Litecoin creator Charlie is bullish on the LTC price.
In a Twitter thread on Tuesday, Lee said he sees the cryptocurrency as having lots of potential.
He noted that Litecoin was fairly launched and has had over 11 years of zero downtime.
Litecoin (LTC) creator Charlie Lee says he sees the cryptocurrency as having value even as its price remains a fraction of Bitcoin (BTC), the pioneer asset that inspired what is often dubbed digital silver.
“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 miners, is fairly launched, and has 11.5 years of history with zero downtime,” Lee noted.
Charlie Lee is bullish on Litecoin price
Sharing his price outlook for LTC, Lee said he expects the digital silver to rally to new highs. He notes that the current market values Litecoin around 1% of Bitcoin, which is “accurate.” However, with “a ton of potential”, the altcoin could rally to 10% of BTC.
Lee says the cryptocurrency’s higher throughput, scalability, better fungibility and privacy are key features that could aid the coin’s price.
According to him, going to 0.0125 BTC in the next bull cycle is possible. On the downside, the LTC creator gives a Litecoin price prediction of 0.0025 LTC/BTC.
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.
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) May 2, 2023
Litecoin traded at around $89 on Tuesday 2 May 2023, roughly 2% up on the day against the US dollar. Meanwhile, it was changing hands at 0.00307886 BTC, with the LTC/BTC pair just 0.1% in the green.
While Litecoin price reached its all-time high above $410 in May 2021, its gains paled in comparison to Bitcoin’s rally to its all-time peak above $69,000.
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