Predictions for the future value of Litecoin
Litecoin’s price experienced an 8% increase on March 20, rising from $77 to $86 within a 24-hour period. This surge has sparked speculation that Litecoin could reach $100 in the coming days, thanks to a rare trend in network transactions and a recent announcement by Coinbase.
On March 20, Coinbase derivatives revealed their plans to list futures contracts for Litecoin, Dogecoin, and Bitcoin Cash. This news has been well-received by investors, who believe that the Coinbase listing will attract new capital and promote wider adoption of Litecoin.
Within just 24 hours of the Coinbase futures listing announcement, the price of Litecoin saw a 13.5% jump to $86, adding over $800 million to its market capitalization. However, even before this announcement, the network had been experiencing an increase in large transactions, indicating strong market demand.
In the fourth quarter of 2023, Litecoin struggled to attract market demand, but since the beginning of the year, the network has shown signs of improvement. The average transaction size on the Litecoin network has increased by 768% in the last 60 trading days, reaching $17,594 on March 20. This significant growth suggests increased investor confidence and the involvement of institutional traders and high-net-worth investors.
The surge in average transaction size and the positive market reaction to the Coinbase listing have led to predictions that Litecoin could surpass $100 in the near future. However, there may be some resistance around the $90 mark. If the transaction size continues to grow, the bulls are expected to have enough momentum to push the price of Litecoin above $100.
In the event of a market downturn, the Litecoin bulls can find support around the $80 level for a period of consolidation. Overall, the outlook for Litecoin remains bullish, with the potential for further price growth in the coming weeks.
