Consulting Giant: These 2 Altcoins Could See Explosive Increases!

It highlights the upcoming halving and a new stablecoin project, the two largest altcoin projects in the market. Analysts at the consulting giant Fool debate how effective these catalysts can be.

Why should I watch Litecoin in the coming days?

Born in 2011, Litecoin was conceived as a form of “Bitcoin Lite”. Hence the name comes from here. The most important difference of Litecoin from other altcoins is its halving cycles. In these cycles, which take place every four years, the rate at which new cryptocurrencies are added to the circulating supply decreases. The first halving for Litecoin took place in 2015 and the second in 2019. The next halving will take place in 2023, most likely in August. Thus, the amount of LTC released will decrease, helping it to become a more scarce cryptocurrency.

Fool analysts do not expect a definitive rally in Litecoin price towards August 2023, given the extremely volatile nature of the market. According to technical analysts, the most important factor for performance is the historical price relationship between Litecoin and Bitcoin. In other words, if Litecoin starts to overheat and Bitcoin can’t keep up, then there will inevitably be a price correction.

That’s why you should be careful when adding Litecoin to your portfolio. Given that Litecoin is currently overheating, there is a possibility of a price correction before the end of the year. The common price prediction for Litecoin in December is $58.36. This is about 24% correction from the current $77.15 level. However, some warn that the correction could be much stronger, up to 50% from current levels.

Cardano (ADA) plans to widen the gap with altcoin rivals with new stablecoin launch

At Cardano’s developer summit in mid-November, the product launch that caught the attention of attendees was a new fiat-backed stablecoin that will be available in early 2023. Cardano says the new stablecoin with the new USDA acronym will be fully regulatory. It will also be less risky than other algorithmic stablecoins. It will be similar to other stablecoins like the USD Coin, which is pegged 1:1 to the US dollar. While Cardano announced several other product launches at the event, the only product that could really get potential investors excited was the USDA stablecoin.

The reason this stablecoin launch is so important to Cardano is because it unlocks the world of DeFi, an area that has always been lagging behind for Cardano. After all, Cardano only brought its smart contract capabilities at the end of 2021. It had little or no time to develop new DeFi exchanges or new DeFi lending protocols.

New use cases for Cardano

The biggest complaint about Cardano was the lack of sufficient use cases for Blockchain. However, this complaint about Cardano loses its effect as we close the year. Most importantly, Cardano underwent a major technological upgrade in September that expands its functionality and makes it developer-friendly.

Also, Cardano is making serious strides in the NFT market, where it currently only tracks Ethereum and Solana. The altcoin project has also seen rapid growth in the number of ADA investors. It means it continues to gain interest among developers and investors as a result. By some estimates, Cardano is now adding 30,000 wallets per week.

Could it double the altcoin price?

Cardano is trying to recover from the bottom price of $0.30 towards the end of the year. The FTX-Alameda scandal has brought down the prices of almost all cryptocurrencies. The same was true for Cardano. The consensus of analysts is that Cardano will climb 0.48 by the end of December. This means a 60% increase from current levels.

According to Fool experts, 2023 will mean an even bigger price hike for Cardano as the new stablecoin launches and investors begin to see the impact on Cardano’s attempts to become a major DeFi player. Analysts are optimistic about Cardano’s price performance, both short-term and long-term, despite all the critics and opponents out there. As Cryptokoin.com reported, Cardano supports these expectations with a new project with the abbreviation DUST.