Litecoin (LTC) Price Prediction. Is Litecoin a good investment?
Litecoin, as well as Bitcoin, is a cryptocurrency, which is a digital payment instrument using blockchain technology that allows investors to exchange and trade “coins”.
Recent months have been interesting for the cryptocurrency market.
Bitcoin raised by more than 100% since March 2020, approached an important 10k resistance.
If you are interested in investing in the cryptocurrency market, you are not limited to the Bitcoin. In fact, Litecoin is in top 10 cryptocurrencies by the market capitalization, sitting on 9th place. What should we know about Litecoin price prediction? Does Litecoin have future? Will Litecoin rise? To make the right decision is Litecoin worth investment, we are here to provide you with in-depth Litecoin price predictions that will help investors to determine what Litecoin be worth in upcoming years.
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What is Litecoin (LTC)?
Litecoin is a cryptocurrency that ranks ninth in terms of market capitalization. The currency is traded on many cryptocurrency exchanges and wallets and has a high coin turnover. Litecoin was created by Charlee Lee in 2011 and has a coin limit of 84 million.
Like other cryptocurrencies, Litecoin operates as a payment system similar to financial companies such as PayPal, WebMoney. In other words, users can pay with this currency or trade with it.
A former Google engineer created Litecoin under the MIT / X11 license by founding the coin on the original bitcoin code and giving it the name “altcoin” (alternative bitcoin coin).
Since entering the market in 2011, Litecoin has reached a peak price of $360.93 in December 2017, an increase of 8,200% over the previous price of $4.40 a year earlier, according to Forbes. And because of its similarity to the original bitcoin, Litecoin is often called “silver”, and bitcoin is also called digital “gold”.
Litecoin (LTC) Mining Algorithm
Litecoin mining Algorithm
Litecoin uses a proof-of-work algorithm, very similar to Bitcoin’s. Litecoin’s algorithm is called Scrypt. The algorithm produces coins four times faster than the bitcoin mining algorithm. The Litecoin algorithm has a transaction processing speed of one coin every 2.5 minutes for the corresponding coins.
The Litecoin mining algorithm uses computing power to process transactions that end with “miners” that confirm the transactions with their computing power. As a result, the miners are exchanging coins.
In addition, the Litecoin Scrypt mining algorithm is generally considered very efficient because it does not require too much configuration using hardware solutions, such as specialized integrated circuits (ASICs), and supports high-speed RAM. For this reason, the Litecoin Scrypt mining algorithm is typically considered simpler for ordinary users of cryptographic software who will be able to mine without much difficulty, since it allows miners to use their regular processors or graphics processors.
Litecoin vs Bitcoin
Bitcoin was invented and became known since 2009 when it was created by an unknown person under the pseudonym Satoshi Nakamoto. Bitcoin remains the most popular crypto with a value of over $9,000 on the moment of writing.
There are several key differences between Bitcoin and Litecoin, besides their cost.
The two cryptocurrencies use different algorithms and have different mining specifications. While Litecoin uses a less complex mining algorithm called Scrypt, Bitcoin uses the traditional SHA-256 mining algorithm (which is a cryptographic proof-of-work algorithm very similar to Litecoin’s).
However, the Bitcoin algorithm is widely known as more complex and requires serious computing power, using so-called Specialized Integrated Circuits (ASICs) – hardware systems that can be configured to fit a specific cryptocurrency such as Bitcoin. However, because a bitcoin mining algorithm requires more processing power, it is generally considered less user-friendly and more complex than Litecoin mining algorithm.
In addition, Litecoin has a much higher transaction processing speed than the bitcoin – 2.5 minutes compared to 10 minutes of bitcoin or so.
Worth to mention, that Bitcoin has a much smaller total number of coins (hardcap), just 21 million compared to 84 million Litecoin. Same as bitcoin mining awards, Litecoin’s are halved. Halving happens every 210,000 blocks.
Litecoin (LTC) Market Data
|Litecoin (LTC) Price Today||$ 43.45 USD|
|Market Cap||$2,825,933,240 USD|
|Circulating Supply / Total Supply||65,035,442 LTC / 84,000,000 LTC|
|Daily Trading Volume||$1,941,343,742 USD|
|All Time High||$375.29 USD (Dec 19, 2017)|
|All Time low||$1.11 USD (Jan 14, 2015)|
Litecoin (LTC) Historical Price Analysis
Historical Litecoin price chart
In 2017, Litecoin reached an all-time high of $375.29, then fell back to around $20, and then rebounded back to a higher level before halving in 2019.
Before the halving, Litecoin transaction price was $140 per LTC token, which was close to half of its highest level in history and more than 600% higher than its lowest price.
The fall again caused Litecoin to reach $35 at the end of 2019, but after a higher low, it is expected that the future price of Litecoin will only start to rise from here.
