Price Analysis

Litecoin (LTC) Price Analysis: Litecoin’s 100 USD Target has the Bullish Way

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Litecoin (LTC) is based on the Bitcoin protocol created by Charlie Lee. It is a peer –to – peer cryptocurrency. It differs from Bitcoin in the way of the hashing algorithm used. Unlike Bitcoin’s 10 minutes processing time, Litecoin processes every block in an interval of 2.5 minutes. Litecoin claims of using scrypt in its proof-of-work algorithm. This scrypt facilitates consumer-grade hardware for mining coins. This algorithm is considered as a sequential memory-hard function which requires asymptotically more memory than a non-memory hard algorithm.

LitecoinLitecoin (LTC) has a return on investment of 1902.66 % and is ranked 5th in the crypto market. The total possible coin supply for Litecoin (LTC) is 84,000,000 LTC, and the current circulating supply is 61,184,436 LTC. The current market cap on 04th April at 02:59 UTC is 5,319,443,173 USD, and the value of each coin in terms of USD is 86.94. At the same UTC, the value of each coin stands at 0.01731016 BTC. The 24 h volume rests at 6,182,973,464 USD.

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Litecoin (LTC) has been growing gradually over the past month. The market cap recorded on 4th March was 2,945,977,239 USD. The value of each coin with respect to USD and BTC stood at 48.52 USD and 0.01260083 BTC respectively. The current market cap is 80.56 % more than the value of one month back. And the price of each coin in USD is 79.18 % more than the price of one month ago. However, the month’s growth rate is increasing day by day with no sign of bearish movement. The growth rate was plateaued from March 18 to the first day of April only to get a huge momentum of 2nd April.

As mentioned earlier, the coin started the year 2019 with a price as low as 30 USD. But, this year has given Litecoin tremendous growth. With some lows, the coin has reached as high as 86 USD. The last week was very crucial for Litecoin’s growth story. Just before seven days, the coin’s value was hovering around 60 USD – 61 USD. The next target for the investors should be 100 USD. And it seems like there is no sign of a bear in the way. So, we predict the path of Litecoin towards 100 USD would be free from any abrupt fall, even if fall happens, it would be minimal and for a shorter span. The long term investors should be ready for getting huge profits out of their stands made at lower rates. The coin’s performance is on consonance with major coins in paying around 100 % profits over just a quarter.

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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