Litecoin targets $1,000 as Commonwealth Bank of Australia offers access to LTC

August 12, 2022 John Litecoin 0

  • Leading Australian Bank, Commonwealth Bank of Australia now offers users the ability to buy, sell and hold Litecoin. 
  • Analysts have predicted that Litecoin price could climb higher, expecting LTC to hit $1,000 in the altcoin season. 
  • Litecoin on-chain activity exploded after the launch of the LTC Visa debit card powered by Unbanked. 

On-chain activity on the Litecoin network hit a peak after the launch of the altcoin’s debit card. Litecoin cardholders can now spend the altcoin at nearly 50 million merchants worldwide. 

Litecoin on-chain activity explodes, analysts predict LTC price rally 

The total number of Litecoin transactions have crossed over 140,000 in the past week. The Litecoin Foundation’s announcement of a debit card triggered a spike in on-chain activity on the LTC network. 

Potential Litecoin debit card users can spend their LTC holdings across 50 million merchant stores, increasing the utility and usage of the altcoin. Litecoin’s acceptance is currently less than half of Bitcoin. 

Commonwealth Bank of Australia announced that users will now have access to buy, sell and hold Litecoin in the bank’s application- CommBank. It is Australia’s first bank to offer the service through its mobile application. The bank has partnered with Gemini, a cryptocurrency custodian and exchange, to offer the service to users. 

In the coming weeks, the bank has scheduled the pilot and plans to roll out features in a phased manner to more customers in 2022. 

Pseudonymous cryptocurrency analyst and trader @BigCheds believes that Litecoin price could hit the $1,000 target in the ongoing bull run. 

@crypto_birb, cryptocurrency analyst, had predicted the Bitcoin all-time high accurately four months ago. The analyst revealed a target of $1,000 for LTC in a recent tweet. 

The analyst has evaluated the LTC price trend and labeled it the most significant 2-year long bullish divergence ever. @crypto_birb expects an LTC price rally in Q4 2021.