May 3, 2023 at 12:47 GMTModified date: May 16, 2023 at 17:04 GMT
May 3, 2023 at 12:47 GMT

LTC set for 700% gain, says creator Charlie Lee

The creator of Litecoin, Charlie Lee, has made a bold prediction that the LTC price could experience a staggering 700% gain against Bitcoin.

The creator of Litecoin, Charlie Lee, has made a bold prediction that the LTC price could experience a staggering 700% gain against Bitcoin.

Lee recently took to Twitter and cited historical price patterns and market sentiment as some of the key factors driving his prediction.

According to Lee: “I can see an upside target of 10% (0.025 LTC/BTC). In the next bull market, 5% (0.0125) shouldn’t be too hard to achieve. I honestly don’t see it going much below 1% (0.0025) on the downside. The next halving will be in ~92 days. This is going to be fun.”

The LTC block reward to miners will be cut by half from 12.5 LTC to 6.25 LTC sometime in August this year.

At the time of writing, the LTC price is trading at $87.65 – down 0.61% in the last 24 hours. It is ranked at number 12 on the CoinMarketCap‘s top 100 list.

While such a prediction is undoubtedly optimistic, it is not without precedent, as Litecoin has previously experienced gains against Bitcoin during past market cycles.

Factors driving Litecoin’s growth

MimbleWimble upgrade: The privacy-focused protocol added new features to Litecoin, enhancing its utility and making it more attractive to investors. The addition of privacy features, combined with Litecoin’s already fast and low-cost transactions, could make it an increasingly popular choice for users looking for an alternative to Bitcoin.

Litecoin as digital silver: Another factor contributing to Litecoin’s potential growth is its role as ‘digital silver’ in relation to Bitcoin’s ‘digital gold’. Litecoin was designed to complement Bitcoin, with faster transaction speeds and a more scalable network. As Bitcoin continues to gain mainstream acceptance, it is likely that investors will also turn to Litecoin as a more accessible and affordable alternative for transactions.

Market cycles and sentiment: The crypto market is known for its cyclical nature, with periods of rapid growth followed by sharp declines. Charlie Lee’s prediction is based, in part, on the belief that Litecoin is currently undervalued compared to Bitcoin and is poised for a significant price increase during the next market cycle. Market sentiment can play a role in driving price movements, and a growing belief in Litecoin’s potential could help propel its value upward.

Litecoin past performance vs Bitcoin

Historical price correlation: Litecoin has generally had a strong correlation with Bitcoin’s price movements. As BTC experiences volatility, LTC often follows suit. However, there have been instances where Litecoin has outperformed Bitcoin, leading to substantial gains against the leading crypto.

These periods of outperformance are the basis for Charlie Lee’s prediction of a 700% gain against Bitcoin.