Litecoin (LTC) was able to register a very positive week with over 21% gains in 7 days. This is the third-largest price increase after Solana (SOL) and Polkadot (DOT). LTC has also surpassed Bitcoin Cash (BCH), Chainlink (LINK) and LUNA (LUNA). The question now is: how far can Litecoin go?
How Far Can Litecoin Go?
Litecoin, one of the oldest and largest cryptocurrencies in the market has made impressive gains by surging 21% in just a week. The price rose to $212 and it could continue growing in the coming weeks as long as the bull market continues in the crypto market.
It is worth mentioning that Litecoin represents close to 0.60% of the total cryptocurrency market valuation. However, it has been higher in the past. In this way, Litecoin is close to 50% down from its all-time high registered a few months ago.
At the time of writing, Litecoin has a price of over $212 and a market capitalization of $14.1 billion. This is just $900 million away from its closest competitor Uniswap (UNI) that has been affected in the last 24 hours by news regarding the U.S. SEC investigating the founders of the platform.
Meanwhile, Litecoin could show that it is ready to continue moving higher and reach the 11th position in the market. It is also worth remembering that Litecoin was one of the cryptocurrencies that stayed among the top 10 for one of the longest periods of time just after Bitcoin (BTC).
Bitcoin instead, has been moving higher from $30,000 to over $50,000 now. This shows that BTC is only 21% down from its all-time high compared to Litecoin that is close to 50% down during the same period. In the future, litecoin could continue growing, that’s a certain thing.
Despite that, Litecoin has received a lot of criticism due to different reasons. Close to the top of the bull market in 2017, the founder of the virtual currency announced he sold most of his LTC holdings to push for decentralization.
Additionally, LTC developers have been working for several years now to implement privacy features to LTC. However, there are almost no advancements on that matter. Thus, several holders preferred to sell their LTC and stay on the sidelines with much more profitable virtual currencies such as Cardano (ADA), Solana (SOL) or Polkadot (DOT), which surged in recent months and years.