Litecoin Expects to Hit Record amid Institutional Boom; Here’s How
Yerevan (CoinChapter.com) — Litecoin (LTC), the ninth-largest cryptocurrency by market cap, have more room to grow its value insofar that it reaches an all-time high. Its top rivals, including Bitcoin (BTC) and Ethereum (ETH), have already achieved their record peaks and are now correcting lower due to renewed profit-taking sentiment.
Technically, the Litecoin price looks to enter the overbought area, according to the readings provided by its daily Relative Strength Indicator. Its latest dip towards $240-250 range could create provide traders an opportunity to go long towards a new 2021 high, with an ultimate goal to retesting an all-time high of $420.
Crypto-market boom effects
The crypto-market boom has pushed Bitcoin to $62,292 following a 12 percent ascent during the past week. Meanwhile, other major cryptocurrencies have benefited from their positive correlation with the benchmark cryptocurrency. For instance, Ethereum, the second-largest cryptocurrency by market cap, has witnessed its price hitting $2,427.
Bitcoin and Ethereum have already hit their all-time highs, so they will likely enter the consolidation phase and stabilize their price. On the other hand, Litecoin could hit its record high as traders’ attention shifts from the high-cap tokens to those that remain undervalued on historical standards.
Successful quarter for litecoin
LTC popped higher by 123 percent in 2021, from the initial $121 at the start of the year to as high as $283.20. Moreover, as Coinshares launched their new litecoin-based ETP (exchange-traded product), LTC/USD soared significantly. The bullish bias also improved as Deutsche Boerse’s Xetra market launched a physical litecoin ETC (exchange-traded commodity) on Wednesday.
Institutional integration tends to attract new and wealthy investors. Litecoin expects to benefit from that, as well.
