Source: Bing Image Creator
The Litecoin price has risen by 2% in the past 24 hours, reaching $70.94 as the cryptocurrency market gains by 2.5% today.
LTC is now up by 2% in a week and by 4% in the last 30 days, with the altcoin also having risen by a very modest 1% since the beginning of the year.
While most major tokens overshadowing this year-to-date performance by a wide margin, LTC’s underperformance potentially means that it could rise faster than many other coins in the coming weeks.
This is especially the case if 2024 brings a bull market, with LTC aiming to return to its all-time high of $410, set in May 2021.
Litecoin Price Prediction as LTC Gains 2.16% in 24 Hours – Can This Uptrend Continue?
What’s encouraging about LTC at the moment is that it has spent the past couple of weeks falling, meaning that a sustained a rally could be approaching.
Its RSI (purple) had been struggling to move beyond 50 since the middle of November, yet it has now clear this level and looks to rise to 60 (and beyond) on the way to further price gains.
Source: TradingView
Even more tellingly, LTC’s 30-day average (yellow) has languished below its 200-day (blue) for numerous months, something which suggests that a prolonged rally is now overdue.
However, it’s hard to say when exactly this might come, given that the altcoin’s 24-hour trading volume remains relatively subdued, at around $250 million.
This is much lower than the levels it saw earlier in November, when it reached a volume of $1 billion.
And it seems that any whales interested in LTC have been likelier to sell the coin than buy it, judging by available.
78,980 #LTC (5,426,325 USD) transferred from unknown wallet to #Bittrexhttps://t.co/HE6HCjX81H
— Whale Alert (@whale_alert) November 21, 2023
Still, today’s gains suggests that a more bullish phase may be about to begin, with LTC joining the market as the latter enjoys a pre-Christmas push.
Once again, expectations regarding Bitcoin ETF approvals appear to be driving optimism, which have also combined with signals that the Fed may actually cut rates next year.
And LTC could potentially benefit more from accepted Bitcoin ETFs than many other alts, given that its relation to BTC may eventually lead to the opening of Litecoin ETFs.
Regardless, a bull market in 2024 is likely to push the Litecoin price higher, with the coin on course to reach $100 in the first couple of months of the new year.
New Alts With High-Return Potential
Traders who aren’t entirely convinced by LTC may prefer to look towards newer alts, particularly those that are primed to rally big in the near future.
Such alts include presale tokens, which can often generate enough momentum during their sales to rally strongly once they list on exchanges.
One coin likely to do this is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised over $2 million in its ongoing presale.
Switzerland’s @PandoAsset enters the US spot #Bitcoin #ETF race among a surge of applicants, including @BlackRock and @Fidelity, hinting at a potential shift in the #Crypto landscape. #BitcoinETF also achieves a groundbreaking milestone, raising more than $2 Million! pic.twitter.com/NyGzDQIMkf
— BTCETF_Token (@BTCETF_Token) November 30, 2023
Bitcoin ETF Token has been generating plenty of buzz over the past few weeks, with its deflationary tokenomics the main reason for excitement.
Interestingly, it will burn 25% of its total max supply over time, with burns happening in 5% batches that will occur whenever Bitcoin reaches certain milestones.
Its first burn will take place when a Bitcoin ETF reaches a volume of $100 million, while its last burn will happen when BTC itself reaches $100,000.
The token will also have a transaction burn tax that will decline to 0% by the time the whole 25% is burned, while holders will also be able to stake the coin for a passive income.
This combination of staking and burning promises to make Bitcoin ETF Token a highly profitable coin for holders, with investors able to join its presale at the official Bitcoin ETF Token website.
1 BTCETF token now costs $0.0060, but given its deflationary tokenomics, such a price is likely to rise aggressively once the token launches.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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