Charlie Lee learned of the return of Bitcoin when he worked for Google. Now, the founder of Litecoin compares Bitcoin to gold, stating that cryptography is even better in terms of low transaction costs and ease of storage.
Lee understands the power of decentralization and its possible impact on financial markets, but says that the criptos have not yet achieved the ability to completely replace the legal currencies because they are still considered as resources for speculative trading. He mentioned countries like Turkey, Argentina and Venezuela in this regard.
LTC can not make another climate
The currency market can be volatile and unpredictable, but this has not prevented entities from trying to predict its future. According to a Satis Group forecast, Bitcoin could reach $ 144,000 in a decade. According to the same report, things do not look very good for Litecoin.
A few months ago, Litecoin peaked at $ 400, but now this report suggests that the altcoin may not be in can reach it so high again. This despite the clear code similarities of Litecoin and Bitcoin and ignores the recent improvements of Litecoin in terms of speed and scalability of the network.
Michael Hodapp's prediction and Sherwin Dowlat employed traditional techniques and peer comparisons. The forecast puts Litecoin in the $ 255 range, included among the altcoins that lack originality because its code is similar to that of Bitcoin.
Earn or lose?
However, in the last 24 hours, Litecoin has achieved some gains despite the opinions and forecasts for the market to hit. In fact, Litecoin's trading volume rose from $ 209 million to $ 289 million in the last 24 hours – according to data obtained by Bitfinex. Altcoin has recorded a steady trend over the last 5 days, with a gain of 7.5% compared to Bitcoin and 13% compared to the United States.
On the other hand, the emergence of a bearish trend indicates that Litecoin could soon lose momentum and could take a dip in the next few days with a short-term rally to $ 61. Some analysts argue that with a goal of $ 61.45, Litecoin could make a short entry into the $ 64.10 – $ 63.83 range.
However, Cryptorecorder claims that if the value rises above $ 65.55, LTC may very well violate the bearish trend of making a long entry to $ 65.45. A target of $ 74.89 is a strong level of resistance. All in all, the fact is that the bullish run is slowing down.