Why is Litecoin (LTC) rising?

Dubbed “the cryptocurrency for payments,” Litecoin is a virtual currency that seeks to facilitate online payments. Forked from the bitcoin blockchain in 2011, Litecoin was born to enable instant payments, something that Bitcoin could not do due to its slow transaction confirmation times.

Litecoin has been one of the beneficiaries of the Bitcoin rally in the past months, with its one-year correlation efficiency with Bitcoin standing at 0.71 above zero. It has also undergone considerable fluctuations that impacted its market. 2018 to 2022 shows that it went through several challenging phases.

Currently, Litecoin is trading at $74.25, with a market capitalization of $5.3 billion, according to Coinmarketcap. There are 71,834,219 LTC in circulation, which represents about 86% of the maximum supply. There will only be 84,000,000 LTC in circulation.

Why is Litecoin rising?

Litecoin caught the attention of many investors in the cryptocurrency space with recent increases in price. One major factor driving the value is the growing level of accumulation of the token.

On-chain data shows the Litecoin “mega whales” now hold around 15.4% of the total supply, the highest value in more than five years. The indicator of interest here is the “LTC Supply Distribution,” which tells us which wallet groups are carrying what percentage of the total supply right now. Let’s shine a light through the tunnel with this Litecoin price prediction guide.

Litecoin Price Predictions by Wallet Investor

The LTC price is predicted to rise over the long run per Wallet Investor’s Litecoin predictions. $238.6 is the price forecast for 2027. The anticipated revenue after a 5-year investment is roughly +260.58%. By the conclusion of the first half of 2027, the average cost is $316.456.

Cryptopolitan Litecoin price prediction

2023 Litecoin is predicted to reach a maximum price of $137.36, a minimum of $114.88, and an average of $118.93. 2025 Litecoin is predicted to reach a maximum price of $280.93, a minimum of $244.25, and an average of $251.03. 2030 Litecoin is predicted to reach a maximum price of $1,305.92, a minimum price of $1,112.93, and an average price of $1,151.81.

Is Litecoin better than Bitcoin?

Litecoin has better technology than Bitcoin. Litecoin's blockchain is 4X faster than Bitcoin's. BTC takes an average minimum of 10 minutes to verify a block of transactions thoroughly. Litecoin takes 2.5 minutes. The mining process of Litecoin is more straightforward than BTC.    The former uses the Scrypt algorithm, which is considered less complicated than Bitcoin's SHA-256. This means that the blockchain and technology of Litecoin are efficient, fast, and scalable compared to Bitcoin.

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