Litecoin is making a recovery after the 80% drop of its all-time high. Analysts note that the altcoin follows Bitcoin with a high similarity with the asset.
Based on data from crypto aggregator Cryptowatch, Litecoin’s similarity with Ethereum and Bitcoin is just 0.63 and 0.64. The altcoin’s relationship with the most significant asset is firm, and critics noted that LTC is preparing for a recovery.
It has been more than three years since Litecoin reached its all-time high of $425 on Coinbase. However, traders considered the altcoin as an old altcoin. At the moment, LTC is on its way to recovering from the 80% drop in its value.
One crypto analyst commented on Litecoin’s value trend, saying that Litecoin’s price journey is now similar to the one when it crossed between 2013-2017.
Fundamental analysis also shows that LTC’s price might be higher with Bitcoin.
Analysts` target – $1500 for Litecoin price
The analyst estimates a target of $1500 and considers it conventional for LTC. The same analyst expects a repeat of the 2017 cycle. LTC price might go parabolic based on the analysis and the report that @kingthies shared.
Interestingly, the altcoin began its upward ascent. LTC suggested the second-highest risk-adjusted returns during the preceding 24 hours. Institutional capital goes to Litecoin; Grayscale LTC Trust raised its holdings by approximately 6% in the past 24 hours.
At the end of October, authorities noted that Litecoin turned Ethereum in the number of active positions. Litecoin’s solid network and privacy features make it a top option for many crypto traders holding digital currencies.
Based on data from IntoTheBlock, the blockchain intelligence platform, approximately 86% of LTC positions are effective at the current price. This means that LTC is a top among altcoins that moves, and 86% of wallet positions holding Litecoin earned at a lower price, sitting on unrealized profits.