Bill Barhydt, CEO of crypto borrowing, lending and trading platform Abra, explained why this altcoin is so important.
Why is this altcoin so important?
Bill Barhydt, CEO of Abra, explained on Monday, January 2, 2023, why he believes Litecoin (LTC) is important. Barhydt said in his statement:
“Litecoin is the only decentralized p2p payment system with a 10-year uptime. (#Bitcoin will get there in 2023.) I use Bitcoin to store wealth and prefer Litecoin to p2p via crypto whenever possible… Litecoin is important for several reasons, imo…. They test new technologies and system settings faster than Bitcoin… mimble wimble, block timing, different hash algo…. Etc. This helps Bitcoin imo. In any case, this is still just software. Use it or don’t use it.”
In 2022, the Litecoin Network completed over 39 million transactions. Also, it seems, 52 million new addresses have been added to the network (“second most addresses of all cryptos”). Some popular crypto analysts are commenting on the price action of LTC. In a statement about LTC, Twitter user GalaxyTrading stated that he expects some excitement about it as the LTC halving approaches. He also said that the Chart looks juicy, which offers a relatively safe game with around 100% profit motive. In other words, he said it’s good to have some Litecoin at these prices and it could be a really good Q1. Accompanying him, the famous analyst Michaël van de Poppe said in a statement on Twitter:
“#Litecoin went according to plan but didn’t get the entry this time. Resistance is being tested again. If $72 is broken, it will likely continue fast to $80 on the charts.”
Famous analyst said that the markets will fall
Renowned analyst Michaël van de Poppe believes that the second quarter of 2023 will see a relief rally for Bitcoin, the price will rise to between $30,000 and $35,000, interest rate increases will stop and inflation will begin to decline. In addition, Van de Poppe predicts that a crisis and recession will begin in the third and fourth quarters of 2023, followed by another index decline. Additionally, he is optimistic about a significant bull market in 2024 and 2025, noting that by the end of these years the price of Bitcoin will perhaps reach $250,000 or $300,000. cryptocoin.comWe have compiled the analyst’s views for you.
Van de Poppe also suggested alternative altcoins to watch as 2023 begins. The entity list starts with a chain link (LINK). The expert predicted that the token would bottom at $4 and $5, followed by a bounce of relief when the Federal Reserve loosens its monetary policy. The price of Cosmos (ATOM) may also see a similar consolidation and eventual increase with the market in 2019 and 2020, he said. According to the expert, BNB will benefit if the cryptocurrency market as a whole recovers. The trading expert said that Skale (SKL), a multi-chain, interoperable network, has the potential to increase in value, pointing to the platform’s strong foundation in reaching this conclusion.