The question here is, can Litecoin reach $100 in 2023?
Litecoin (LTC) is experiencing pressure from the broader cryptocurrency markets, resulting in a dip in its near-term price predictions. Currently, traders are exchanging the cryptocurrency, which powers the payment-focused Litecoin blockchain, at around $79 per token. This is down a little over 10% this month, and about 25% lower than earlier annual highs in the $105 area.
Despite the setback, macro conditions for crypto are improving. Indeed, there is still hope for the cryptocurrency to reach and surpass its 2023 highs.
Furthermore, the rising likelihood of the US falling into a recession in the second half of the year has led to the possibility of the Fed cutting down on interest rates. This is to bring inflation under control. It may result in labour market weakness, making it a tailwind for cryptocurrencies like Litecoin.
In general, Litecoin exhibits high decentralization, robustness, and resistance to censorship, and it scales exponentially better for everyday payment use as a currency. According to a recent tweet by their official Twitter account, major platforms can use the cryptocurrency for payment.
In addition, the cryptocurrency’s median transaction fee is a stunningly low $0.001, despite transactions on the blockchain recently exceeding Bitcoin. Even so, there is a recent surge in meme-coin related activity on the Ethereum and Bitcoin blockchains. This has resulted in a big spike in transaction fees on both and the boost to the Litecoin use case further increases.
Mastercard’s recent partnership with Litecoin is expected to boost adoption. Likewise, the strong outlook for the upcoming crypto bull market is suggested by the upcoming halving event of 2023 in Litecoin. The Litecoin halving will reduce the issuance from 12.5 LTC per block to 6.25 per block.
More so, Litecoin’s past two halvings weren’t as bullish for price action as they were for Bitcoin. The bulls may continue to hold on to the hope that this time will be different.
Despite its recent dip below its 200-Day Moving Average, Litecoin continues to trade above an uptrend since last November. All of these factors suggest that Litecoin’s 2023 bull run remains intact and healthy, making it a promising investment opportunity.