Experts in the cryptocurrency space are of the view that Litecoin is on the rise and could probably end the year trading around the $600 mark. Litecoin which is the sixth largest cryptocurrency in terms of market cap is currently trading above the $125 mark and has been affected by the general market slump since the start of the year. However, many expect its price to surge before the end of the year and likely to reach $600 by December.
Litecoin is a cryptocurrency founded by Charlie Lee which some people consider as a brother to Bitcoin due to the high amount of similarities between the two. Its presence as one of the top cryptocurrencies means that it has received attention from institutional investors, as well as cryptocurrency funds, both of whom are investing in the cryptocurrency. The increased investment has seen its daily trading volume increase over time.
The prediction that Litecoin could reach $600 by the end of the year is a notion not everyone accepts considering the fact that the cryptocurrency world has some altcoins that are currently earning prestige and global relevance with each passing day. Bitcoin is still leading the industry and ethereum is following closely. Bitcoin Cash and Ripple have been making lots of progress over the past few months, with EOS also coming into the scene to challenge the heavyweights. All these cryptocurrencies are above Litecoin at the moment in terms of market cap.
Despite all these, Litecoin has been one of the most reliable cryptocurrency over the past few years and is slowly becoming a very good option for some savvy investors in the cryptocurrency space. There are some who even consider Litecoin to be the best, most secure cryptocurrency with the most untapped potential.
The Litecoin price has gone up over the past few hours (3.47%) and is currently trading around $126 per coin. The movement of the coin has to do with the general cryptocurrency market appreciating. However, NASDAQ backing Litecoin last week might have contributed to its growth as the tech stock market noted that Litecoin has a future potential.