Litecoin (LTC) Sees Bullish Sentiment, Can it Rise to $1,000?

LTC prices are rock-steady, but talks of a breakout have been heard more often recently.

Litecoin (LTC) is seeing rather bullish attitudes on social media, despite the rather gradual and modest gains. Just as some altcoins are starting to make more dramatic moves, Bitcoin Cash (BCH) managed to almost double in price within 10 days, LTC is seeing predictions of a four-digit price by the end of the year, possibly within the context of a May-June rally.

Until recently, LTC hovered close to $150, with no breakout in sight. The price has also been relatively flat against BTC, despite the rise in dollar-denominated prices. Volumes are steady and predictable, but not setting records or even short-term peaks. However, Litecoin remains popular, and may take the spotlight at any moment.

At that time, LTC has shown that it can create hype and invite buyers who jump onto the trend, causing sudden and explosive growth. Even though most predictions for LTC are speculations, any spike in price may be amplified by the effect of panic buying.

For LTC, the most active pairs are against USDT, which means direct speculation, somewhat independent of the price of Bitcoin. While LTC also has fiat on-ramps through Kraken, as well as other exchanges, the extra liquidity of USDT tokens may cause an easier inflow of funds.


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The Litecoin Foundation, as well as Charlie Lee, have shown they are not going to attempt manipulating the LTC price, or cause panic buying. The popularization comes through seeking spending possibilities for LTC. The relatively stable price is ideal for that reason, but some investors are getting tired of the sideways drift.

Additionally, the Litecoin hashrate has almost tripled in the first quarter of 2018, signifying that “miners follow the money”. The addition of new mining hardware is making the LTC network more secure. Unfortunately, Litecoin transactions have also been flat, related to the price stagnation. At the same time, Bitcoin (BTC) and Ethereum (ETH) transactions have picked up. Litecoin actively competes with Bitcoin Cash, and for now, the LTC network is handling more transactions compared to the BCH network.

 


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Author: Christine Masters
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