Litecoin Could Triple Against Bitcoin (LTC/BTC)As much as crypto annoys me these days, I can't help but still pay attention to this wild market.
There are some red flags - a lot of uncertainty and major paradigm shifts apparently looming on the horizon. Bitcoin has really slowed down, when it comes to price increases and volatility. It's also now associated with political polarization, as it has been predictably co-opted by wealthy interests, aimed at centralizing financial control and surveillance. Nevertheless, cryptocurrencies chug along.
I'll admit, I've always liked Litecoin. Maybe it's because it was the first cryptocurrency I bought where I realized, hey, Bitcoin isn't the best at what it's supposed to do. It was a lot faster and cheaper, and remains a preferred medium of exchange for crypto transfers. This is evidenced by its growing number of active addresses, when compared with Bitcoin's stagnation.
bitinfocharts.com
bitinfocharts.com
Bitcoin's growth has stagnated, when it comes to its use as a transfer of value, whereas Litecoin continues to grow slowly. Litecoin's active addresses are also only about 50% less when compared with Bitcoin, making its "adoption" not all too far behind.
Of course, there are probably many flaws with Litecoin, as there are with cryptocurrencies as a payment method in general, but when you look at the current crypto market cap and how much Litecoin is actually used, it seems to be undervalued when compared to all the other fluff out there.
It just works. Its max supply is also only 4x that of Bitcoin. It's unlikely to ever achieve a market cap similar, but even if it it goes 4x from here in USD terms (taking it just above its past ATH), its market cap would be the same as Dogecoin, around $37B. That's honestly pretty funny to me.
The only thing I like about crypto is that it's marginally better than a lotto ticket. Maybe if things get even more dystopian, owning some crypto isn't a terrible idea. Things are absurd as it is. I don't like it, but that's how things have been going.
For some quick technicals. Litecoin is on its strongest tear against ETH since 2018:
Litecoin also broke down from a major uptrend against the USD a while ago, but if it gets back in (currently above $170ish), it could fuel a pretty explosive rally.
Based on the above LTC/BTC chart, there is room for a pretty large upside correction.
HOWEVER, it's important to keep in mind that markets are fragile overall right now. If Bitcoin makes a sizeable correction, back down to $70-80k or deeper, Litecoin may drop down to some lows not seen in some time. It's also important to remember that serious upside for Litecoin has previously occurred near market tops.
This is not meant as financial advice! This represents my opinion and feelings about the markets, which are always evolving.
-Victor Cobra
