Is Litecoin Undervalued?

Time Stamp: May 7, 2022 7:30 PM
Source Node: 1297379

Is-Litecoin-Undervalued.

Litecoin (LTC) is one of the top five cryptocurrencies during the Cryptocurrency bubble of late December 2017 and early January 2018. It was placed in the rank of Bitcoin, Ethereum, XRP, and EOS. LTC has a present value of $95.86 which is close to its 52-week low price of $92.61 after attaining an all-time high price of $412.96 on May 10th, 2021. This is close to a 330% price decrease within a year. Litecoin is presently in the 22nd position in the CoinMarketCap ranking of cryptocurrencies. However, there are some reasons to believe that Litecoin is undervalued. They include: Litecoin’s performance in comparison with other top coins In the past 30 days, the price of Litecoin (LTC) has decreased by 14.7%. Bitcoin, Ethereum, and XRP within the same duration had reduced in price by 17%, 15.9%, and 21.6% respectively. This means that an investor who owns an equal amount of the four coins in United States dollars, has least deduction in his asset value on his Litecoin holding. However, in recent times, the news had always been around Bitcoin, Ethereum, and XRP. Its a history of surviving dips Litecoin is one of the oldest cryptocurrencies still trading. It was founded in 2011 by Charlie Lee that had a stint with Google prior to its creation. According to 99bitcoins news, there are about 1705 dead coins as of April 2022. Deadcoins is a name for cryptocurrencies that are no longer in existence or being traded. With the number of dips and corrections that Litecoin had experienced, it is still been tradable and has a return on investment of over 2100% since its creation according to CoinMarketCap. Positive forecast One of the ways to know if a coin has a future is to check analysts’ view on it. Litecoin (LTC) is one of the Cryptocurrencies with good projections for the future. According to Cryptoknowmics article publication in Litecoin price prediction, it could reach $1000 by the end of 2026. Longforecast and CoinQuora predictions on Litecoin price are $1500 by 2026 and $662 by 2030 respectively. This positive outlook shows that with its present price of $95.86, it is undervalued. Litecoin’s performance after the founder sold his holdings Litecoin’s founder sold his LTC holding at a price above $200. This is because he made the announcement to sell his holdings on December 20th, 2017 after Litecoin had attained a high price of about $375 on December 19th, 2017. This made the price of the coin crash almost below $30. Many thought that an end has come to it. However, history in less than 41 months has shown that it could attain newer highs after it reached a present all-time high price of $412.96 on May 10th, 2021. This shows that there are newer highs yet unreached by the coin. In conclusion, we can deduce that Litecoin could be undervalued for the reasons above and that the future could hold better profits for its long-term holders or investors who buy before its next bubble.

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