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After recent corrections, Litecoin, the silver to Bitcoin’s gold, has been steadily increasing its spot in investors’ portfolios for some time.
Following a few months of oscillation in the $40 to $60 price range in 2020, Litecoin managed to interrupt its monotonous cycle and steadily gained traction on the back of Bitcoin and Ethereum’s price results. The alt was hovering near the $330 mark at the time of publication.
From 49,000 active users in January to over 100k ‘active users’ in April, Litecoin’s acceptance and popularity have skyrocketed. In addition, the number of ‘new addresses’ has been trending northward during the same time period.
It’s also worth looking at Ethereum, the world’s biggest altcoin, in this context. Litecoin and Ethereum have both had identical trading dynamics, with both exhibiting similar patterns in the past. Both coins are now in various phases of the same bull period.
Indeed, Amsterdam-based technological analyst Michal van de Poppe recently said that it is just a “matter of time” until Litecoin catches up to Ethereum. The renowned trader and analyst affiliated with Rekt Capital said, referring to Litecoin’s “very interesting situation,”
“It’s a game of spot the difference. Litecoin is still just following Ethereum.”
Van de Poppe further asserted that once LTC breaks past its previous ATH, its upward trajectory would be “pretty phenomenal.” He also pointed out,
“ETH has broken from its old ATH and has rallied roughly 156 percent. If we do the same simplistic math and extrapolate this rally for LTC in the future, then we’re going to get closer to a $900 Litecoin.”
“This ETH rally hasn’t finished… it could still rally more. So, the more ETH rallies, the more Litecoin will actually rally because Litecoin is the market follower and ETH is the market leader.”
Predicting a similar price for the alt, New Jersey-based Litecoin advocate ‘Jonny Litecoin’ recently expressed his bullish position on the coin on Twitter. He noted,
“After a quick dip we are back on the move!! Litecoin looks like it’s getting ready for Litecoin to 1k.”
Rekt’s analyst showed how the first candle in the four-year period appears to be the most explosive for LTC using a late February table. He went on to say that the coin had burst through its four-year interval resistances, before saying,
“We are going to see a tremendous upside in candle one and that’s why there’s a ton to look forward to… It [Litecoin] has so much more to enjoy, so much upside to enjoy ahead.