What occurred
Among the many quite a few cryptocurrencies which were surging of late, Litecoin (CRYPTO:LTC) is actually grabbing a whole lot of consideration. On Wednesday, it rose by greater than 13% at its excessive level, and is up roughly 25% over the previous 48 hours alone.
These types of strikes aren’t unusual within the cryptocurrency world. Nonetheless, when momentum-driven rallies like this happen, buyers nonetheless take discover.
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So what
Wednesday’s good points seem like a continuation of Tuesday’s momentum, pushed by the announcement that AMC Leisure (NYSE:AMC) would quickly be accepting Litecoin (amongst different tokens) for purchases at its chain of theaters. Different main cryptocurrencies rallied on this information as effectively.
Nonetheless, some analyst value targets for Litecoin got here out Wednesday that counsel it may have a lot additional to run. One high-profile announcement got here from veteran cryptocurrency and foreign exchange dealer Peter Brandt, who put a $400 value goal on Litecoin.
Given the truth that Litecoin at the moment trades at round $280 per token, that suggests an upside of greater than 40%. Even for cryptocurrency merchants, that is a fairly respectable return on funding.
Now what
One of many causes Litecoin’s recognition has risen is the somewhat big selection of corporations that settle for it. Because the cryptocurrency world transforms itself as a real technique of cost, the industrial utility offered by these blockchain protocols will come into focus increasingly.
On this regard, Litecoin seems to be an intriguing possibility for buyers. The token’s value motion in current days indicators a shift towards bullish momentum. Traders and merchants will need to hold it on their radar.
This text represents the opinion of the author, who could disagree with the “official” suggestion place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even considered one of our personal — helps us all suppose critically about investing and make choices that assist us change into smarter, happier, and richer.
