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Litecoin’s performance over the past month leaves little inspiration for investors, but in a market that is becoming increasingly dependent on external events to function, the move to a more private trading experience could help LTC become a safe haven for traders. adopters.
LTC was one of the first names to establish itself in the cryptocurrency market. Since then, it has become one of the largest coins on the market based on their market capitalization. Today, Litecoin can be found on virtually all cryptocurrency exchanges and with a Bitcoin to Litecoin exchange rate of 220.7 LTC to BTC, there can be some perceived value investment opportunities for traders.
Litecoin’s appeal comes from the fact that it is one of the most accepted cryptocurrencies in the world. This means that it is possible to purchase a wide range of goods and services through LTC using Litecoin to invest in various other emerging crypto projects.
Litecoin was created in a way designed to mirror the famous Bitcoin. However, one of LTC’s key appeals is based on the scarcity of the currency. Currency is produced only at predetermined intervals after a block of transactions to the network is approved. As a result, only 84 million Litecoins will be produced, thanks to a simple equation from the coin’s developers.
LTC developers recognized that since Litecoin processes transitions four times faster than Bitcoin, it could accommodate four times the tokens while performing just as well. In particular, LTC’s limited offering ensures that it will never be negatively impacted by inflation over time.
It is clear that Litecoin is a robust cryptocurrency that has already stood the test of time in a tumultuous decade in the history of cryptocurrencies. But could the coin ever recapture its 2017 peak of $ 365 as the most privacy-focused currency once again?
Well, Litecoin has been considered a fair bet to rise in value towards the end of the year, provided that LTC can make a break from its current pattern of resistance and start showing signs that it may outperform its current valuation to a maximum of $ 50. According to Invezz, if LTC can go over $ 50, there’s no reason it can’t push toward $ 70 in the not too distant future.
Litecoin remains a powerful currency in the cryptocurrency market on a more technical level and comfortably outperforms Bitcoin in terms of faster payment processing, as well as showing significantly lower transaction fees to make LTC a more practical coin than some of the more popular names. that populate the cryptocurrency markets.
However, famed cryptocurrency analyst Michaël van de Poppe doubts that Litecoin will ever offer its market potential and reach its previous highs, and instead told Invezz that he expects the cryptocurrency will eventually fall from the top ten currencies on the basis. to market capitalization:
“Cryptocurrency markets are undergoing a series of transitions that will result in a shock for previously dominant assets. The first transition would involve maturation and market regulation for Bitcoin and blockchain, while the second would result in the disarmament of the” Top 10 coins. overvalued “, including XRP, Litecoin and Bitcoin cash,” he noted.
The arrival of greater privacy for investors and traders when it comes to Litecoin is undoubtedly a step in the right direction for cryptocurrency. Being a coin with highly practical characteristics, it is fair to say that these developments can help restore the relevance of LTC. However, we may be somehow far from seeing a sustained spike in a struggling crypto market. One thing is certain, however, Litecoin has proven time and time again that it is here to stay.
