Can Litecoin Reach $500 In 2020?

The cryptocurrency market has expanded around the world between January and the first half of February. This has pushed crypto enthusiasts to enter the market and to get excited about many virtual currencies in the space. As usual, Litecoin (LTC) is one of the largest and most popular virtual currencies in which investors were placing their funds. The main question is whether Litecoin will be able to reach $500 in 2020 or somewhere in the coming years. It is worth remembering that Litecoin has reached an all-time high of $375 back in December 2017. In order for it to reach $500, it would have to experience a growth of 33% from its last all-time high.

Could Litecoin Reach $500?

At the time of writing this article, Litecoin is the seventh-largest virtual currency in the market after Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Tether (USDT) and Bitcoin SV (BSV). This makes of Litecoin one of the most favourite coins of investors in the space. Currently, Litecoin is being traded around $60 and it has a market valuation of $3.88 billion. With this in mind, the virtual currency would have to grow by 733% in the coming year in order to reach $500. One of the things that could help Litecoin moving towards $500 is the halving event that Bitcoin is going to experience in the near future. In May 2020, Bitcoin’s rewards for users will fall from 12.5 BTC to 6.25 BTC per block, meaning that miners will receive fewer BTC for the work they do.It is worth mentioning that this could have a positive effect on the price of Bitcoin and eventually in the whole crypto market. That means that if Bitcoin starts moving higher in the space, other virtual currencies such as Litecoin could follow and reach new highs.

Bitcoin – Litecoin Connection

Both Bitcoin and Litecoin have been close virtual currencies in the space. This is due to the way in which they were created. While Bitcoin could eventually be used to store money and send large transactions, Litecoin could be used by traders as a virtual currency to make transfers and perform transactions. Litecoin is faster and cheaper to use than Bitcoin but it has large security as well. With Bitcoin and Litecoin working together, as long as Bitcoin succeeds, Litecoin has higher chances of moving forward and reaching new highs. But as we mentioned before, that means that it will be necessary for Bitcoin to have a very good performance in the market.

Litecoin Developments

One of the most important developments that are taking place on the Litecoin network is related to private transactions. These private transactions would provide fungibility to users that want to protect their privacy while processing transactions. This is one of the most important things that is taking place on the Litecoin network, which is expanding despite the recent price decrease digital assets experienced. At the same time, there are new partnerships being planned by the Litecoin Foundation that could help increase the price of this virtual currency. One of the latest partnerships was between Litecoin and MeconCash, a company from South Korea. In this way, it will be possible for users in the country to sell their LTC funds and take Korean Won anywhere in the country through 13,000 ATMs. This is going to be useful for almost instant transfers in which receivers will get the cash at any ATM machine that is related to this promotion.

AltSignals Crypto Trading Signals

If you want to have exposure to Litecoin, you can do so through a wide range of crypto exchanges, including Binance and BitMex. By following AltSignals trading signals, you will get the best information on when to enter or leave the market, including Litecoin. This is great to help both beginners that do not have an idea about how to trade virtual currencies and want to buy Litecoin, and for those that have been trading for long periods of time but want to confirm their positions. This is one of the best ways to invest in digital currencies and to keep updated about all the trends in the market.

Conclusion

In this article, we have shared with you how Litecoin could be moving towards $500 and how this can happen this or the next year. Although this may also not happen, using AltSignals crypto trading signals would be a great way of improving your positions and trades in the crypto market.

Proficient authors guiding you with transparency, integrity and education through the finance international markets

The AltSignals writing team consists of experts dedicated to the world of finance and technology, with a particular focus on cryptocurrencies and forex. Our writers bring a broad range of knowledge and experience, cultivated through years of arduous and direct involvement in financial markets, as well as intense technological collaboration.

Editorial approach

At AltSignals, we believe that transparency and education are the key to empowering our readers. Therefore, our content is meticulously researched to ensure its accuracy and thoroughness. Each of our articles is created with the aim of providing educational insights and in-depth analysis, helping both beginners and experienced traders.

Commitment to quality

Integrity is certainly the foundation of our editorial process. The team follows rigorous journalistic standards with careful review, all to ensure that each publication is meticulously researched and exceeds our readers’ expectations.

Our mission is to provide analysis that informs as well as guides users and enthusiasts through the complexities of the cryptocurrency and forex markets. In line with our motto of “quality over quantity”, we guarantee that only the highest quality trading signals are published.

In addition to our commitment, which extends beyond the simple transmission of useful information, our in-depth analysis focuses on profitability and effectiveness squarely, avoiding the common industry habit of prioritizing profit over accuracy. Our traders are strategic experts who offer personalized help to those seeking worthwhile portfolio management tactics.

Diverse knowledge

Our authors are proficient in a variety of topics across the financial spectrum, from emerging trends in blockchain to the nuances of forex trading. This diverse range of knowledge allows the team to cover several topics, ensuring our content is always comprehensive and deeply specialized.

Interactivity and support

We understand that the world of trading can be complex for many. Therefore, alongside producing informative articles, our team is also committed to interacting with the community. Through comment sections, forums and direct support, we encourage our readers to seek clarification and sharpen their understanding, promoting an environment of continuous learning.

Future vision

Looking to the future, the AltSignals writing team is imbued with a vision that transcends regular publishing, and continues to dedicate itself to discovering and reporting on the latest innovations and trends available in the market. We are constantly seeking to improve our skills and expand our knowledge, with the ultimate goal of being a reliable and respected source in digital financial journalism.

There is great commitment to discovering and reporting not only the latest news and trends in the market, but also to equipping our readers with the tools they need to navigate volatile markets with confidence. We firmly believe that, with the support of an appropriate platform coupled with accurate guidance, our readers and traders can turn market volatility into a competitive advantage.

Join us

Follow AltSignals to stay up to date with the latest developments in the world of finance and technology, and explore how our insights can help improve your trading strategies. The AltSignals team is here to guide you through the exciting, dynamic and challenging world of financial markets.