Being among the first cryptocurrencies that started to see growth after a period of sideways trading, Litecoin has a well-established reputation on the cryptocurrency market. Litecoin has been presented as an upgraded version of Bitcoin many times, considering that LTC is usually more budget-friendly than other cryptocurrencies and operates with prompt and cheap transactions.
The recent crash in the market left all cryptocurrencies in an unfortunate situation. However, Litecoin has seen a quick and significant improvement, which proves that this crypto is one of the most stable cryptocurrencies on the market. If you’re interested in investing in LTC, we will provide a proper guide to Litecoin and the current market prices.
Litecoin was established in 2011 by Charlie Lee, a computer scientist. Lee’s idea was to find a better alternative to Bitcoin, and he managed to make Litecoin one of the top 10 most relevant cryptocurrencies by market capitalization in a short amount of time.
Litecoin is supported by an open-source payment network without a central authority and is completely decentralized, the same as Bitcoin.
After the Litecoin Summit in 2019, Lee covered the most important discussions about new development issues and privacy updates. Litecoin is working with new developers and introducing the Mimblewimble protocol — a blockchain protocol created to improve privacy, compatibility, and expandability of blockchains.
There were talks about the possibility of Litecoin adding a privacy protocol as an extension block. This feature would allow transactions between chains to utilize enhanced privacy by using an extension block to the Litecoin main-chain.
There are still no exact dates when the new version will be available for a test drive. Still, the developers predict that the Mimblewimble protocol will be launched on testnet before September.
The inconsistencies on the market in the past months brought Litecoin to its lowest price on 13 March 2020 — $25. However, Litecoin has been bouncing back, the same as other top ten cryptocurrencies, with LTC gaining 1.02% in marginal gains.
The price of LTC is moving higher than the nine- and 21-day moving average, with the current price being around $40. Both moving averages could lead to LTC going over $50, but there are some steps to overcome first. If LTC fails to exceed $45, we could witness another price breakdown below $30.
It is impossible to predict the future state of any cryptocurrency accurately. The current market is in a downtrend, which means the price could go either downward to $30 or upward to $50. RSI, Relative Strength Index, is seen moving horizontally at the 45-level. That movement is seen as an indication of buying and selling pressure at the same time.
Remember that Litecoin’s worth was less than $3 in 2013, while its proudest moment was in 2017 when it was worth $415.
Will Litecoin Lead the Market Once Again?
This is a valid question since Litecoin is usually the one that leads the way, depending on the market structure, sentiment, and several other factors. The same happened in 2019 when Litecoin was among the first cryptocurrencies to recover from a low and set a new high.
The 2020 market crashes were also seen recovering with Litecoin leading the way, as we already mentioned. The only thing left to see is whether Litecoin will take cryptocurrencies’ prices to a devastating crash or a new high and set new records.
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