The crypto markets remain volatile and some analysts even warn that Litecoin could be nearing another price crash and Bitcoin could follow as it has done before. Let’s read more about it in the following Litecoin news.
As the crypto traders tried to find patterns in the market environment now, many turn to altcoins because of their lower liquidity and they tend to be traded by more experienced traders. The analyst Benjamin Blunt believes that Litecoin could soon see another price drop according to his tweet:
‘’I like to use ltc as a gauge for the broader crypto market as I find it usually has a clearer structure. This rise the last few days feels like its been an ABC up and now printing a lower high at the 0.618, can’t help but feel at least one more low down to 22-24 is on the cards.’’
If the predictions of the analyst come true, Litecoin could tank to the low 20’ while Bitcoin could soon follow. The curious relationship with Bitcoin that Litecoin has started in the early days of crypto adoption when the crypto markets had preferable conditions and they both worked in tandem. Litecoin’s movements were often seen as a price prediction for Bitcoin. As the markets remain volatile, Litecoin’s price has already swung quite dramatically in the past few days. The price is down by 2 percent in just a day and the decline is understandable since the profit takers are selling now to get to the rewards of yesterday’s gains.
A lot has been made of the uniform movement from all of the coins within the crypto market. despite the major differences between the platforms, they all seem to have increased and dropped together. Before the stablecoins existed, the altcoins tended to move opposite of Bitcoin and the markets tend to move as one. The Litecoin critics have long claimed that the similarities it has with Bitcoin make it unnecessary which is another reason to fail. Litecoin, however, remained resilient and a bigger group of LTC advocates stood by the project. The founder of the project Charlie Lee even sold off his huge LTC stash but the altcoin still remains a speculator coin only used for trading.
The altcoin advocates believe that the mass adoption of blockchain technology will lead some other platforms to seriously challenge Bitcoin for the number one position. Bitcoin, however, remains the most valuable coin and it has been more than three years since another coin was considered a threat to Bitcoin.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]