Among the many quite a few cryptocurrencies which were surging of late, Litecoin (CRYPTO:LTC) is actually grabbing a variety of consideration. On Wednesday, it rose by greater than 13% at its excessive level, and is up roughly 25% over the previous 48 hours alone.
These kinds of strikes aren’t unusual within the cryptocurrency world. Nonetheless, when momentum-driven rallies like this happen, traders nonetheless take discover.
Wednesday’s good points look like a continuation of Tuesday’s momentum, pushed by the announcement that AMC Leisure (NYSE:AMC) would quickly be accepting Litecoin (amongst different tokens) for purchases at its chain of theaters. Different main cryptocurrencies rallied on this information as properly.
Nonetheless, some analyst worth targets for Litecoin got here out Wednesday that recommend it might have a lot additional to run. One high-profile announcement got here from veteran cryptocurrency and foreign exchange dealer Peter Brandt, who put a $400 worth goal on Litecoin.
Given the truth that Litecoin presently trades at round $280 per token, that means an upside of greater than 40%. Even for cryptocurrency merchants, that is a reasonably respectable return on funding.
One of many causes Litecoin’s reputation has risen is the moderately big selection of corporations that settle for it. Because the cryptocurrency world transforms itself as a real technique of cost, the industrial utility offered by these blockchain protocols will come into focus increasingly.
On this regard, Litecoin seems to be an intriguing possibility for traders. The token’s worth motion in latest days alerts a shift towards bullish momentum. Traders and merchants will wish to hold it on their radar.
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