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LTC Litecoins falling from the sky onto a giant Litecoin bull bursting out of the ground.
December 13, 2023

10 Reasons To Be Bullish on Litecoin in 2024

December 13, 2023

As the Bitcoin bull run sends Bitcoin miner fees surging, there’s growing interest in altcoins like Litecoin

As we move into 2024, there are some very compelling reasons to be particularly bullish about Litecoin. 

For those looking to diversify their crypto portfolio, understanding the potential of Litecoin is crucial. Here are ten reasons why Litecoin looks like an excellent choice.

Litecoin is now the most used cryptocurrency for transactions

In November 2023, Litecoin overtook Bitcoin as the most used payment method on BitPay, the world’s leading crypto payment processor. 

BitPay payment count chart via BitPay
BitPay payment count chart via BitPay

This milestone resulting from the surge in bitcoin miner fees is an indicator of Litecoin’s practical utility in everyday transactions. For investors looking to buy into a cryptocurrency with real-world applications, Litecoin presents an exciting opportunity.

Enhanced Security Through Dogecoin Collaboration

Litecoin’s unique security advantage comes from its merged mining with Dogecoin. This partnership enhances the security of both networks, making Litecoin an even more robust and reliable investment. In a market where security concerns are paramount, this aspect of Litecoin cannot be overstated.

100% Uptime Since 2011 – That’s The Longest Uptime In All Of Crypto

Litecoin boasts an impressive track record of 100% uptime since 2011, that’s even higher than Bitcoin! This reliability is a testament to the strength and stability of its network. 

For those looking to buy cryptocurrencies like Bitcoin or Litecoin, network reliability is a critical factor, and Litecoin’s flawless performance in this area is a significant plus.

Dominance in Cryptocurrency ATMs

According to CoinATMradar, Litecoin is the leading altcoin in terms of availability on cryptocurrency ATMs. 

ATM’s Supporting Litecoin via CoinATMRadar
ATM’s Supporting Litecoin via CoinATMRadar

This widespread availability not only makes it more accessible for users to buy and sell Litecoin but also signifies its leading adoption and acceptance as a digital currency.

No Founder’s Stash to Influence Market

Unlike many other cryptocurrencies, Litecoin’s founder, Charlie Lee, does not hold a stash of coins. This situation reduces the risk of market manipulation and large-scale sell-offs, providing a more stable investment environment for Litecoin. 

It’s a particularly appealing feature for investors wary of the influence that founders’ holdings can have on a cryptocurrency’s market value.

Advanced Layer 1 Scaling and Privacy Solutions

Litecoin has implemented Segregated Witness (SegWit) and MimbleWimble Extension Blocks (MWEB), making it a leader in scalability and privacy. 

These technological advancements not only improve transaction efficiency but also enhance user privacy, making Litecoin a forward-thinking choice for investors.

A Leader in Scrypt Mining

Litecoin’s dominance in Scrypt mining sets it apart in a market largely dominated by Bitcoin’s SHA-256 mining algorithm. Litecoin’s Scrypt hashing algorithm aims to prevent dominance by large mining operations, resulting in a truly decentralized and secure payment solution.

Tweet from Litecoin announcing LTC's 99% dominance in Script PoW
Tweet from Litecoin announcing LTC’s 99% dominance in Script PoW

This dominance results in the enhanced security of LTC. Meanwhile, other altcoins which have minority control over their algorithm, such as Bitcoin Cash and Bitcoin SV, remain at higher risk of malicious attacks.

The Fairest Launch in Crypto

Litecoin is often lauded for having the fairest launch in the altcoin space. This fair launch means there was no pre-mining or early access for select individuals, ensuring a level playing field for all. For investors, this aspect of Litecoin promotes trust and fairness, making it an attractive investment choice.

Undervalued Asset with Huge Potential

Many experts and enthusiasts believe that Litecoin is massively undervalued following its recent halving, especially when its technological advancements and growing adoption are considered. 

This perceived undervaluation presents a unique opportunity for investors to buy into Litecoin before its full potential is realized in the market.

Leading Commitment to Decentralization

Litecoin remains steadfast in its commitment to decentralization, a cornerstone of its design and appeal. In the cryptocurrency community, decentralization is synonymous with security and trustworthiness. 

This adherence to a decentralized framework makes Litecoin an attractive investment option, especially for those concerned about the growing centralization issues in other cryptocurrencies.

Litecoin Price Prediction 2024

As we look towards 2024, Litecoin stands out as a cryptocurrency with solid fundamentals, technological advancements, and a growing user base. 

Its practical applications, coupled with a robust and secure network, make it an appealing option for those looking to diversify their crypto portfolio beyond buying Bitcoin. 

With its potential for growth and increasing adoption, there is a bullish case for Litecoin to exceed its 2021 all-time high of $387. If the anticipated halving and ETF-fueled bitcoin bull run of 2024 spillover into leading alts, a price target of $1000 to $2000 could be on the cards.

Remember, while the future looks bright for Litecoin, it’s essential to conduct thorough research and consider the inherent volatility and risks associated with investing in cryptocurrencies. Diversification and a well-thought-out investment strategy are key to navigating the crypto market successfully.

As always, this article does not constitute financial advice. You should be sure to do your own research and consult a professional financial advisor before making a major investment decision.

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