As broader cryptocurrency markets come underneath strain, Litecoin (LTC) isn’t any exception.
Consequently, near-term price predictions stay considerably downbeat.
The cryptocurrency, which powers the fee’s centered Litecoin blockchain that was created again in 2011 out of a tweaked model of the Bitcoin supply code, was final altering fingers round $79 per token.
Meaning it is down slightly over 10% this month, and is down about 25% versus earlier annual highs within the $105 space.
Nonetheless, at present ranges, Litecoin continues to be round 20% greater versus its mid-March lows within the $65 per token space.
That’s not fairly as spectacular as Bitcoin, which stays up round 34% versus its mid-March lows.
But it surely nonetheless implied that Litecoin’s 2023 bull run stays intact and wholesome.
Certainly, Litecoin continues to commerce above an uptrend that has been in play since final November, although its current dip under its 200-Day Transferring Common is a bearish signal.
Worth Prediction – Can Litecoin (LTC) Attain $100 in 2023?
Litecoin has already surpassed the psychologically vital $100 stage on a number of events in 2023.
Can Litecoin transfer again to and surpass its 2023 highs within the remaining seven and a half months left of the yr?
Completely it may, even when the market is seeing a short-term setback proper now.
That’s as a result of, on the one hand, macro circumstances are bettering, for crypto, a minimum of.
The probability of the US falling right into a recession within the second half of the yr has been rising in current months, thanks partially to a contraction in lending amid the continuing regional US financial institution disaster.
That ought to assist carry inflation again underneath management and lead to labour market weak spot, which suggests the Fed may be very doubtless carried out with fee hikes and can most likely quickly be chopping rates of interest.
Whereas an aggressive hawkish Fed was a significant headwind for cryptocurrencies like Litecoin in 2022, a extra dovish Fed ought to be a tailwind in 2023 and past, barring any additional main inflationary shocks.
And if the financial institution disaster worsens, the demand for exhausting cash options like gold and Bitcoin will develop.
Litecoin doesn’t seize the general public’s creativeness in fairly the identical approach as Bitcoin in its place type of cash simply but, but it surely ought to – it’s a extremely decentralized, strong and censorship-resistant fee community similar to Bitcoin and really scales exponentially higher to be used as a foreign money in on a regular basis funds.
Certainly, in accordance with a current tweet by the official Litecoin Twitter account, the cryptocurrency can already be utilized in funds throughout quite a lot of main platforms.
With a surge in memecoin-related exercise on the Ethereum and Bitcoin blockchains having resulted in a giant spike in transaction charges on each, the Litecoin use case is additional boosted.
Certainly, Litecoin’s median transaction charge is a stunningly low $0.001, regardless of transactions on the blockchain not too long ago exceeding Bitcoin.
All the above, plus Litecoin’s current partnership with Mastercard that’s anticipated to spice up adoption and the upcoming halving occasion of 2023 means that Litecoin has a robust outlook for the upcoming crypto bull market.
Concerning the upcoming halving, Litecoin’s previous two halvings haven’t been fairly as bullish for the value motion as they’ve been for Bitcoin.
However the bulls could proceed to hope that this time will likely be completely different.
The Litecoin halving will gradual issuance from 12.5 LTC per block to six.25 per block.