What are the prospects for Litecoin to bounce back to all-time high? Litecoin had experienced many bullish and bearish spells over the past years, but it continues to be the best choice for investors amid its fast transaction speed and low fees.
According to a report by Recorded Future, Litecoin is accounting for almost 30% of all vendors’ transactions on the dark web.
Litecoin (LTC) Price Today – LTC / USD
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Past Price Movements
Litecoin price has been following market trends; the LTC price continues to make wild swings over the past two years. Its price jumped from $3 at the beginning of 2017 to an all-time high of $350 at the end of fiscal 2017. Its price, unfortunately, didn’t sustain the momentum and started falling since the start of this year. It lost almost 90% of gains that it had generated in fiscal 2017.
Source:coinmarketcap.com
LTC coin price is currently standing at the lowest level in the past eighteen months. Trading around $33 at present, litecoin is ranked at 7th spot – with the market capitalization of $2 billion. The latest bearish spell in crypto markets, which has wiped off more than $60 billion from the total crypto market cap, also sharply impacted LTC price. Its price is down 22% in the past seven days.
Will Litecoin Ever Get Back to All-time Highs?
The crypto market is relatively new for many investors, and they don’t actually understand the volatile swings in prices. The digital coins generally make big moves on traders’ expectations and market speculations instead of market fundamentals. This is evident from the past two big booms and burst in crypto prices over the past two years.
Source:coinmarketcap.com
Bitcoin, Litecoin and the rest of market experienced substantial gains last year amid expectations for bitcoin ETF’s and increasing adoption rate. The crypto markets, unluckily, crashed sharply after SEC has rejected BTC ETF’s at the beginning of the year. The latest bearish cycle, which has dropped crypto market cap to the lowest level in past fourteen months, is also triggered by traders concerns over the Bitcoin Cash hard fork event.
Therefore, it’s highly likely that cryptocurrency markets could make another bull-run in future. Traders believe entrance of institutional investment, increasing regulators role and higher adoption from retail investors could again push the prices to all-time high.
Wall Street strategist Tom Lee says, “There are two key factors that will soon bring more institutional interest to the markets. First, it will be the upcoming launch of the digital assets platform Bakkt by the operator of major global exchange New York Stock Exchange (NYSE), Intercontinental Exchange (ICE). Announced in August this year, Bakkt recently confirmed a “target” launch date for Jan. 24, 2019.”
Regardless of the current bearish market cycle, there are chances that litecoin would again get back to all-time highs in the future. The faster and cheap transaction along with regular network infrastructure upgrades would also add to trader’s optimism.
