The digital currency, Litecoin (LTC), currently consolidating just under $110, is once again in the limelight. With a remarkable 22% bump over the last week, it buoyantly rebounded more than 50% from June’s dips, topping its highest level in over a year at $113.61. This reiterates investors’ optimism about Litecoin, conversely fostering skepticism over its pricing volatility.
Notably, the currency was recently listed on the fledgling US cryptocurrency exchange, EDX Markets, supported by major financial establishments including Fidelity, Charles Schwab, and Citidel. The exchange currently lists only four cryptocurrencies, with a lean toward gaining regulatory approval, thereby providing ample headroom for currencies like LTC to propel in institutional adoption. These factors coupled with the overall bullish trend in bitcoin could potentially wind up as an ongoing driving force for LTC.
Interestingly, the market is ardently awaiting another promising event – the halving of Litecoin’s block reward in the next 30 days from 12.5 LTC to 6.25 LTC, which will halve its inflation rate too. This anticipation is conspicuous in the mushrooming on-chain activity, with 1 million transactions processed in the recent week on the Litecoin blockchain.
Crypto analyst Michael van de Poppe forecasts an optimistic outlook for LTC, predicting it could reach up to $180 and $250, based on the recent surge above its key resistance levels. These rises from the June nadir strongly indicate an unbroken uptrend initiated in mid-2022.
However, this flamboyant growth outlook also raises an apprehensive perspective. At present, the currency would need to grow nearly 10-fold to reach $1000 per token. Although the cryptocurrency’s market cap is only around $8 billion now, reflecting potential for a high upswing, the cap of about $80 billion, equating to only around 13.3% of bitcoin’s market cap, makes that aspirational $1000 target seem a distance away.
That being said, investors looking beyond the mainstream cryptocurrencies have the opportunity to explore crypto presale investments, buying early-stage crypto tokens to fund their development. An eco-friendly web3 project, Ecoterra, promoting its Recycle-to-Earn (R2E) initiative, draws potential investors’ attention. Its presale of $ECOTERRA token has been popular, crossing $5.7 million, indicating community trust in the project. With green Web3 projects anticipated to have a significant role in addressing climate change, Ecoterra might be a match for those willing to take the risk of investing early in the evolving crypto landscape.
Source: Cryptonews
