If you are looking for a way to get some profits from digital currencies, at this point, you may want to HODL. However, the problem is which cryptocurrency should you keep? Considering the number of cryptos that have been sliding in price ever since the beginning of the year, it’s tricky to find a digital currency that can provide you with some profits.
Now, if you have some Litecoin, experts believe that the right strategy is to hold on to your digital currency. According to experts, you can expect Litecoin to be around $150 by July.
According to Craig Cobb who runs TraderCobb.com, he sees Litecoin price to reach $150 because of its bullish forecast. He said that “LTC has been sitting in a range between $100 and $166 (roughly) for most of the year. I see no reason at this point in time for that to change on the charts”. As for Fred Schebesta who is the co-founder of Finder.com, he believes that Litecoin is bullish and will most likely head towards $130.
He said that “Litecoin has taken a beating over May, but I expect it to make a small recovery by July 1. The team behind Litecion is solid, and I’m excited to see how it will handle future competitors”.
Why Litecoin is a Game Changer
There are many reasons for you to hold on to your Litecion. One, you have the fact that Litecoin is now being adopted by so many companies. Small businesses are now looking to adopt Litecoin considering its cheap transaction fees and its fast transaction confirmation.
And also, as an investor, Litecoin can provide you peace of mind for different reasons. One, you have Charlie Lee who is already thinking of solutions to potential problems to the network. For instance, he already thought of the scenario wherein all coins have been mined.
One of the major concerns today is the recent 51% attack. It has recently attacked Bitcoin Gold. However, since Litecoin is a Scrypt-based digital currency not to mention a high hashrate especially in the last three months, it makes Litecoin hard to attack. For a 51% attack to take place, the hired mining power will be around $68,000 for an hour. Charlie Lee defended the coin’s network after 51% attack reports have been published. And so far, Litecoin has a higher hashrate than that of Ethereum.
So why exactly would hackers want to target Litecoin? It is due to the fact that it carries a high reward. It contains around 25 coins per block. In addition to this, Litecoin’s price compared to other cryptocurrencies is quite stable. Despite the bearish market, Litecoin simply stayed around $120 level.
In terms of Litecoin’s Weiss Ratings, LTC received a grade of C+. This wasn’t a bad thing. In fact, LTC wasn’t always pegged as a good cryptocurrency, it was first considered as a “dying coin”.
Though no one exactly knows what’s next for the entire crypto market, this is a good sign that Litecoin is bullish in the coming months. It could be because of its adoption and security.