Litecoin: Will the digital silver see a strong rally alongside of the digital gold?

5 months ago

Litecoin: Will the digital silver see a strong rally alongside of the digital gold?

Litecoin has experienced a lot of ups and downs in recent years. After Bitcoin, LTC is the second cryptocurrency that was developed and is largely based on BTC. Nevertheless, some things were done differently during the development and therefore Litecoin definitely deserves to be called "digital silver".

As such, more and more crypto stole the show from LTC over time. First and foremost, Ethereum with its smart contracts and the option to tokenize various assets. That's why today we want to look at whether digital silver will bounce back as strongly as it did during the bull market in 2017.

Where does Litecoin stand?

Litecoin was developed in 2011 because, among other things, they were concerned about transaction times and wanted to be faster than Bitcoin. This also succeeded and was considered ground-breaking at the time. Nowadays the transaction time is a secondary matter, because Bitcoin is increasingly discussed as a digital store of value and its function as a currency is becoming less relevant.

In addition, there are 2-layer solutions that increasingly ensure that scaling on-chain transactions no longer has the same importance as it did 10 years ago. Nevertheless, Litecoin is very popular and, above all, very widely used.

LTC is supported by most shops after Bitcoin and is traded on almost every exchange. While many altcoins disappeared into nirvana over time, LTC was able to prove that not only the technology, but also the community remains. This starts with the software developers, continues with the Litecoin Foundation and finally ends with the fans and supporters.

LTC hasn't topped its all-time high yet

Besides the extremely impressive fact that LTC has managed to withstand the test of time, the behaviour of the market also plays a role. Many altcoins that experienced their first major rally in 2017 have either reached or even surpassed their all-time high in 2021.

LTC has also experienced a strong rally in recent weeks along with the overall market, reaching a temporary high of around $240. The absolute peak in 2017 was 360 US dollars and thus it is clear what many analysts are speculating on.

They are following a very simple idea. If LTC were to follow the development of other coins, then there should still be some room for growth. No one can predict with certainty whether this speculative assessment will prove to be true.

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