The price of Litecoin has risen significantly in recent weeks. LTC has lately grown in popularity as a healthy alternative to highly risky altcoins. Bitcoin’s “little brother” has re-entered the top 15 cryptocurrencies in terms of market value. But what is the Litecoin price prediction, and can the LTC price reach $150? Let’s take a look at it in more detail.
What is Litecoin?
Litecoin is one of the market’s largest and most influential cryptocurrencies. It was developed in 2011, just two years after bitcoin, and is often regarded as bitcoin’s “little brother.” Litecoin is known as an open protocol and is executed almost completely identically to Bitcoin in terms of technology.
Litecoin’s goal was to make the Bitcoin system quicker, more productive, and more credible. Bitcoin’s scaling concerns should be magnified by raising block processing time. A new block is added four times faster on the Litecoin blockchain than on the Bitcoin blockchain.
How has the Litecoin price changed in recent weeks?
In the current bear market, Litecoin has received relatively little attention. This has shifted in the last two weeks, as the LTC has seen substantial price rises just after the FTX crash. These profits took place at a time when other altcoins were almost laying motionless.
A week ago, the price of Litecoin increased by about 30% in a single day. The price was even greater than at the end of October/beginning of November during the altcoin rally. Many altcoins saw substantial gains during this rally well before the FTX crash wiped away those profits.
Because of Litecoin’s rapid price rise, LTC has risen to 13th place among the most beneficial cryptocurrencies in terms of market capitalization. This shifts Litecoin up the rankings for the first time in a very long time.
What induced the Litecoin price to skyrocket?
The rise in the price of Litecoin had no obvious explanation. Even so, it is anticipated that after the FTX crash, investors will switch to Litecoin as a safe place among many Altcoins. There was a great deal of uncertainty about whether specific Altcoin projects were comfortable financially at the time. These worries do not arise with Litecoin.
Furthermore, Litecoin earned accolades from well-known crypto influencer and investor Michael Saylor. He is a big fan of bitcoins and highlights their advantages over altcoins. Lately, he did mention Litecoin along with Bitcoin as a digital, decentralized currency that may be used in the future.
Can LTC Price Reach $150?
The price of Litecoin skyrocketed a week ago, affirming a largely positive price advancement in October and November. December may now see further rising prices for Litecoin, enhancing the prediction for the end of the year considerably.
Bitcoin’s prediction may also improve a bit in December. In recent years, the price of Bitcoin has risen repetitively, especially around the holiday breaks. This Bitcoin price hike could evoke another altcoin rally, with the Litecoin price going up slightly as well.
A rise in the price of Litecoin by the end of the year is still conceivable. Even so, a rise of more than 10% to 20% in the next 4 to 5 weeks is doubtful. That signifies that the current LTC price of $76.55 (as of December 2, 2022) could start rising above $80, potentially even $90.
Things get a little more interesting when we look three years ahead. The Litecoin price is strongly influenced by the Bitcoin price. The next Bitcoin halving is very likely in 2024. As a result, the price of Bitcoin is anticipated to rise significantly in 2024, especially in 2025.
During the previous bull market, the price of bitcoin increased 20 times from bear market lows to all-time highs. This increase was relatively small in the case of Litecoin. Even so, we can anticipate the Litecoin price to increase by a factor of 10 to 15 from the bear market to the bull market. So, in the next three years the Litecoin price range could be between $120 – $600.
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Source: https://cryptoticker.io/en/litecoin-price-prediction-reach-150/