Trading at $76 at press time, Litecoin soared over 7.70% in the last 24 hours, per CoinMarketCap (CMC). Opening 2023 at $74.25 with a 7.05% growth, LTC helped elevate global crypto market cap to $839 billion. Michaël van de Poppe (@CryptoMichNL), Founder & CEO, Eight Global, sees a bullish 2023 for LTC. He sees $100 as the next stop for Litecoin. He sees a $80 LTC price mark approaching soon enough since the $72 resistance level is broken.
Sharing his LTC analysis, Michaël van de Poppe tweeted:
Didn't get my fill on #Litecoin, but the price action followed the plan.
— Michaël van de Poppe (@CryptoMichNL) January 2, 2023
Time for longs around $72 I'd say. Next stop; $100. pic.twitter.com/sX0QM350h7
A couple of other crypto analysts have also voiced their LTC analysis in recent days. Bill Barhydt, CEO, Abra Global, quote-tweeted Jameson Lopp, co-founder & CTO, CasaHODL. While the latter shared Bitcoin (BTC) network uptime since 2009, the former quoted the said tweet stating LTC is the only decentralized P2P payment system with 10 years of seamless uptime.
Quoting Jameson Lopp, Bill Barhydt tweeted:
Litecoin is the only decentralized p2p payment system with 10 years of uninterrupted uptime. (#Bitcoin will get there in 2023.) https://t.co/35ascaN0AE
— Bill Barhydt (@billbarX) January 2, 2023
In a subsequent tweet Barhydt says he uses BTC to store wealth, and prefers to use LTC for P2P payments via crypto. Quoting Barhydt’s above-mentioned tweet, Bruce Fenton, CEO, Chainstone Labs, stated Litecoin is a strong proof-of-work (PoW) blockchain.
Bruce Fenton tweeted their views on Litecoin:
Litecoin confounds many common criticisms of non Bitcoin coins. I think that a solid, POW blockchain like this has to have a value of more than $0.
— Bruce Fenton (@brucefenton) January 3, 2023
It’s not a scam & not worthless. The world is nuanced so a strong Bitcoin position should include nuance over “everything is a scam” https://t.co/OOyIgv3u95
Master Kenobi, a crypto analyst, sees a pre-halving LTC run to the $485 level, following a 90% fall. Worth mentioning is that 52 million new addresses have reportedly embraced the Litecoin network. A total of 39 million transactions are completed by Litecoin in 2022. The LTC halving events have in the past led it to witness a price rally.
A resultant price rise is therefore expected in August 2023. A 50% drop in minted LTC led to a rise in its price, sparking a crypto bull market, subsequently resulting in BTC halving.
