Litecoin (LTC) founder Charlie Lee is providing details on how high he thinks the 13th-largest crypto could soar in the next bull market.
Lee tells his one million Twitter followers that Litecoin has value because the project has established a unique niche for itself.
According to Lee, Litecoin has managed to stay operational for over a decade with no downtime, while offering cost-effective fees.
“It’s hard to deny there is value in Litecoin, a coin that has low fees, is protocol-compatible with Bitcoin, has the same game theoretical attack surfaces as Bitcoin, is secured with its own set of ASIC (application-specific integrated circuit) miners, is fairly launched, and has 11.5 years of history with zero downtime.”
The Litecoin creator also says that LTC is currently fairly priced, but he believes the altcoin has more room for growth considering it went through significant upgrades over the past years.
“The market currently values Litecoin at slightly over 1% of Bitcoin. Is that fair? I think the market is accurate today, but Litecoin has a ton of potential. It has a higher throughput by design and scalability with extension blocks and better fungibility and privacy from MWEB (MimbleWimble Extension Blocks).”
MWEB was launched in May of 2022 and is considered one of Litecoin’s biggest updates. MWEB allows users to send confidential LTC transfers without revealing how much money the senders hold in their addresses.
Lee goes on to say that he could see Litecoin surging to as high as $719 in the next bull run.
“I can see an upside target of 10% (0.025 LTC/BTC worth $719). In the next bull market, 5% (0.0125 worth $359) shouldn’t be too hard to achieve. I honestly don’t see it going much below 1% (0.0025 worth $71.94) on the downside. The next halving will be in ~92 days. This is going to be fun.”
At time of writing, LTC is trading for $88.67, suggesting an upside potential of over 710% should Litecoin hit Lee’s target.