The cryptocurrency market has expanded around the world between January and the first half of February. This has pushed crypto enthusiasts to enter the market and to get excited about many virtual currencies in the space. As usual, Litecoin (LTC) is one of the largest and most popular virtual currencies in which investors were placing their funds. The main question is whether Litecoin will be able to reach $500 in 2020 or somewhere in the coming years. It is worth remembering that Litecoin has reached an all-time high of $375 back in December 2017. In order for it to reach $500, it would have to experience a growth of 33% from its last all-time high.
At the time of writing this article, Litecoin is the seventh-largest virtual currency in the market after Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Tether (USDT) and Bitcoin SV (BSV). This makes of Litecoin one of the most favourite coins of investors in the space. Currently, Litecoin is being traded around $60 and it has a market valuation of $3.88 billion. With this in mind, the virtual currency would have to grow by 733% in the coming year in order to reach $500. One of the things that could help Litecoin moving towards $500 is the halving event that Bitcoin is going to experience in the near future. In May 2020, Bitcoin’s rewards for users will fall from 12.5 BTC to 6.25 BTC per block, meaning that miners will receive fewer BTC for the work they do.It is worth mentioning that this could have a positive effect on the price of Bitcoin and eventually in the whole crypto market. That means that if Bitcoin starts moving higher in the space, other virtual currencies such as Litecoin could follow and reach new highs.
Both Bitcoin and Litecoin have been close virtual currencies in the space. This is due to the way in which they were created. While Bitcoin could eventually be used to store money and send large transactions, Litecoin could be used by traders as a virtual currency to make transfers and perform transactions. Litecoin is faster and cheaper to use than Bitcoin but it has large security as well. With Bitcoin and Litecoin working together, as long as Bitcoin succeeds, Litecoin has higher chances of moving forward and reaching new highs. But as we mentioned before, that means that it will be necessary for Bitcoin to have a very good performance in the market.
One of the most important developments that are taking place on the Litecoin network is related to private transactions. These private transactions would provide fungibility to users that want to protect their privacy while processing transactions. This is one of the most important things that is taking place on the Litecoin network, which is expanding despite the recent price decrease digital assets experienced. At the same time, there are new partnerships being planned by the Litecoin Foundation that could help increase the price of this virtual currency. One of the latest partnerships was between Litecoin and MeconCash, a company from South Korea. In this way, it will be possible for users in the country to sell their LTC funds and take Korean Won anywhere in the country through 13,000 ATMs. This is going to be useful for almost instant transfers in which receivers will get the cash at any ATM machine that is related to this promotion.
If you want to have exposure to Litecoin, you can do so through a wide range of crypto exchanges, including Binance and BitMex. By following AltSignals trading signals, you will get the best information on when to enter or leave the market, including Litecoin. This is great to help both beginners that do not have an idea about how to trade virtual currencies and want to buy Litecoin, and for those that have been trading for long periods of time but want to confirm their positions. This is one of the best ways to invest in digital currencies and to keep updated about all the trends in the market.
In this article, we have shared with you how Litecoin could be moving towards $500 and how this can happen this or the next year. Although this may also not happen, using AltSignals crypto trading signals would be a great way of improving your positions and trades in the crypto market.
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