Less than 24 hours after an altcoin rally pushed the market valuation of the entire cryptocurrency market over the $2 trillion mark, a 15% jump this morning has investors rethinking their Litecoin (CCC:LTC-USD) price predictions.
The surge was led by Bitcoin (CCC:BTC), which has now held its own market cap above $1 trillion for a week. Analysts said as long as the biggest crypto holds above $53,000, it will be able to maintain that market capitalization, Reuters reported. Meanwhile, alternative cryptocurrencies including Ethereum (CCC:ETH-USD), Ripple (CCC-XRP-USD) and Cardano (CCC:ADA-USD) have clocked in with double-digit value appreciation in the last day.
Back when the crypto sector was in its infancy, Litecoin was the Bitcoin alternative. Just as it is today, the LTC token was a wild affair, often gyrating between valuation extremes. Of course, with the original No. 2 commanding a three-digit price tag, LTC isn’t quite as wickedly unpredictable as when the coin could be had for pennies on the penny.
With cryptocurrencies appreciating to new levels, it’s worth visiting what some of the cognoscenti are writing about Litecoin price predictions.
Swiss ETP Bolsters Litecoin (LTC) Price Predictions
It’s worth noting that as the overall altcoin market gained, LTC got a boost today from asset manager CoinShares with its introduction of a new physically backed Litecoin (LTC) exchange-traded product (ETP) on the SIX Swiss Exchange.
Carrying a base fee of 1.5% per annum, each unit of the ETP will be backed with 0.20 LTC, according to an announcement Tuesday. This is just the latest from CoinShares, following this year’s earlier intros of Bitcoin and Ethereum ETPs.
Meanwhile, Crypto Research Report Group is calling for Litecoin to reach $1,200 by 2025, and $2,250 by 2030, Prime XBT reported yesterday. The website also highlighted a Litecoin price prediction from Crypto Capital Venture founder Dan Gambardello who sees LTC consolidating “at around $70 before [a] massive run to $1,000+” in the long term.
Coinpedia last week predicted “the crypto is expected to hit as high as $800 at the end of 2022.” Elsewhere, Capital.com took a look at LTC’s technicals and offered that prices “are nearing support levels composing its uptrend channel and could see technical rebounds along this line.”
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, following fintech, agtech and property tech startups.