Litecoin Price Prediction
Altcoins is a generic term for all blockchain-based representatives that aren’t Bitcoin. Yet, such a broad distinction between Bitcoin and 4,000 other cryptocurrencies doesn’t seem applicable anymore in this busy crypto realm. Different crypto coins come with different utility, vision, and marketing strategies. Some of them are designed with a single purpose: to compete with Bitcoin, while others are here to complement its functionality. There is another group of cryptocurrencies that operate as programmable assets rather than a medium of exchange and represent units of value outside the blockchain.
However, at the end of the day, it all comes down to which one has found its place under the burning crypto sun. The charm of cryptocurrencies is that their battle for survival isn’t over once they reach an all-time high price.
Today, we’re discussing the value propositions of Litecoin (LTC) as one of the best-established virtual assets on the official crypto charts. What do experts and scientific predictions have to say about LTC? Nothing can be taken for granted when it comes to crypto, but at least we can weigh in to a certain extent whether Litecoin is good investment material for the future.
What Is Litecoin?
In a nutshell, LTC is a decentralized digital currency operating without any interference from a central authority. It relies on the blockchain network to generate, process, and verify transactions.
Launched back in 2011, Litecoin is one of the earliest blockchain products, which was developed with a clear mission to provide a faster, cheaper, and technically more advanced solution than Bitcoin.
The creative designer of LTC is the former Google engineer Charlie Lee. He recognized the ample opportunity in blockchain systems but believed that Bitcoin lacks the full capacity to achieve it. Lee used a copy of Bitcoin’s source code and inherited the proof-of-work protocol (PoW) from its predecessor. However, the Litecoin blockchain employs a more simplified algorithm that has a really positive impact on the speed of the mining process. For this reason, the utility of Litecoin has been shaped as a practical medium of exchange in comparison to Bitcoin, which turned out to be more suitable as a store of value.
With a strictly defined supply of 84 million LTC, Litecoin has achieved instant commercial success. Even though its price has faced sharp and painful highs and lows over the years, it’s continuously present on almost all crypto exchanges, where you can buy, sell or trade LTC in exchange for fiat or another cryptocurrency.
The Price History of Litecoin
The history line graph of Litecoin’s price reminded us of a very popular quote: “History never repeats itself, but it often rhymes.” This means that we can’t expect the same dynamics in prices since price fluctuations were mainly driven by external market conditions, but we can learn a lot from the patterns on its timeline.
It’s important to know that when Litecoin was released on the market, there were not many crypto competitors out there. The coin was warmly received as a lite version of Bitcoin and it immediately reached a denominal value of 30 cents. By the middle of 2013, the coin had reached a price of 3.00 USD. The turning point happened in November of that very same year, when Litecoin’s value was multiplied by 15 and reached a price of $50.
The period between 2014 and 2015 is known as the crypto dark ages because of the multiple cyberattacks resulting in immense losses of millions of dollars. The most notorious highlight of that era was the fall of the leading crypto exchange at the time, Mt.Gox. Expectedly, LTC hit the bottom in January 2015 with an exchange rate of only 1 dollar. A period of stabilization followed when Litecoin kept an average price of around $3.00.
2017 brought a new light for cryptocurrencies and within a few months, the value of LTC rose by an unbelievable 500%. A new sharp crash happened at the end of 2018 when Litecoin dropped to $25. The year 2019 also showed frequent ups and downs in price, but they were even sharper amid the pandemic crypto boom of 2020, with an exchange rate ranging between $50 and $250.
What Are the Current Prospects of LTC?
It’s not that Litecoin disappointed with its price development, but its main advantage —transaction speed—seems to be irrelevant now that there are plenty of “faster” coins available on the market. Another concern was raised among the watchful crypto community in 2017 when founder Lee sold out all litecoins in his possession. Even though he claimed that selling his capital meant avoiding any potential conflict of interests, a great number of crypto investors interpreted this as the beginning of the end. However, predictions for the future of LTC aren’t so discouraging, as, after all, Litecoin has managed to build trust over the years. We’ll go through some Litecoin predictions by relevant experts based on both technical and fundamental analyses.
Litecoin Price Prediction 2021
Even though the year started out with a less favourable rate, most of the experts give positive estimations for a successful end. For example, Long Forest went for an amount of 263%, which may be over-optimistic since technical instruments borrowed from the stock market don’t recognize dramatic chart movements in the near future.
Litecoin Price Prediction 2025
Opinions can vary drastically when predicting an asset’s development in the longer run, however, when it comes to Litecoin, there is a certain consensus among crypto experts that LTC will become the most stable cryptocurrency on the market due to two factors: the relatively broad limit supply and its image as a trustworthy medium of exchange. Long Forecast and Wallet Investors, for example, project an average price of $375 and a maximum of up to $450 by 2025.
What Will Litecoin Be Worth in 2030
Even though estimations don’t go so far in projections of accurate numbers, the end of the decade is expected to be marked by widely open crypto flood gates. This means that by 2030, blockchain transactions are very likely to get incorporated in the finance sector. Accordingly, the long-lasting experience of LTC will probably pay off at this point. A growing number of retailers are expected to start accepting crypto payments by 2030 and this will certainly lead to a new all-time high. The most optimistic prognosis is that LTC can hit $500 by the end of the decade.
Litecoin Forecast: A Look Into the Future
Not even the most crypto-savvy expert can guarantee if Litecoin will take over the throne or lose its image as a trustworthy coin. Hence, we can’t by any means imply whether Litecoin is a prospective investment material nor can we single it out as top-pick crypto for the near future.
However, once you’ve learned its purpose, potentials, and past behaviour, it’ll be a whole lot easier to decide whether LTC is your next investment destination. If you believe that cryptocurrency will evolve into a mainstream medium of exchange on a global level but don’t want to experiment with new, easily-transacted altcoins, then Litecoin sounds like a very reasonable and dependable choice.
In the end, who’s to say? If “silver” surpasses “gold” at some point in future, Litecoin could turn out to be the right decision even for those who ruled to keep their LTC as a promising store of value.
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