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In 2011, two years after Bitcoin’s emergence, transaction costs increased due to higher activity. This cost rise led enthusiasts to seek solutions, resulting in the creation of Litecoin, the first altcoin with lower transaction fees. Despite not maintaining a top 10 position, analysts remain hopeful for Litecoin’s price rise.
Litecoin Price Predictions
In 2021, Litecoin surged to $412 but later experienced a significant pullback. Despite being 84.5% below that peak, analysts are optimistic about a new price increase.
According to a well-known analyst from World of Charts, a BTC rise might be imminent. The analyst predicts LTC could surpass $110, indicating a 67.66% increase, with initial resistance at $73-75 and a potential short-term rise to $90.
The analyst stated:
LTC is breaking out. A solid recovery is expected in the coming days. First resistance is at $73-75, with a short-term target of $86-90, and a medium-term test of $110.
Another closely followed analyst, Sashimi Nagasaki, also believes LTC could exceed $100, supported by a chart showing a potential breakout.
Current Litecoin Price
LTC price exceeded $68 today but then declined. As Bitcoin fell below $66,000, LTC also dropped below $66. At the time of writing, LTC is trading at $65.76, indicating a neutral stance over the past 24 hours.
LTC’s neutral price kept the market cap stable at $4.93 billion. Meanwhile, trading volume increased by 8.91% to $358 million.
Following the end of Ethereum mining, miners have turned to LTC. It remains to be seen if LTC can reach its previous all-time high in a future bull market.
