After rising beyond $100 yesterday, the price of Litecoin has decreased by 5% over the previous 24 hours, falling to $96.29. The Litecoin Foundation's news that its Mastercard-powered Litecoin Card will be available in Europe has helped it reach its present level, which indicates that it has increased by 7% over the past two weeks and by 17.5% over the past 30 days.
Such information contributed to remind the market that Litecoin still ranks among the most extensively used cryptocurrencies in the ecosystem, serving as "the silver to Bitcoin's gold." It might also easily reach new heights if the larger market and the world economy continue to improve this year.
Can Litecoin Reach $1,000 This Year? Litecoin Price Prediction as LTC Rises Above $100
It appears that litecoin's surge over $100 was rather fleeting because the token has since found this price to be a hard resistance level. In the previous week or so, it has staged a few attempts to move sustainably beyond this level, but each one has been unsuccessful.
Despite this, LTC's signs are still positive. Although its relative strength index (purple) has decreased slightly over the past day, it is still hovering near the 60 level, indicating that purchasing pressure is still present.
While doing so, its 30-day moving average (red) moves further ahead of its 200-day average (blue). It could have peaked, but it still points upward, indicating that more gains might be on the horizon.
The fundamental cause of LTC's recent happiness, as mentioned above, is the expansion of Litecoin's relationship with Unbanked and Mastercard throughout Europe. Its foundation previously collaborated with both businesses to introduce the Litecoin Card in the United States about two years ago; however, after the success of this introduction, the card is now coming to Europe and the United Kingdom.
"I am thrilled to be working with Mastercard to open crypto card programs in the UK, Europe and abroad," said Unbanked co-founder and CEO Ian Kane. “Mastercard has been very forward thinking when it comes to digital assets, so bringing them together with the Litecoin Foundation, so consumers have the ability to use Litecoin in their daily lives is a great achievement."
In fact, the Litecoin Card will make it possible for owners in the UK and Europe to use their LTC holdings to make purchases. The card will utilize the Mastercard network, much like it does in the US, allowing LTC to be converted into fiat money at the point of sale.
The usefulness of Litecoin as a (slightly) more scalable and spendable form of Bitcoin has been highlighted by this news. The altcoin is still one of the most popular and valuable cryptocurrencies on the market, despite the rise of Web3, NFTs, the metaverse, DeFi, and proof-of-stake.
Bitcoin (blue), Ethereum (red), Litecoin (orange), Dogecoin (green), and Dash active addresses over the last three years (purple). the BitInfoCharts website
With a market valuation of $6.958 billion as of this writing, Litecoin is ranked 16th overall. Perhaps even more impressively, according to BitInfoCharts' data, it has just over 300,000 active addresses in the last day, surpassing Dash and Dogecoin (Bitcoin and Ethereum have 888,000 and 655,000, respectively).
Such application demonstrates that Litecoin is one of the most widely used cryptocurrencies, despite the fact that it rarely makes news. When a result, there is a good likelihood that it will grow further this year as the market as a whole improves.
Although $100 has proven to be too much for it for now, it will probably pass this level in the upcoming weeks. By the end of the year, it might rise to $200 or $300 from there; its all-time high is currently $410.26. (set in November 2021).
Of all, such levels will only be the beginning for ardent Litecoin enthusiasts. Although optimistic, some holders are even projecting four-digit values for Litecoin over the next couple of years. This is achievable, as seen by the currency's ongoing growth.