• Analysts argue Litecoin is currently undervalued based on its correlation with BTC, comparing the ongoing rally with 2017 bull run.
  • The altcoin has offered the second-highest risk-adjusted returns to traders over the past 24 hours.
  • Grayscale Litecoin Trust increased its LTC holdings by nearly 5% within a single day; total assets under management are now $308.3 million.
  • Recently Litecoin flipped Ethereum in the number of active addresses, fueling a bullish outlook in analysts.

Litecoin is making a comeback after an 80% drop from its all-time high. Analysts note that the altcoin is catching up with Bitcoin as it has a high correlation with the asset. 

Analysts set a target of $1500 for Litecoin price as Bitcoin marches to new all-time high

Litecoin's correlation with Bitcoin and Ethereum is 0.62 and 0.63 respectively, based on data from crypto data aggregator Cryptowatch. The altcoin's correlation with the top asset is stable, and analysts have noted that LTC is gearing up for a comeback. 

It has been over three years since Litecoin hit an all-time high of $420 on Coinbase. Though traders have considered the altcoin a "boomer" or old altcoin, LTC is primed to recover from the 80% drop in its price. The altcoin's run to $420 was not the first high in its 2017 cycle. 

The journey that Litecoin price is currently on is similar to the one it traversed in 2013-2017. @kingthies, a cryptocurrency analyst, commented on Litecoin's price trend. The analyst published a chart in April, 

Fundamental analysis also suggests LTC's price should be significantly higher in respect to its relationship with Bitcoin, as one could argue that 4x the supply designates 1/4 the price expectancy. That said, suggesting LTC reaching $15k (with a $60k BTC) would be taken any way other than seriously.

The analyst considers a target of $1500 conservative for LTC and expects a repeat of the 2017 cycle. LTC price is expected to go parabolic based on the analysis shared by @kingthies.

Interestingly, the altcoin has started its upward climb. LTC offered the second-highest risk-adjusted returns in the past 24 hours. Institutional capital is flowing into Litecoin; Grayscale LTC Trust increased its holdings by nearly 5% in the past day. 

On October 23, experts noted that Litecoin flipped Ethereum in the number of active addresses. Litecoin's secure network and privacy features make it a top choice for most crypto traders and merchants accepting digital currencies. 

Based on data from the blockchain intelligence platform IntoTheBlock, nearly 85% of LTC addresses are profitable at the current price. This implies that LTC is a top mover among altcoins, and 85% of wallet addresses holding Litecoin acquired the altcoin at a lower price, sitting on unrealized gains. 

Pseudonymous cryptocurrency analyst @rektcapital has set a target of $225 for the altcoin. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Are your bags packed for FOMO Season?

Are your bags packed for FOMO Season?

Crypto markets shows strength to start the second trading week of August, and key levels have been identified. Although it's still early market, current prices may be the ultimate discount in hindsight. BTC follows through on the bullish technicals mentioned in previous outlooks. ETH continues to display strength in the market. XRP seems poised for a rally. Invalidation of the up trend is vital.

More Cryptocurrencies News

Bitcoin price ekes out a 15% move as whales return

Bitcoin price ekes out a 15% move as whales return

BTC reaffirms a triangle breakout to $28,000 after surpassing $24,000. Whales holding 1,000 and more coins grow to 2,051 from 2,040 in a week. Bitcoin price is required to make a daily close above $24,000 to reinforce the move to $28,000.

More Bitcoin News

3 Reasons why Dogecoin price is ready to go ballistic

3 Reasons why Dogecoin price is ready to go ballistic

Dogecoin price sits on the edge of a 26.23% climb to $0.0888. Elon Musk believes DOGE has a larger total transaction capability than Bitcoin. Mark Cuban is confident that Dogecoin potentially has more applications compared to Cardano.

More Dogecoin News

Cardano price edges closer to a massive breakout after months of trying

Cardano price edges closer to a massive breakout after months of trying

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next. 

More Cardano News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP