By
Mayowa Adebajo
May 13th, 2024
Litecoin price is actively increasing these days and, according to experts, this tendency is going to continue.
Cryptocurrencies have been a thought-provoking topic for quite some time now. After Bitcoin and its massive success, other cryptocurrencies came into existence and tried to reach the same level of popularity.
One of those cryptocurrencies is Litecoin which was created by an ex-Google employee. For those who are only getting started with Litecoin now, the creator’s idea was based on the fact that Bitcoin has a limited number of coins in the world and that the demand for new cryptocurrencies will be high once Bitcoin dries up. In fact, this might happen soon as the price of cryptocurrencies is increasing by the day.
Litecoin’s Price Is Going Up
The last few days have been significant for Litecoin as its price is slowly moving upwards. At this particular moment, the price of one LTC is around $80, and according to trustworthy digital currency analysts, the growth will not stop there.
People who specialize in cryptocurrency carefully follow and examine the movement of each crypto. Therefore, they can easily notice if any cryptocurrency has a tendency to grow and develop further. When it comes to Litecoin, the rise that was noted lately was 5.65%. According to that rise, specialists can come to certain conclusions.
The price of Litecoin jumped from $76.80 to $81 this Wednesday. If the trend continues, it is believed that this will be the most significant rise for Litecoin since August 2019. Experts are pleased by how quickly the price is moving upward, and some even claim that if this trend continues Litecoin will reach $100.
One of the leading names in the crypto industry, Satoshi Flipper, mentioned that he expects the price of Litecoin to grow even more in the coming thirty days, as well as that it will be “one of the easiest market plays in the next 30 days”.
Bitcoin Affects Litecoin’s Price Growth
Although Litecoin is witnessing a significant price rise, we’ve come to know that the reason for this is actually based on the fluctuation of Bitcoin’s price. Moreover, while Litecoin has seen an essential growth in the last couple of days, Bitcoin’s price changes date a few weeks prior to that.
Bitcoin has explosively jumped towards the sky and its worth has reached over $10,000. Once this change occurred, analytic experts for cryptocurrencies estimated that Bitcoin would reach the price of $10,400 this year.
As Bitcoin progressively moves forward, the whole crypto market follows. The result is obvious — the price of all cryptocurrencies goes up, including Litecoin.
However, as much as Litecoin’s creators feel good about the recent changes, they shouldn’t rely on the currency to keep growing in the same manner. If the whole crypto market is dependent on the changes indicated by Bitcoin, that means the changes will also occur in case Bitcoin stops where it is or goes down.
In case this happens, Litecoin will also suffer the fall of its worth despite the fact that it has followed the fast track line in recent days.
Should I Trust Litecoin?
The final word on this topic would be to follow the crypto market and make decisions based on a long-lasting examination of cryptocurrencies’ price fluctuations. You don’t need to rely on analysts, even though their suggestions can certainly help.
If you are considering investing in cryptocurrencies, give yourself some time to get familiar with the majority of them. After a while, when you understand how it all functions, you won’t have any difficulty understanding what to do. When it comes to Litecoin, its price is facing the sky at the moment and there is a good chance it will continue to do so in the near future.