Litecoin Moving Ahead as Market FUD is Slowing Down

As per Bybit Learn, a crypto knowledge platform, Litecoin's price increased 35% in November 2022, reaching a high of $81.52, despite the implications of FTX's downfall. LTC is a peer-to-peer cryptocurrency and open-source platform built on the BTC blockchain. While there are some similarities between LTC and BTC, it has different algorithms and maximum supply. "The altcoin has seen some volatility in 2022, and we would like to see some kind of pricing breakthrough this year," Prashant Kumar, founder, and CEO of weTrade, a cryptocurrency-based platform, told FE Blockchain.

According to market research, the use of litecoin as a payment method is spreading to merchants and businesses. According to NerdWallet, a personal finance company, LTC was involved in 42.5 million transactions in 2021. Furthermore, LTC is regarded as a superior medium of exchange when compared to BTC, which serves as a store of value.

According to reports, exchanges such as Coinbase, Binance, and Kraken, among others, allow users to invest in LTC. According to Trality, a digital asset-based platform, LTC has partnerships with Travala, BlockFi, eGifter, MeconCash, and NordVPN, among others. Liteverse, the first LTC-focused non-fungible token (NFT) marketplace, is also thought to be operational.

“Global sectors that could potentially benefit from LTC include e-commerce, cross-border payments, and the financial industry. LTC could benefit the decentralised finance (DeFi) landscape by providing an alternative to Ethereum, which is currently the dominant platform for DeFi applications,” Sathvik Vishwanath, co-founder and CEO, of Unocoin, a cryptocurrency exchange, mentioned.

Furthermore, future estimates imply that the use of blockchain and cryptocurrencies by business entities may result in greater demand for LTC. According to TradingBeasts, a forex and cryptocurrency education service, LTC is anticipated to hit $75.34 in 2023 and $100.17 in 2024 before ending the year at $80.14. It is anticipated that LTC will be worth $124 by 2025.

Related Read: Litecoin Surges Significantly As the Third Halving Approaching

Litecoin Price Analysis

At the time of writing, the price of Litecoin is $74.83 USD, with a 24-hour trading volume of $445,688,801 USD. In the last 24 hours, Litecoin has dropped 0.70%. CoinMarketCap now ranks #12 with a market cap of $5,386,892,476 USD. It has a maximum quantity of 84,000,000 LTC coins and a circulating supply of 71,990,217 LTC coins.

 

Source: CoinMarketCap

Also Read: How does Litecoin work?

A significant quantity of coin value was detected throughout the 24-hour Litecoin price research, indicating a bullish trend for the cryptocurrency. The price fell earlier last week, but the bullish impetus has already been regained. The LTC has risen more than 0.69% in the last 24 hours and is predicted to continue rising if purchasers maintain their pressure. 

The short-term trending line is rising as the price level rises to $76.16 once more. Moving on to the moving average (MA) number, it is currently at $70.18.

Volatility is increasing, implying that a price drop is possible in the next few days. The upper band of the Bollinger Bands Indicator is present at a high of $74.72, while the lower band is present at a low of $61.37. Because of the bullish comeback, the Relative Strength Index (RSI) has risen to 48.24.

 

 

Source: TradingView

The hourly price analysis for Litecoin favours the bulls, with a large increase in coin value noted. Green candlesticks indicate a strong surge in price, which has just crossed the $76.16 barrier. For the previous few hours, market patterns have been fluctuating, but the bulls presently hold the upper hand. In comparison to the price levels, the moving average is fairly low, at $74.77.

Earlier, a crossing between the SMA 50 and SMA 20 curves was observed, but the bulls have already saved the price from further down. The upper and lower Bollinger Bands Indicator readings are as follows: $77.52 for the higher extremity and $66.55 for the lower extremity. The RSI score is in the neutral zone, at 75.23, and is projected to rise if the uptrend continues.

 

Source: TradingView

Litecoin FAQs

Why does Litecoin have value?

Litecoin is more valuable than fiat currency because it is more useful: It is anonymous, decentralized, irreversible, cannot be depreciated or confiscated, and can be delivered in minutes over the internet to anywhere in the world. Things that are both helpful and scarce have a high value. One of the reasons Litecoin is valuable is that it meets all of the requirements of money: store of value, medium of exchange, and unit of account.

How many Litecoin coins are there? What is the Litecoin maximum supply?

The maximum supply of Litecoin is 84 million coins. The reason is halving - the mining reward is cut in half every four years. Every four years, 840,000 transaction blocks are handled. The first block reward to miners was 50 coins each block, then halved to 25, then 12.5, and the series continues to reduce by half. All of the block awards will ever be added up to 100, therefore 840K times 100 is 84 million.

Are Litecoin transactions anonymous?

The blockchain is a public record of every transaction made by every address. An address, on the other hand, is just a number; it does not reveal anything about the identity of the person using it, as a street address can. The Litecoin user is safe as long as this number is never tied to an identity. There is no way to "track" a Litecoin address back to its owner unless they leave clues linking their Litecoin address to their physical identity.