In a digital world where cryptocurrencies have become mainstream, Bitcoin has become the most popular of the lot due to its pioneer status and also being the one with the highest value. But there are many other crypto assets that serve similar purposes as Bitcoin in providing a better substitute to fiat currencies. Litecoin is one such example of that type of digital asset, often referred to as the digital silver while Bitcoin is regarded as the digital gold, LTC has been existing since 2011 and it belongs to the first group of cryptocurrencies.
One fact is that its popularity cannot compare with that of BTC because of the less attention it gets from the public. In recent times though, the crypto market has piqued the interest of the public largely due to the increase in Bitcoin’s value against United states dollars, other cryptocurrencies including Litecoin have also garnered noticeable interest from several people.
Because of this, the prices of other cryptocurrencies including Litecoin have also increased between late 2020 and early 2021, especially as those who are already priced out of Bitcoin have focused on investing in the crypto market through other coins or diversifying their crypto asset holdings. Litecoin represents a brilliant opportunity to do this as it still has a lower value per coin.
With the growing interest in the crypto industry and many traders looking to try their luck with this digital asset, we have seen different technical analysis of the price of the asset as analysts look at how it has fared in the market in the last couple of years to make a close to accurate Litercoin price forecast for coming years.
This has especially become necessary with many people investing in Litecoin, leading to the necessity of proving litecoin a good investment with minimal risk of losses. Litecoin price prediction has gained significant popularity and this article examines the price forecast for litecoin both on short term and long term.
A sample short term forecast could be taken from sites specializing in reading crypto charts.
. There is a possibility of temporary retracement to suggested support line (139.0). if so, traders can set orders based on Price Action and expect to reach short-term targets.
History of Litecoin
Litecoin was created by Charlie Lee on October 7, 2011 and it went live on October 11, 2011. At that time, Charlie Lee was working for Google, but he would later leave to join Coinbase where he served as the Engineering Director. Litecoin was developed through a Bitcoin source code fork which meant shared several similarities with Bitcoin but also had its differences such as speed coin volume, and hashing algorithm. Still, Litecoin is part of the proof of work currencies.
During its early days, Litecoin was quiet in terms of growth or any serious development. However, November 2013 saw its first significant growth as Litecoin price increased multiple times, including doubling its price within a day. In that same year, LTC reached its $1 billion market cap. In May of 2017, Litecoin became the first of the five biggest cryptocurrencies with a high market cap to implement Segregated Witness.
By doing this, LTC could update its network and other cryptocurrencies soon did the same thing. Litecoin has been able to establish itself in the crypto and it had the second highest market valuation for some years, with Bitcoin the only one ahead. Currently, it has the sixth highest market capitalization of all cryptocurrencies at $8 billion with one LTC worth about $146.
Later in 2017, Litecoin had its first Lightning Network transaction which was made by Charlie Lee and the transaction was between two cities of Zurich and San Francisco. After some years at Coinbase, Charlie Lee returned to the Litecoin development team.
Differences Between Bitcoin and Litecoin
One of the most significant features that differentiate Bitcoin and Litecoin is the transaction speed. Litecoin is quicker when it comes to completing transactions because it has a 2.5 minutes block time difference rather than the 10 minute for BTC. Thus, many users, both traders and businesses prefer Litecoin for this purpose.
The process of mining is also different because Litecoin uses scrypt algorithm. Bitcoin uses SHA-256, which is less complex and expensive, while Litecoin miners will need ASIC and FPGA devices, which are costlier. However, Litecoin enthusiasts believe that the scrypt algorithm makes mining LTC fairer and makes for better distribution.
The amount of Litecoin that can be created also exceeds that of Bitcoin. While the maximum number of Bitcoin that can exist is 21 million, Litecoin has a larger volume at 84 million LTC. This increases its market liquidity while also ensuring digital scarcity. With the volume, the likelihood of the currency crashing is reduced, and the market is more stable.
Litecoin Price History
Litecoin first traded on October 13, 2011, and by May 2013, it was worth $3.20. its first significant increase in price was on November 14, 2013, during which it reached a $1 billion market capitalization and continued to rise till it reached an all-time high of $39.20 per LTC in December 2013.
It soon returned to its regular price, and between 2014 and early 2017, LTC price was between $1.50 to $4.50. 2017 was a breakout year for litecoin; By April , ltc has picked up and continued to increase in price, soon reaching an all-time high LTC price of $360.66 in December 2017 during the crypto bubble. It has not been able to reach this record high price again. LTC price dropped in early 2018, and by June of that year, it was at $74. Since then, Litecoin prices have stayed within that range.
Unlike other cryptocurrencies like Bitcoin and Ethereum, Litecoin has proven its stability with only a few rises and falls. Because of this stability and more constant value, the Litecoin price forecast should be easier to make, and its price prediction is also more probable to be accurate than other major cryptocurrencies. Theoretically, it also makes it more suitable for adoption by merchants.
Due to its bullish run in the early months of 2019, Ltc price rose from $31.02 to $138.4 between January and June. Experts attribute this rise to the halving that was coming up at that time. Many traders and users thought the halving would force the price up, and they bought ltc in huge amounts, thereby increasing the price.
