The price of the Litecoin (LTC) cryptocurrency, which is also sometimes called “digital silver”, has added more than 50% to its value over the past 7 days, and about 140% over the last month. As of May 10, Litecoin is trading at $ 400, the highest value it has ever been. This is evidenced by data from Coinmarketcap. LTC has tested the $ 412 zone and may rise even higher. Immediate resistance is around the $ 425 level. Any additional gain could clear the way for a move towards the $ 450 level.
Last Friday, May 7, Litecoin could be purchased for $ 337 and increase your investment by 25%. Litecoin’s upward movement is taking place against the backdrop of the returning altcoin season. Along with Litecoin, such well-known projects as Ethereum Classic, QTUM and Tron have renewed their all-time highs.
In general, the market is in the green zone today, as strong upward movements were noted in all directions overnight.
Will there be a price correction?
The activity of LTC addresses is increasing every day. Currently, 18,758,363 addresses are active and this is the highest figure in the last three years. Apparently, while bitcoin is in the consolidation phase near historic highs, retail investors have chosen to invest in other cryptocurrencies.
As a reminder, the previous Litecoin high was set around $ 329 in early January 2018. Now even those who bought LTC at the peak values three years ago are in positive territory.
However, experts believe that the price may correct. Analysts believe that the coin’s rate may decline, after which it will begin to rise again and the coin will rise in price significantly in the long term.
Litecoin is “one of the first” cryptocurrencies
“LTC is still on all exchanges and is recognized as ‘one of the first’ cryptocurrencies. Therefore, when there is an influx of new money in the market, the funds are automatically transferred to LTC. The immediate prospects of Litecoin will significantly depend on the dynamics of Bitcoin”, the experts are sure.
LTC investors have entered the waiting mode for new triggers, the main of which will be the price dynamics of bitcoin. Litecoin’s growth to a new maximum is possible, as we can see, bitcoin is returning to it, which means that it is possible for other leading coins as well.
Litecoin is considered “digital silver” for a reason. The block generation speed and, accordingly, the transaction speed of LTC is 4 times higher than that of BTC, and the average commission is $ 0.013 versus $ 4.39 for BTC. It is more profitable to carry out large and urgent transactions in LTC.
Litecoin should be bought at the same time as Bitcoin. If BTC rises to new historical highs, it will not be surprising at all for LTC to grow to previous highs and even higher.
As for a potential correction, if it does happen, it will be an excellent opportunity to buy digital assets a little cheaper before the start of a new rally, experts predict. Many independent analysts are now forecasting up to $ 500.