It’s been an interesting start to the week for crypto. After a month of heavy bearish sentiment, the market has made a slight pullback. In the past 24-hours, most cryptos have gained by over 10%. Though the pump momentum has declined, downside momentum seems to besubsiding too. For instance, Bitcoin(BTC) has hit solid support at $3200, and has been bouncing off this level for some weeks.
This could be an indicator that Bitcoin (BTC) has bottomed out. Besides, if history is anything to go by, Bitcoin has never broken the weekly 200-day moving average in a market correction. It always tends to bounce back slightly above it, then tests new highs in a next bullish wave. If this holds, and the market has truly hit the bottom, then Litecoin would be the altcoin to keep an eye inanticipation of a new bull market.
One interesting facet to Litecoin (LTC) is its recognition in the market. Litecoin (LTC) is one of the most recognized cryptocurrencies. This can be attributed to its close connection to Bitcoin (BTC). Litecoin (LTC) is listed on pretty much every exchange that Bitcoin (BTC) is listed on.
This means that, if the market turns bullish and FOMO returns to the market, Litecoin (LTC) would take up a significant portion of the new money getting into the market. That’s because, most people looking to capitalize on the higher gains that altcoins give, would mostly come across Litecoin on major exchanges, as the most viable altcoin. Not that there aren’t altcoins that willoutperform Litecoin (LTC), but because it is one of the most trustworthy altcoins.
Speaking of trustworthiness, Litecoin (LTC) is among the altcoins that have a high level of trustworthiness and credibility. One reason for this is its high levels of adoption. Litecoin (LTC) is one of the most adopted cryptocurrencies. Its daily network transactions dwarf those of most altcoins, an indicator that it is being used in the market, and a good pointer to its credibility. It is also one of the few altcoins that are practically on every exchange out there, including Coinbase. This creates an element of credibility in the eyes of investors, and could play a major role toits uptake in the next Bull Market.
Beyond access and credibility, Litecoin (LTC) is a very practical altcoin for everyday use. Litecoin (LTC) is fast, secure and decentralized. This practicality is one ofthe key reasons for its wide adoption. Once the Lightning Network gains a wider level of adoption, Litecoin (LTC) will have an even wider usage, since it will be more efficient as a currency. It will be as efficient as centralized payment systems,minus the security vulnerabilities.
With all these factors supporting it, Litecoin (LTC) could emerge as one of the biggest winners in the next Bull Run. It’s strong fundamentals and a widely recognized name makes it highly undervalued when trading at under $30. If history repeats,and crypto surpasses all-time highs, Litecoin (LTC) at $1000 would be a realisticpossibility.