Welcome to our second installment of our Bitcoin and & Altcoin Price Analysis series. We talked about Stratis during our last post, today we would like to take a look at Litecoin.

Litecoin was founded by Charlie Lee, former Google engineer and ex Director of Engineer at Coinbase, and is often referred as the little brother of bitcoin. It is a peer to peer PoW based cryptocurrency launched in 2011. It is a form of digital money that is using a blockchain to maintain a public ledger of all transactions. Main purpose of LTC is to transfer funds between parties with low fees and short transaction times.

So what makes LTC different to BTC?

Speed: generates blocks about 4 times faster than BTC

The number of coins: compared to BTC’s 21 million max supply, LTC will have 84 million coins circulation

Its market cap: LTC’s market cap is fluctuating, but ranks among the top 5 cryptocurrencies at the time of publication

Features: some consider it a testnet for Bitcon, features can be implemented at a faster pace as it poses less risk, because the network is magnitudes smaller

Moreover there are some huge news circulating currently: LitePay has just been introduced to the public, which gave a nice fundamental support for the coin itself. LitePay is a payment processor for Litecoin meaning businesses and individuals will be able to accept fiat payments backed by Litecoin through the company’s Litecoin-exclusive debit card worldwide.

Litecoin has been going sideways for quite a long time by now, after it had its great run last year as it went from $3 to $300. With the plummeting BTC price LTC has also went down, and before last night it was traded within the $140-$160 range for weeks.

Lets see what the chart tells us currently:

We were waiting for LTC to break $175 which was a strong resistance level, and finally it happened. Volume is growing. the LTC/BTC ratio is attacking multi-year highs again. FA wise a LitecoinCash fork is happening on the 18th of February, although it is not recognized by major players yet. The above mentioned LitePay will launch 26th of February. All in all, we consider the chart bullish. There might be a possible pullback after the initial spike,which might be a good entry point for people that missed the current round.

What does this mean for LTC in the long term?

LTC seems to be moving together with BTC. Based on last year’s experiences we expect a sort of parabolic movement that can push LTC above ATH within this year. According to WalletInvestor’s Machine Learning based forecast LTC will reach $349 again during the year. This is easily possible especially if BTC keeps following the multi-year bull trend. Please not here that our forecasts could change on a hourly/daily basis and may be seeing different numbers when viewing the link.

General notice

We offer our own perspective at markets, but you (as an investor) should always #DYOR – Do Your Own Research, both fundamentally and market-wise. Our articles should not be used as an investment advice. Note also that this article is not intended as an investment advice. We at WalletInvestor love to do charts and read up on interesting projects.