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Why Litecoin Popped More Than 13% Today

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What occurred

Among the many quite a few cryptocurrencies which were surging of late, Litecoin (CRYPTO:LTC) is actually grabbing numerous consideration. On Wednesday, it rose by greater than 13% at its excessive level, and is up roughly 25% over the previous 48 hours alone.

These kinds of strikes aren’t unusual within the cryptocurrency world. Nonetheless, when momentum-driven rallies like this happen, buyers nonetheless take discover. 

Phone in front of screen showing market data

Picture supply: GETTY IMAGES.

So what

Wednesday’s good points seem like a continuation of Tuesday’s momentum, pushed by the announcement that AMC Leisure (NYSE:AMC) would quickly be accepting Litecoin (amongst different tokens) for purchases at its chain of theaters. Different main cryptocurrencies rallied on this information as nicely.

Nonetheless, some analyst worth targets for Litecoin got here out Wednesday that recommend it may have a lot additional to run. One high-profile announcement got here from veteran cryptocurrency and foreign exchange dealer Peter Brandt, who put a $400 worth goal on Litecoin. 

Given the truth that Litecoin at the moment trades at round $280 per token, that means an upside of greater than 40%. Even for cryptocurrency merchants, that is a reasonably first rate return on funding.

Now what

One of many causes Litecoin’s reputation has risen is the somewhat big selection of corporations that settle for it. Because the cryptocurrency world transforms itself as a real technique of cost, the business utility offered by these blockchain protocols will come into focus increasingly more.

On this regard, Litecoin seems to be an intriguing choice for buyers. The token’s worth motion in current days indicators a shift towards bullish momentum. Buyers and merchants will need to preserve it on their radar.

This text represents the opinion of the author, who might disagree with the “official” suggestion place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even certainly one of our personal — helps us all suppose critically about investing and make selections that assist us turn out to be smarter, happier, and richer.

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