Litecoin (LTC) is currently one of the promising cryptocurrencies in the market, having shown strength over the price for a better part of last month. The coin demonstrated tremendous growth in May and managed to grow over 70%.
Litecoin to continue soaring
However, there are some apprehensions regarding the rally, and with the announcement of new projects, the price is expected to continue soaring. In order to appeal to more users, the coin has organized a summit at Las Vegas of which if it goes on smoothly the LTC price is likely to hit $150 by the end of the year.
Currently, in the global market, Litecoin is ranked 5th largest in terms of market share, and there are a total of around 62.05 million Litecoins in circulation. Litecoin has a market capitalization of approximately $7.1 billion as of June 3, and its Return on Investment stands at around 2570.52%. The value of Litecoin currently stands at $114.49, and its 24hour volume is around $3.416 billion.
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LTC rallied since January 2019
The coin began the year at a very low price, and it hit its lowest point on January 13, 2019, at $29.96. Despite many contrary opinions from experts and predictions the coin has however managed to record tremendous growth to date. Most growth was witnessed at the beginning of April when the coin gained up to 52.90% in less than a week.
As of May 3, the price of LTC was $77.68 while it’s market capitalization stood at around 4.896 billion. Currently, the price and market cap of the coin is up 47.38% and 44.98% respectively when compared to last month.
Litecoin is expected to continue its bullish trend in the coming days, and the coin is likely to encounter some resistance between $120 and $125. The coin may face its first resistance by the end of this quarter while the value is expected to hit $150 by the end of 2019.