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Price Analysis

Litecoin (LTC) Price Analysis: Is LTC Capable Enough To Cross Its All-Time High This Year?

LTC is a decentralized cryptocurrency and it posses the same encryption techniques for transferring and creating funds in order to confirm transactions. Litecoin was developed by former Google engineer, Charles Lee in October 2011. The transaction rates of LTC is much faster than BTC. Litecoin’s algorithm allows a total of 84 million Litecoins to be created. This is four times greater than the supply of BTC.

Current status of LTC

LTC is currently traded at USD 78.69 (UTC time 06:05). With a market cap of USD 4,828,316,222 and a circulating supply of 61,361,209 LTC, it is the 6th largest cryptocurrency in the world.

Price analysis of LTC

LitecoinThe above chart shows that LTC is currently getting traded at 78.74 USD or 0.01552684 BTC (UTC time 06:08). Its present market cap is worth of 4,831,628,583 USD with a 24h volume of 2,462,057,812 USD. The same chart shows that approx. One month earlier, LTC had a trading value of 60.15 USD. So, within this period, the value of LTC has been raised by 30.90 USD with 61.37 USD as a good support resistance.

Future price predictions of LTC

Currently, BTC is facing numerous complaints due to its higher transaction fees and very slow networks. It is not much faster today. This has actually benefitted LTC as due to no scalability issues, it’s much faster than BTC. Even, more merchants are now starting to shift their choice to LTC from BTC due to its efficient network. Thus, it is becoming more usable with a significant increase in the number of its users. Moreover, it has very fewer transaction fees, compared to BTC. Analysts assume that with synchronization with blocknet, LTC will be more popular and its adoption rate will be remarkably higher. Its market capitalization is also set to increase accordingly. Many crypto enthusiasts are of the opinion that LTC can spark up to $500-$600. LTC is much more promising than other altcoins and we think that LTC can trade around $200 by 2019 end.

Conclusion

LTC has much potential than other altcoins. It is all set to give a tough tier to the leading BTC due to its faster network and cheaper transactions. It is reaching to more number of people day by day so, all these can raise its value to a very significant level in the upcoming days.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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