As investors are looking to diversify their crypto portfolio after the market crash, Crypto Holders could trust a few coins more than others.
The most critical factor in a coin’s success, in the long run, would be accepted by the community and governments. Litecoin proved itself as a strong market alternative to Bitcoin for accepting payments on blockchain in the past year.
With around 15% market share in P2P transactions, there are great chances that the Litecoin coin could be the next big thing in the crypto world. However, the ETH transaction share is currently lower than Litecoin and stands at around 10%.
7 Reasons Why Litecoin Could be the Next Big Thing
- Panama Govt Legalised Litecoin
Panama, the Latin American country, is considered tax heaven for many millionaires. Panama recently legalized nine cryptocurrencies, and Litecoin was an accepted currency of the legalization tender.
- Mining efficiencies
Litecoin is an alternative with four times more mining capacity than Bitcoin among the prominent coins available. Thus it adds to efficiency and reward for crypto miners.
Litecoin is significantly quicker than Bitcoin. For example, Bitcoin block generation takes around 10 minutes, while Litecoin can do the same task more efficiently in just 2.5 minutes. This is 4 times quicker than Bitcoin.
- Near-Zero Cost
Being one of the cheapest currencies in terms of transaction fees, Litecoin gained momentum because of the low cost of the transfer. It’s a secure and easiest way to send P2P money using cryptocurrency.
- High Capacity
With capacity of around 84 Million Coins. It makes easier for miners to enjoy wiggle room in development of the cryptocurrency. Litecoin could sustain easily for next 25 years even if nanocomputers comes in play.
In comparison to the market share and supply, Litecoin is undervalued against its peers. According to kryptomagazin, the price of LTC could reach a beautiful $1,000 by the end of 2026.
- Super Active Community Support
As we stated in the first part, the community is the most vital part of a coin’s growth. Litecoin has super active community support on Reddit and Discord. In the last 10 years, the coin has grown footprint substantially.
Apart from these factors, hundreds of factors can reflect a coin’s market price. Litecoin still stands high on white paper, which was released around 10 years back.
Litecoin 1500$ Target
Litecoin is currently trading at 68 USD. This is after the market breakdown. Forecasts from Longforecast and CoinQuora give a 1500$ target for Litecoin by 2026.
Crypto experts assign Litecoin as the ‘Digital Silver’, which has a lot of potential in a growing market. The ‘Digital Silver’ mark is given considering Bitcoin to remain as ‘Digital Gold’ in the industry.