Analyst Claims Litecoin is Undervalued and Underappreciated

Aug 02, 2018 at 20:58

eToro senior market analyst, Mati Greenspan said that the price of Litecoin, the world’s sixth largest cryptocurrency is trading at a “massive discount to what it should be worth.”

In an eight-page report published this week, citing assessment and several technical and fundamental factors, he defended that if Litecoin continues being a proof-of-work blockchain, it will remain highly-resistant to 51 percent attacks since there is not enough surplus hash power to mount an assault on its network.

The official also expressed that its developers’ foresight to structure the cryptocurrency as a complement to Bitcoin rather than a competitor, enabled LTC to tether itself to the flagship cryptocurrency by adopting innovations such as Segregated Witness and the Lightning Network.

Greenspan added that Litecoin has achieved more widespread adoption than many of its peers with greater valuations as LTC has more than double the daily active addresses compared to Bitcoin Cash that has a bigger market cap.

He claims that recent announcements such as the Litecoin Foundation’s buy-in of a 9.9 percent stake in German financial institution WEG Bank can further improve LTC adoption.

“Given that Litecoin has an established and stable working product, as well as significant adoption, this bear market of the whole cryptocurrency industry could have lead to Litecoin being oversold,” Greenspan further stated.

As of this writing, LTC is valued at $77.0944 a piece.