The price of Litecoin is lower than it should be according to eToro analyst Mati Greenspan. Reviewing the altcoin scene, Greenspan believes that many investors are overlooking Litecoin despite it being a proven commodity. Looking at the Litecoin price chart compared to its daily activity, the investment expert found that its utility is higher than its current price.
“The relative daily transaction volume of Litecoin is also larger than that of any other currency analyzed, suggesting that it is, in fact, a very active and established coin – which might not be reflected in its current valuation,” Greenspan wrote in his report.
Historically Strong and Currently Active
Tracking the Litecoin price live, its value as of August 7 was $74.77. What’s interesting about this is that the price of LTC in 2018 is almost at the same point it was during its peak in 2013 ($50.27). The reason that’s worth noting is that today’s 24-hour trading volume is significantly higher than it was five years ago. This suggests two things. Firstly, the price back in 2013 was buoyed by Litecoin’s underlying technical value rather than market hype. Given that the technology is now the same – if not better – investors should still be hot on the service Litecoin (LTC) offers. The second point to note is that significantly more LTC is being traded than it was back then but the price is still low. This would indicate that people are missing something.
In other words, people were initially enthused by the project and what it offered. This pushed up the price of Litecoin. However, as more altcoins were released, people started to look beyond this industry stalwart and go along with the hype. The end result appears to be the price of LTC in dollars hasn’t reached its true potential despite its previous history and current trading volume. Looking specifically at a Litecoin price chart, the bearish trend over the last three months hasn’t been too dramatic. However, the price has fallen. Given the evidence, investors should now be looking towards the upside.
Price of Litecoin Set to Rise
Indeed, if we look beyond the LTC price data, the project itself is evolving. In August, founder Charlie Lee confirmed that he is working with HTC to develop its new blockchain smartphone. Although the device will serve as a wallet for multiple currencies, Litecoin will naturally be in a better position thanks to Lee’s involvement. Back in July, we learned the Facebook had reconsidered its position on Litecoin adverts and was allowing them on the site once again. The effect of these innovations and other had analysts predicting a trigger point and a movement into the bullish zone at the close of July. As yet, the price of LTC has yet to match expectations. However, all the signs point to it being undervalued right now and, therefore, a solid long-term investment.
*Information in this article should not be taken as investment advice.