Litecoin, while being one of the more successful original altcoins, has generally been overlooked by crypto investors over the past couple of years. However, in 2017, Litecoin was on top of the world for many reasons. For one, it enjoyed a comfortable position within the list of the top ten cryptocurrencies. For another, the coin’s founder, Charlie Lee, was one of the most popular crypto personalities on Twitter (NYSE: TWTR), able to move markets with a single tweet.

At its 2017 height, Litecoin was trading at US$360 each, a record held until May 2021, when it topped out at US$413. Notably, Litecoin’s new fresh high was not that much more than its 2017 high. This is notable if you compare it to other coins that ballooned far beyond their respective 2017 heights. Take Bitcoin, Ethereum, and Doge, for example; the worst performing of these three was Ethereum, yet still clocked in a fresh 2021 record 169% above its 2017 high.

Litecoin is currently floating just outside the list of the top ten crypto projects, at number fourteen. While comfortable in the top twenty, it is frequently jostling for position in the capitalisation hierarchy with the assets on either side of it, Chainlink and Solana.

Will Litecoin ever re-enter the top ten?

I do not think it will re-enter the top ten list. Although, I do appreciate several characteristics of the coin; It has a low-ish circulating supply, it has been around for a decade, and the Litecoin Foundation has initiated some exciting projects (e.g. Litecoin/Visa cards that easily transfers Litecoin to cash at a point of sale)

However, its value proposition is a little less sexy than other projects. As such, Litecoin doesn’t generate the same media or public interest as its compatriots.

Barring the coin’s attachment to Elon Musk, Tesla (NASDAQ: TSLA), or another meme, some other events will have to take place for Litecoin to re-enter the top ten. But, despite that, Litecoin should remain solidly in the top twenty.

How will the top ten list look by the end of 2021?

Before the end of the year, investors will re-learn that blockchain networks are not suitable to displace every technology. In this respect, I think it is safe to say that the terribly named Internet Computer will fade into oblivion. Its use case is as silly as VeChain’s and BitDegree’s.

I suspect Ethereum-like networks will be the next big thing in the crypto space. Ethereum network fees are excessive and several alternatives to the sluggish-legacy network are making their presence known. As such, I expect Solana to move up the hierarchy and Cardano to strengthen its position against Dogecoin and Ripple.

 


Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial adviser if you have any questions or concerns as to how a loss would affect your lifestyle.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP