What is Litecoin?
Litecoin or LTC represents peer-to-peer cryptocurrency that aims to enable instant, near-zero cost payments that can be done between people or institutions. This cryptocurrency was created on October 7, 2011, by Charlie Lee. He is a former employee of Google and Engineering Director at Coinbase. LTC was designed as a peer-to-peer network. Litecoin was coined as a complementary currency to Bitcoin. It aimed to solve issues related to Bitcoin like transaction timing and concentrated mining pools. It was also created with the hope of making crypto more accessible to the general public.
Litecoin and Bitcoin have many similarities if you look closely, but it cannot be neglected that Litecoin has some additional features and advantages. Some of them are improved capacity, higher supply limits, and faster block generation.
The initial purpose of Litecoin was to present itself as ‘silver to Bitcoin ‘gold.’ Some skeptics wonder if Litecoin will ever be more than just a rival of Bitcoin. It is evident that Litecoin is superior to Bitcoin in terms of technology, but that might not help it as Bitcoin has already established a market for itself. Its popularity has made it the gold standard of cryptocurrencies. Every new and old currency has to compete with its popularity. In addition to that, you can see a new next-generation altcoin emerging almost daily in the market. This has made the entire crypto space even more competitive.
A decade ago, blockchain was a mystery for most of us. Today, you will find a lot of well-established cryptocurrencies that use blockchain technology. These virtual currencies, along with some more emerging ones, can replace traditional money and change the way see perceive currency.
While Bitcoin remains the most notable cryptocurrency, Litecoin easily stands in second place. It hit the headlines in 2017 and has garnered the attention and investment of many investors. It reached a record high of $375, which is an 8200% year-on-year increase. It hit a total cap of $19.5 billion.
Volatility is the second name of the crypto space, and recently, this market has seen a continuous decline. This does raise questions like what is going on with Litecoin? What is the future of Litecoin? Will it go up again? Would it be able to recover and set some more records in the future? Stay with us to know more.
Litecoin price predictions have split analysts into two groups. One group is highly optimistic, while the other is still skeptical. The first group of analysts believes that Litecoin has not shown its full potential yet. According to them, the cryptocurrency can reach as high as $595 by 2030. The second group believes that the crypto can see set another winter, and the trends will be bearish. They believe that the value of Litecoin can depreciate and stand as low as $1.5 by the end of 2024.
Have these statements left you more confused? We have got you covered! Read this article, and you would be able to find the truth with us. We will take a closer look at the factors that can influence the value of Litecoin. We will also review its latest performance, analyze developments in crypto, and check Litecoin predictions for this year and the coming years.
Litecoin price today – Litecoin chart
Litecoin price prediction 2021
Litecoin price projection for 2021 shows that this crypto can rise to $550. While inflation rising and real interesting rate falling, Litecoin and cryptocurrencies rising as more investors see precious metals and cryptos as a better investment opportunity than bonds investing.
Litecoin price prediction 2025
Litecoin price projection for 2025 shows that this crypto can rise to $1600. Based on bitcoin’s rising history, high inflation, and crypto demand Litecoin can raise several times more. However, some analysts see a bearish look – Litecoin depreciation.
Litecoin Price analysis
Even though the crypto community was small when Litecoin was introduced, it was expanding rapidly. The new cryptocurrency soon became famous in this community. Despite the popularity, its value remained at $3 for a long time. In November 2013, the crypto market saw the first notable price movement. LTC also felt its impact and rose to $50 per coin on November 28.
While this jump in the price was significant and monumental, it was short-lived. In the following year, the price of Litecoin fell. Its price dropped to $10 in April 2014 and $1 in February 2015. The price of LTC ranged between $1 and $4 in the following two years.
The launch date of Litecoin’s Segregated Witness (SegWit) protocol upgrade was announced in March 2017. This announcement impacted the cryptocurrency positively, and its rate rose to $16. The protocol changes were finally implemented in May of that year, and LTC became one of the first top 5 cryptocurrencies to have adopted SegWit. Its price per coin was now $30.
While this was happening, the Lightning Network was implemented by the dev team that attracted many crypto enthusiasts. LTC reached $70 by September. The entire crypto market had bullish sentiments that pushed Bitcoin and altcoins’ prices to a new high. Litecoin also reached $375 in mid-December, establishing a new high for itself.
In 2018, even though Litecoin enjoyed its well-established position in the crypto space, its market remained bearish due to the overall descending market dynamics. This downward trend changed only a couple of times, once in February and then in April. Its price decreased about five times within a year. By the end of this year, things began to look better, and Litecoin was finally able to gain upward momentum.
Litecoin price grew at the beginning of 2019. LTC prices saw an upward movement four times in the first half, and from $31.02’cpin, the prices jumped to $138.4/coin. Suppose you are wondering why it is because Liecpin halving was just around the corner. Finally, it happened on August 5.
Deams soon turned to soar when the much-expected price correction was done and Litecoin dropped to $68 by the mid of September. The coin price remained in a downtrend throughout the rest of the year. December of the same year, the coin was trading at $40.
Is LTC Still Worth Your Investment?
Litecoin rose to fame as it was introduced as upgraded crypto that uses modern and relevant technologies. Litecoin was a pioneer at implementing Atomic swaps and SegWit protocol. It revolutionized the way cryptocurrency payments were made. It was, in regards to technology and ease of operation, better than Bitcoin.
