What are the prospects for Litecoin to return to historic highs? Litecoin has had many bullish and bearish spells in recent years, but continues to be the best choice for investors, thanks to its fast transaction speed and low costs.
According to a Recorded Future report, Litecoin accounts for almost 30% of all suppliers' transactions on the dark web.
Litecoin (LTC) Price today – LTC / USD
Past price movements
The price of Litecoin followed market trends; the LTC price continues to make wild swings in the last two years. Its price has risen from $ 3 in early 2017 to a record high of $ 350 at the end of fiscal 2017. Unfortunately, its price did not sustain momentum and began to decline from the start of this year. It has lost almost 90% of the gains it had generated in the 2017 fiscal year.
The price of LTC currencies is currently at the lowest level in the last eighteen months. Negotiating around $ 33 at the moment, litecoin is ranked at 7th spot – with the market capitalization of $ 2 billion. The last bearish spell in the encrypted markets, which canceled over $ 60 billion from the total encrypted market, also had a strong impact on the LTC price. Its price has dropped by 22% in the last seven days.
Will Litecoin ever be back to historic highs?
The cryptography market is relatively new to many investors and does not really understand volatile price fluctuations. Digital coins generally make big moves on traders' expectations and market speculation rather than market fundamentals. This is evident from the last two big boom and burst in cryptic prices in the last two years.
Bitcoin, Litecoin and the rest of the market recorded substantial gains last year between expectations for bitcoin ETFs and an increase in the rate of adoption. Cryptographic markets, unfortunately, crashed sharply after the SEC rejected the BTC ETFs at the start of the year. The latest downward cycle, which has dropped the peak of the encrypted market to its lowest level in the last fourteen months, has also been triggered by traders' concerns about the hard fork event at Bitcoin Cash.
Therefore, it is highly probable that the cryptocurrency markets could make another upward trend in the future. Traders believe that the entry of institutional investments, the increase in the role of regulators and the broader adoption by retail investors could again push prices to their maximum historic.
The Wall Street strategist, Tom Lee, states: "There are two key factors that will soon lead to greater institutional interest in the markets. Firstly, the forthcoming launch of the Bakkt digital asset platform by the operator of the main stock exchange of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE) will be launched. Announced in August of this year, Bakkt recently confirmed a "target" launch date for January 24, 2019".
Regardless of the current downward market cycle, there are chances that litecoin will once again return to historic highs in the future. The faster and cheaper transaction along with regular network infrastructure updates would also increase the trader's optimism.