The crypto market rally this week is certainly being kinder to some digital currencies than others. Bitcoin (CCC:BTC-USD) is driving huge market-wide momentum this morning as it sees a new all-time high. Litecoin (CCC:LTC-USD) is one of the plays investors are tuning into above others, thanks to the coin’s big price hop in early trading hours. How might the LTC resurgence carry into the future? Investors want to know, and they’re seeking out Litecoin price predictions to find an answer.
Late last night, Bitcoin prices pushed into new territory. The coin surpassed the $68,000 mark, which it had never done before. As the largest crypto by far, Bitcoin’s success translates to market-wide sentiment; when BTC is up, most of the market is up with it, and vice versa. Thus, many other crypto plays popped, and even when Bitcoin saw prices cool from profit-taking, these altcoins remained hot.
Litecoin is a close beneficiary of Bitcoin’s successes. As a fork of the Bitcoin protocol itself, the cryptos are closely linked to one another. Thanks to the Bitcoin all-time high, LTC was lifted up to its own six-month high of $268. The price is the result of a 19% gain, which it is holding onto steadily heading into the afternoon.
Litecoin Price Predictions: Will LTC Hold Onto Profits and Continue Upward?
Litecoin prices have seen plenty of volatility in recent months. Particularly, an early September bull run saw prices fly, but they tumbled just days later back to the coin’s three-month average of around $170. Even more stinging was the mid-September price pump that was erased as quickly as it was drawn; this particular instance was actually the result of a fraudulent press release announcing a deal between Litecoin and Walmart (NYSE:WMT).
Today’s gains are far greater than both of these instances, and they are driving serious investor optimism. Litecoin is a trending topic on Twitter today, with thousands of posts celebrating the coin’s push back above $250. This is great for investors, but the question still remains: Can Litecoin retake its $413 all-time high and stay there? Let’s take a look at some Litecoin price predictions and see what analysts are thinking:
- CoinPriceForecast certainly thinks a new all-time high is in the cards, and the site says it’s coming quickly. Its LTC price forecast for the end of the year rests at $420.
- DigitalCoin isn’t firm on an end-of-year record, but it suggest LTC will get awfully close. The site targets a price of $391 by the end of December.
- The Economy Forecast Agency is predicting a $346 price for the coin by the year’s close. By November of 2022, that target rises to $544.
- WalletInvestor’s 12-month prediction isn’t quite as bullish as the rest of the pack’s, pricing LTC in at $292 by November of next year.
- Likewise, Gov Capital’s 12-month price target is only just above current values, expecting LTC to be worth $320 by this time next year.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