Despite being an upgrade of the previous crypto, it struggled in many ways. One of the main struggles that the altcoin faced was when Bitcoin also introduced the SegWit protocol. This made LTC lose one of its most crucial edge over its competition.
CEO of crypto hedge fund, BitBull Capital, Joe DiPasquale, expressed that the LTC price action did follow Bitcoin’s, but that was just history. The altcoin is facing a lot of troubles currently on many fronts. New capital flow is absent, and the transaction volume has remained tame. In addition to that, the failure of August halving made things worse. He also said that the miners are abandoning the LTC network due to reward reduction. This has also raised concerns regarding the security of the network.
The MD of Amulet (a platform for crypto-to-crypto derivations) also shared his opinion on the matter. He believes that the decline in LTC price is direct;y related to the concerns regarding the development of this currency and uncertainty about how it will be funded in the future.
Charlie Lee supposedly told the director of Litecoin Foundation, Franklyn Richards no one is showing any interest in working on protocol development work for Litecoin. Once this information got out, everyone’s perspective towards LTC changed. Since that announcement, everything changed for Litecoin and not for good. The declaration created panic amongst miners and currency holders.
A study conducted by Sylvain Saurel asserts that Litecoin has minimal potential in the crypto world. According to him, the reason behind LTC’s success in 2017 was the success of Bitcoin. Litecoin was able to capitalize on the newfound interest in people for cryptocurrencies. There were fresh investors in the market, and the only alternative available for Bitcoin was Litecoin. If we consider the market cap, Litecoin remains among the top 10 cryptos globally; it still isn’t promising enough.
According to Saurel, LTC is highly likely to ride among the top 10 cryptos for the time being but its future is bleak, especially when Bitcoin is about to revolutionize the financial and monetary system in the future.
Since mid-2019, the hash rate of Litecoin has reportedly declined. It reached a new low since 2018.
One important thing to notice here is that the LTC network is working on some changes and improving it for good. The Litecoin Foundation has worked with Steve Burkett to upgrade the Litecoin protocol by implementing MimbleWible. This could give Litecoin its unique selling point and help it to move away from the shadows on Bitcoin. The downside of this could be reduced fungibility, which comes with drastic innovations and changes. The move can block Litecoin from important exchanges.
All the above points hint that there is a lot of scope for improvement in Litecoin and it can do it faster than Bitcoin. However, considering that there are rapid developments of new crypto projects, with base codes more suited for microtransactions, can we presume that Litcoin has lost its opportunity to make it to the top?
Litecoin Price Prediction for This Decade
Even though the transaction volume made in the crypto market is not even close to that of the Forex market, it moves more rapidly than any other financial market. After conjuring several sources, we have created a forecast for the Litecoin enthusiasts.
TradingBeasts.com, a crypto forecast website, performed technical analysis and predicted that Litecoin prices could reach a little over $46.23 in the year 2021. It predicts the coin to reach $67.23 in 2021 and $82.68 by the end of the year 2022.
Cryptoground.com provided a more optimistic prediction related to LTC prices. Its internal deep learning algorithm predicts that the coin can reach up to $88.30 within a year (growth of approximately 109.81%). The website predicts continued growth for LTC and believes that it can reach as high as $347.8 by 2024 year-end.
CoinFan.com is yet another popular online forecasting service. According to this platform, LTC has a rather promising future ahead of it. Talking about its long-term aspects, the service predicts that it can reach as high as $506.8 by May 2025.
As a cryptocurrency analyst, George Tung believes that LTC has one of the most positive projections. On the other hand, DigitalCoinPrice.com believes that the growth of Litecoin will be rather moderate. Even though the positive trend will prevail for a while, the crypto will only reach as high as $72 by the end of 2026.
CoinPriceForecast.com predicts that the coin will see an upward trend and will be able to reach the price point of $251.44 by the end of this decade.
These platforms have predicted a bullish stance for LTC, with some being more optimistic than the other. However, many believe that Litecoin will see a bearish sentiment. Walletinvestor.com, for instance, believes that LTC is a bad and high-risk investment option for one year. According to the platform, LTC can lose its value significantly in the coming years. While it can certainly bounce back, it is only expected to reach as high as $36.8 by the end of 2021. Walletinvestor.com also forecasts that within the next five years, LTC prices can drop to $0.77.
Should You Invest in Litecoin?
Trading any asset or commodity comes with a certain degree of risk; this risk gets maximized when you are trading a decentralized item like cryptocurrency. The crypto space has seen several ups and downs. It is still fairly new and unexplored. This makes predicting its future harder.
The crypto space is volatile will be an understatement, but the same thing that makes it riskier also gives it the edge. If you are planning to invest in Litecoin, you must consider the predictions made by established platforms.
If you are still skeptical or unsure, you can invest in CFD. CFDs dilute the risk factor and allow you to make money irrespective of whether the currency is going up or down. You can simultaneously go short and long and make a profit.
Read about cryptocurrencies before you decide to make any investment. The best way of keeping the risk at a minimum is education. Keep yourself updated with the latest trends, follow crypto gurus, and learn from your mistakes. Start with a small investment and build your profile simultaneously.