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After a sluggish, six-year low, Litecoin – the world’s seventh largest cryptocurrency by market capitalisation – seemingly re-enters public focus, practically bursting with new life.
Designed to bring a faster, more economical alternative to Bitcoin, Charlie Lee, of former Google-employee fame, launched the digital asset in 2011. As news of its plausible progress catches investors’ attention, speculators now suggest a quite eye-opening query – might Litecoin’s price soon join the highs of 2017 and the upcoming 100X surge?
Initial harbingers certainly point to hopefulness – recently, Litecoin skyrocketed its market value from a low of $22 in December 2018 towards almost unprecedented heights, spearheaded by its 5th August 2019 halving event; ultimately benefitting coins’ scarcity level. Both prior halvings bore an incredible price reaction, as is clearly noticed when peering back at Litecoin’s growth both in 2011 and 2015; igniting over a hundredfold rise afterwards.
Tightly knit with Bitcoin’s own pricing fluctuations, evidence suggests that closer integration of the pair subsequently generated stronger mania. When it comes to the present moment, it looks as if we are brewing a tandem success effort – that of the monumental surge from Bitcoin, with Litecoin likely coming up by its side, exhibiting tantalising excitement.
Even if some scepticism is brewing amongst investors, including sound reasoning for caution, historical records meritoriously endorse the hopefuls’ fondest imaginings. Namely, having surged beyond wild expectations time and government again, Litecoin certainly implies its tendency for a pre-100X return performance. To discover how persuasive its insights into the collective crypto curiosity ultimately turn out, curious ones could do without higher levels of attention.