In 2020, Litecoin rallied 100% from approx $38 to $80 USD per LTC. As the $80 mark was reached, Litecoin price slipped to $20 USD. Currently Litecoin is trading at $43 mark.
Litecoin’s price has gone a long way since it was first launched many years ago. It starts at about $3 per LTC and has gone through multiple bubble cycles or “alt seasons”, which helped to raise prices significantly before a slight price correction. Despite the corrections, Litecoin future long-term trend and prospects remain strong, which indicates that Litecoin’s growth potential is very high.
Prominent Experts on Litecoin Price Prediction
Litecoin predictions are bright, especially considering all the support that crypto assets receive from industry experts and well-known investors.
Kim Rometo Litecoin Price Prediction
In addition to being named the official UFC cryptocurrency, Litecoin is also named the official cryptocurrency of the Miami Dolphin NFL. Announcing the partnership, Kim Rometo, vice president and chief information officer of Miami Dolphins, said: “Miami Dolphins is always looking for ways to improve the fans’ experience. This partnership with Litecoin allows guests to enjoy our 50/50 great cause donations”.
Weiss Ratings Litecoin Price Prediction
Weiss Ratings is one of the most reputable companies in the field of investment data analysis in the financial market and can provide investors with advice on which assets are expected to perform best in the long term, but does not give any LTC price prediction. However, they rated Litecoin as “excellent” in their rating system, which is the highest rating that any asset can get.
Dan Gambardello Litecoin Price Prediction
Founder of Crypto Capital Venture, Dan Gambardello is exceptionally bullish on cryptocurrency, but especially Bitcoin and Litecoin. Gambardello founded his own venture capital firm specializing in crypto-oriented venture capital funds and plans to finance projects in the cryptocurrency industry. Not only is Gambardello’s support hub significant, but he also compared the current pricing action at Litecoin to 2016, when Litecoin rose to $300 after consolidating about $4 for some time. This time Gambardello believes that Litecoin “consolidates at about $40 before a massive increase to $1,000+.
Litecoin (LTC) Price Prediction for 2020, 2021, 2022, 2023, 2025, 2030
Modern technical analysis tools are used to help investors and traders. They provide short-term and long-term price predictions for LTC. The following is a detailed breakdown of some of the best cryptocurrency industry price prediction agencies on Litecoin.
DigitalCoinPrice Litecoin Price Prediction for 2020, 2021, 2022, 2023, 2025, 2030
DigitalCoinPrice gives a medium price prediction for Litecoin. The Litecoin will gradually rise and will reach $63 by 2020. There are several price drops per year, but the trend remains positive and until 2025 $74 expected.
Litecoin predictions by DigitalCoinPrice
WalletInvestor Litecoin Price Prediction for 2020, 2021, 2022, 2023, 2025, 2030
According to the WalletInvestor price prediction service, LTC is a bad investment option for one year. In a year, the coin price may drop to $16 per LTC. After the drop, the price should rise to $70 per Litecoin, but after that, the most bearish forecast agency predicts a decline in price, aiming for $1 in 2025. Keep in mind this price prediction service is the most bearish one, no matter what cryptocurrency they forecast.
Litecoin predictions by WalletInvestor
LongForecast Litecoin Price Prediction for 2020, 2021, 2022, 2023, 2025, 2030
In 2020, the average price may rise to $ 51. In 2022, the price of LTC may drop significantly to $14. And then the maximum price of $37 would be reached by 2024. Not bright Litecoin price prediction.
Litecoin predictions by LongForecast
Trading Beasts Litecoin Price Prediction for 2020, 2021, 2022, 2023, 2025, 2030
TradingBeasts believes that Litecoin is a premium asset for the next four years. The token has fallen to $20 in March 2020. But Litecoin may rise to $60 in August 2021. In 2022 and 2023, the price rise will continue, and by the end of 2023, Litecoin might rise from $50 to $83.
Litecoin (LTC) Price Prediction Today
What is the future of Litecoin? Despite bearish analysis, TradeCryptoPro believes that Litecoin is a strong investment. As asset prices rise and fall to such extremes, Litecoin is a trader’s dream because as LTC bounces between peaks and lows, an experienced trader can profit from longs and shorts.
You can benefit from fluctuations on future of Litecoin price through one of the trading platforms. We have reviewed the most trusted ones in our Exchange section.
Litecoin has strong support in the development community. Because of how many developer activities the crypto asset has and how easy it is to use, it is often used as a test platform for other cryptocurrency projects.
Litecoin has also been ranked in the top ten of the cryptocurrency market by market value, which is a feat that many other altcoins cannot claim. Regulators in most countries support Litecoin because LTC is one of the first cryptocurrencies to enter the market. It is also greatly welcomed by retail investors, traders, etc.
The recent halving has taken Litecoin, Bitcoin and other cryptocurrencies out of a bear market straight into the bull territory. Through the facts and predictions, investors can determine whether investing or trading Litecoin is suitable for them.