Litecoin, the world's tenth-largest cryptocurrency by market capitalization excluding stablecoins, has broken past the $100 barrier. Litecoin bears have been saying they would get bullish if the price of Litecoin ever passed $100. The moment has finally arrived for bears to become bulls.
Litecoin has been trading above its 100 & 200-day moving average for months now which is an indication of a bullish trend.
The price of Litecoin has been on a rollercoaster ride over the past year, hitting a low of $31 in June 2022, before making continuous gains and outperforming both Bitcoin and Ethereum since then by 146% and 106% respectively.
The reason for this is likely due to a number of factors, such as being extremely oversold against Bitcoin, increased growth and adoption of Litecoin as seen with network statistics, the anticipation of MWEB adoption, along with the litecoin halving in August. These are all making for a potential large bull run for litecoin in the following years to come.
Litecoin is also well below its network value models compared to Bitcoin. These models give a current Litecoin model price of $881 - $3313. These network models simply compare the current Litecoin network usage against Bitcoin and normalize by circulating supply. Rising litecoin network value models indicate an increase in Litecoin network usage. These three charts show these models:
It is impossible to predict with certainty when or if Litecoin will reach these values. It is important to do your own research and consider your own investment goals and risk tolerance before making any investment decisions.