of reversal for Bitcoin. So what’s going on with Litecoin, and should we expect BTC to rise in price next?
🚀🚀⚡LITECOIN⚡🚀🚀 pic.twitter.com/P0Q5jXtEbt
— Litecoin (@litecoin) November 23, 2022
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What is Litecoin (LTC)?
Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure, and low-cost payments through blockchain technology.
LTC was created in 2011 based on the Bitcoin (BTC) protocol but differs in the hashing algorithm used and some other features. These make it best suited for microtransactions and POS payments.
It is one of the top ten cryptocurrencies by market capitalization. And LTC is accepted by more than 2,000 merchants and stores worldwide.
The cryptocurrency was created by former Google employee Charlie Lee, who envisioned it as a “lightweight version of Bitcoin.”
What’s next for Litecoin (LTC) and Bitcoin (BTC)?
Litecoin’s value began to rise and rose briefly by 27%, to the $80 level, on November 22 after Michael Saylor of Microstrategy mentioned on Twitter Spaces on November 16 that the cryptocurrency could be recognized as a commodity following Bitcoin. However, the true reasons are still a mystery to investors.
Anyone wondering why litecoin is the only coin pumping right now, and where was our memo? 🤣
— Morgan (@Helloimmorgan) November 22, 2022
Data from research company Santiment showed addresses containing between 1,000 and 100,000 in the previous two weeks. During that time, they accumulated more than $43.4 million in coins. They clearly knew something about the coming price hike. LTC price to BTC reached its highest level since November 14, 2021!
Bitcoin and Ether have also strengthened in Asian trading since Nov. 23. CoinMarketCap data has shown, digital gold rose 5.21% in the past 24 hours (to $16,520) in Hong Kong after falling 1.26% in the previous seven days, while Ether rose 7.28% to $1,162.
According to Forkast News, the top 10 cryptocurrencies showed growth overall. BNB (+15.54% to $292.09), Solana’s stock rose 14.14% (to $13.05), but the last 7 days have been negative (-8%).
Polygon (MATIC) added 9.71%, Dogecoin (DOGE) gained 9.76%, XRP gained 6.62%, and Cardano closed 5.33% higher.
How can I make money on this?
Santiment’s experts believe that there is a correlation between the behavior of a group of traders who have between 1,000 and 100,000 LTC. Therefore, we can guess where the Litecoin price will go next, based on the current market situation.
Some cooling and then a longer-term rise in the price of the asset may follow.
Until May, the $100 area has served as some kind of support several times since January. And if LTC again manages to rise to this level or higher, the price can easily reach $143. And then the next target could be $300.
But analysts at Business 2 Community think there’s no guarantee that LTC will cross the $100 mark by 2023 (or even $80). Overall, LTC’s recent surge may not be indicative of a long-term trend.
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$LTC #LTC Litecoin pump fading pic.twitter.com/2ayKkF25TE
— Rainbow Runner (@RRunner144) November 23, 2022
At the same time, economist and crypto trader Christopher Inks wrote on November 22 that Litecoin could potentially grow another 45-50%.
#Litecoin found support and rallied off the HVN area of the 5 year range in June. Breaking out above the local swing high at 73.29 will give the rally some legs to the tune of around 45-50% at least. $LTCUSD pic.twitter.com/iEL8rv63Sl
— Christopher Inks (@TXWestCapital) November 22, 2022
If the correlation between LTC and BTC is preserved, as it was in the previous cycles, and the upward trend in general continues, BTC might go up by the end of the year (if the crypto market does not have another epic fail).
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