As the Litecoin (LTC) price consolidates at the $80 level, some are asking whether 10x gains, or even a rally to $1,000 might be possible this crypto bull market.
Bitcoin (BTC) rallied to record levels near $74,000 last month. At the same time, Litecoin was only able to rally to highs just above $110 this month.
That left it still down around 73% versus its December 2017 record highs at $420. But in light of the latest market dip, the Litecoin price is closer to 80% down from all-time highs.
Compare that to Bitcoin, which was last down by only around 14% since last month’s record peaks. BTC was last changing hands in the mid-$63,000s.
To be fair to Litecoin, it’s not the only major altcoin that remains a long way below record levels.
Solana (SOL) is still down 45% versus its 2021 record peaks. And XRP (XRP) and Cardano (ADA) are down around 85%.
Bitcoin has been able to recover back to record levels ahead of other coins given bullish narratives such as the approval of spot Bitcoin ETFs, the fact that it faces a favorable regulatory environment worldwide, and the growing idea that it is “digital gold” and therefore a great safe-haven asset and hedge against currency debasement.
Litecoin’s Narrative Problem
Litecoin, by comparison, is suffering from a significant narrative problem. That is to say, while Litecoin has a lot going for it, it lacks narrative momentum.
Litecoin is attempting to position itself as the “digital silver” to complement Bitcoin as “digital gold”. Thanks to its fair launch (a Bitcoin fork) and high level of decentralization, Litecoin is one of the only cryptocurrencies besides Bitcoin that global regulators widely agree is not a security, meaning it also faces a friendly regulatory environment worldwide.
And its blockchain is much faster and cheaper than Bitcoin and able to bare a much higher load.
Despite only ranking as the 19th largest crypto by market cap, LTC is the leader in crypto payments.
— Litecoin (@litecoin) March 15, 2024
But the cryptocurrency’s continued adoption as a medium of payment, its intended use case, is failing to lift its price.
Indeed, on-chain data this week revealed that a record-high 62.5% of Litecoin investors now qualify as HODLers.
‘On-chain data shows that Litecoin’s long-term holders have achieved a new record: 62.5% of all $LTC investors now qualify as these HODLers.’ – @bitcoinist https://t.co/MZVFrEHLJ2
— Litecoin (@litecoin) April 16, 2024
Litecoin Price Prediction – Can LTC Hit $1,000?
Record high Litcoin HODLing suggests a lack of retail investor interest in the cryptocurrency. Broader use amongst retail and short-term investors is a key part of a cryptocurrency’s adoption.
And an influx of new short-term investors will be needed for the LTC price to drive higher.
But the lack of participation by retail/short-term investors is a strong bottom signal for the Litecoin price.
The HODLers who now dominate the LTC market are much less likely to sell their coins. The transfer of holdings from weak-handed short-term/retail investors has seemingly already taken place.
The bull market in Bitcoin and many other cryptos is well underway. At some point it is likely to bleed into LTC in a more meaningful way.
At such a cheap valuation below $100 and with a market cap of $6 billion, Litecoin has a strong risk-reward.
Calling a more than 10x rally to $1,000 per token is a big call. Narratives surrounding Litecoin would have to gain a lot more traction.
But Litecoin stands a very good chance of posting 5x gains to challenge record highs above $400.
The Litecoin price stands a very good chance of posting 5x gains to challenge record highs above $400. Source: TradingView
Fun Meme Coin Alternative to Consider – Dogeverse (DV)
Litecoin offers the prospect of 5x potential gains this bull market.
But some traders wish to take bigger risks for bigger potential upside. They should look no further than the meme coin market.
New meme coins are popping up all the time. Most never gain traction. But those that do can post huge gains of 100x or more.
One fun new meme coin that comes backed by compelling cross-chain bridging technology is Dogeverse.
The new meme coin presale has already been able to attract north of $7.5 million from early investors and will soon sell out.
Another incredible achievement unlocked for #DOGEVERSE!
Exceeding the $7,500,000 milestone already!
Cosmo is over the moon!
Way to go, #DOGE enthusiasts! pic.twitter.com/jAZ7xZjkjw
— DogeVerse (@The_DogeVerse) April 19, 2024
Dogeverse has been attracting a lot of hype on social media in the run-up to Doge Day on 20 April.
Dogeverse is launching on the six most used blockchains, excluding Bitcoin, with multi-chain bridge capabilities.
There are a host of chains out there vying to be the go-to destination for meme coin launches–but Dogeverse plans to fit the bill by being present on all chains that matter.
Dogeverse is already live on Ethereum, BNB Smart Chain, and Polygon but has Solana, Base, and Avalanche in the works for launch day. This multi-bridge utility is a massive expansion to the power of the Doge universe.
Embarking on a journey through the #DOGEVERSE, the pioneering multi-chain #Doge #Token, inspired by #Cosmo‘s epic adventures.
Leading in #Blockchain connectivity, uniting diverse #Crypto communities with Doge memes and a vision of a unified ecosystem across chains! pic.twitter.com/Woe1wYvxqh
— DogeVerse (@The_DogeVerse) April 16, 2024
Dogeverse is doing something no other meme coin has attempted. There are multi-chains already, but none are as expansive and interconnected as Dogeverse plans to be.
The new crypto presale Dogeverse is inserting itself into the narrative of the quickly growing opportunity of meme coins being spun up on multiple chains.
Keep in touch with developments on the project’s X/Twitter and Telegram.
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