Litecoin (LTC) Surges 20% in 24 Hours, The One Coin to Watch
Altcoin Litecoin (LTC) has surged 35% in one week and over 20% in just one day, landing a spot as the 14th largest cryptocurrency by market capitalization and standing out as one of the biggest movers in the crypto market this week
In terms of price predictions for this small but mighty coin, veteran trader Peter Brandt has stated that he sees a price target of $395 based on the coin’s history saying, “Litecoin $LTC has broken above Sep high on expanding volume and WBBs so expect retest of 2021 high at 395 or so”.
Litecoin’s explosive growth comes in tandem with a general uptick in the crypto market as a whole due to a variety of factors including digital assets moving into the mainstream. It also coincides with investors looking for alternative asset classes as they battle inflation fears. As the consumer price index rises to unforeseen levels and the potential for interest rate hikes become more and more apparent, investors have seemingly turned to cryptocurrencies as a hedge against inflation.
Known to be the “silver” to Bitcoin’s “gold,” Litecoin is positioned as a lighter and more abundant currency, with a max supply of 84,000,000 LTC, quadruple that of Bitcoin. Like Bitcoin, Litecoin is a fully decentralized peer-to-peer internet currency built on an open-source, global payment network focused on exploiting Bitcoin’s shortcomings – namely its slow block generation speed.
At of press time, LTC was trading at $283, a far cry from the $58 price tag it had last November.
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