LITECOIN is poised on the “brink of greatness” and a “bull run” that will lead to a cryptocurrency boom across global markets, experts say.
Gabriel Francisco, cryptocurrency expert at TMT Blockchain Fund, is among those convinced Litecoin is about to “moon”.
Mr Francisco said: “Poised on the brink of greatness, Litecoin is preparing for a breathtaking moon shot. Dubbed ‘the rock’ at times, this clone of Bitcoin has shown incredible market resilience and price inertia.
“Pegged at 84 million coins, Litecoin is four times faster than Bitcoin and has four times the supply. In other words, Bitcoin is to gold what Litecoin is to silver.
“Bitcoin will be used as a store of value and Litecoin will be one of the first real world cryptocurrencies to be used to purchase goods and services.”
Speaking to Express.co.uk, Mr Francisco added: “This year and the gradual global adoption of cryptocurrencies will see Litecoin retesting and if not breaking its previous all time high.”
The open-sourced peer-to-peer online currency, which is inspired by Bitcoin, enables instant, near-zero cost payments to anyone in the world.
But the global cryptocurrency market has struggled to stay in the green for most of the second quarter of this year, with Litecoin falling to $116.
Litecoin, only released in October 2011, began to show signs of recovery during the week in rising to $121 and to hit a major bull run, it must break the $122 resistance, before then targeting the $130 milestone.
As a result its market cap increased by $80 million, making it the sixth largest cryptocurrency.
This month, the cryptocurrency launched a new marketing campaign — “Pay with Litecoin” — aimed at persuading new merchants to accepting the coin as a payment method.
R_Block co-founder Luke Shipley also believes Litecoin could go on a bull run as well as becoming the third biggest cryptocurrency if the push for merchant adoption proves successful.
“Everyone in the core Litecoin camp is speaking very positively at the moment,” Shipley said. “They are very publicly having a marketing drive with the view to achieving wider merchant adoption.
“It reached highs of over $330 in January and many have been tipping it to go on a bull-run once again.
“If Litecoin is successful in it’s new adoption campaign I think it will make a move back to the third largest cap crypto.”
Jacob Piotrowski, CEO and founder of Give Bytes, said: “Litecoin is definitely a well established and a reliable coin. It has its history and a good track record peaking at $358 in December 2017.
“Given its low transaction fees – $99 million worth of Litecoin was sent for just 40 cents worth of fees – Litecoin is a strong candidate for mass adoption which would of course boost its value.
“With Bitcoin still leading the race and Ethereum coming second, the fight for the third most popular coin seems to be between Bitcoin Cash, Dash, Monero, IOTA and Litecoin.
“The race is on we’re still waiting for a leader that will have easy and accessible API and one that can be easily adopted by e-commerce, fast transactions under five seconds and low transaction fees.
But some experts have voiced caution.
Dr Michael McCann, a Senior Lecturer of the Economics Department at Nottingham Business School, said: “Unfortunately, unlike other currencies like sterling, there are no economic fundamentals to determine its underlying value. Therefore, it is difficult to know what will happen to the price.
“Investors are looking for the next Bitcoin. It could be Litecoin, but it may not be.
“In economics, this is classic herd behaviour – investors buy the asset, not for its underlying value, but just because they see others doing it. This makes investment in Litecoin highly risky.”