By the time the halving eventually happened on August 5, LTC was already overpriced and soon started falling, and ltc price was almost half of what it was before the halving. Litecoin started 2020 on a lower note, with the coin worth $41 in January; by February, it had managed to double this, and it was worth $80 then. But this did not last long at all as it soon fell, reaching as low as $27 before slowly rising back to $43.
Litecoin price prediction 2021
At present, Litecoin LTC is around $138.80, surpassing several Litecoin price predictions, and this has also led to experts adopting a more optimistic outlook on its potential for growth. One of such experts is TradingBeasts, a cryptocurrency trading platform that provides in-depth Litecoin forecast for 2021 month by month. According to them, in March, Litecoin price is projected to start at $112.07 and could peak at $141.392. however, it is possible for it to fall to a minimum of $96.146, but it will finish the month at $113.113.
For April 2021, Litecoin price might start at $113.113 and could peak at $143.049. however, it is possible for it to fall to a minimum price of $97.273, but it will finish the month at $114.439. By May, the asset price could start at $114.439 and could peak at $144.874. however, it is possible for it to fall to a minimum of $98.514, but it will finish the month at $115.899.
By June 2021, Litecoin price should start at $115.899 and could peak at $146.985. however, it is possible for it to fall to a minimum of $99.95, but it will finish the month at $117.588. In July, traders can expect Litecoin to start at $117.588 and could peak at $149.244. however, it is possible for it to fall to a minimum of $101.486, but it will finish the month at $119.395.
In the month of August, Litecoin price is projected to start at $119.395 and could peak at $151.794. however, it is possible for it to fall to a minimum of $103.220, but it will finish the month at $121.435. In September, its value could start at $121.435 and peak at $154.555. however, it is possible for it to fall to a minimum of $105.098, but the average price will be at $123.644.
For October, the average Litecoin price is projected to be $125.935 and could peak at $157.418. however, it is possible for it to fall to a minimum of $107.045. In November, Litecoin price was projected to average $128.453 and could peak at $160.566. however, it is possible for it to fall to a minimum of $109.185.
And in December, the average Litecoin price is projected to be $131.019 and could peak at $163.774. however, it is possible for it to fall to a minimum of $111.366.
Judging by this outlook, the average price of Litecoin at the end of 2021 will be below what it is now, thus making it an unsuitable investment for 2021 but a good long-term investment since the average price of Litecoin will be $168.588 at the end of 2022.
However, there are other Litecoin price predictions with more optimistic views; an example is Digital Coin Price, which predicts that Litecoin will peak at $132 in January 2021 before surging further to $169.13 per coin in June and will achieve its annual peak in November 2021 by reaching $16.22 and will finish the year at $162.47. Litecoin price prediction further looks at a long-term LTC forecast in which the coin will cost $173.15, $169.86, $170.51, and $192.76 from 2022 to 2025. All the same, no technical analysis has been able to predict when LTC will break its record high of above $300 anytime soon.
With the liquidity of this particular cryptocurrency and the adoption by PayPal, litecoin could leverage on this for wider adoption and the chances of a future increase in price are very likely and litecoin might surprise everyone in the cryptocurrency market within the decade.
Litecoin price prediction 2022 to 2025
Cryptocoinsociety also has a short term and long term Litecoin price prediction in the coming two to five years. So if you are wondering will Litecoin go up anytime soon or how high will LTC Litecoin go? you might find some answers. It posits that Litecoin bull cycle will continue in 2022, and it is possible that this is the year that Litecoin will match and beat its $360.66 record all-time high, but even if it achieves such a feat or get close to it, the LTC price increase will not be a long lasting thing and prices will soon fall to $136 range where it will achieve its stability for the year.
2025 will be a turning point for Litecoin if we are to accept the Litecoin forecast of Cryptocoinsociety for that year. This year will mark a year after another halving of both LTC and BTC, and judging by the usual bull market that accompanies these halvings; it is expected that it will reach new highs and lows. So it is possible for Litecoin to reach a new record high in that year before falling back to a more consolidated price, which would still be higher than its current price by far.
LTC price prediction in the next couple of years is a double-edged sword that could swing either way. By that time, there could have been a change in the crypto industry, which could make cryptocurrencies gain higher adoption. There is also the likelihood of the crypto market taking a worse turn, but if cryptocurrencies have shown themselves to be anything in the previous years, it is that this asset class is very resilient and capable of surviving and thriving regardless of prevailing economic conditions.
Thus, if the adoption rate improves and the regulatory environment becomes more conducive, it is possible to see the longest crypto bull run ever in the market, and by 2025, Litecoin price could be as valuable as $638 at its peak before falling and stabilizing at $532.
Trending analysis of Litecoin price
One of the most precise ways to get the price prediction of a crypto asset such as Litecoin is to examine its trading volume and price action over the years. By studying price movement, crypto analysts determine the patterns and make price predictions based on them. Technical analysis can be used for any asset that has a price history, and this is what many experts use in determining future Litecoin LTC prices.
Litecoin price predictions towards the end of 2020 were diverse; while some believe that LTC price will increase in the coming years, others think now is the best time to sell the coin. In the opinion of TopTradingSignals, the closing days of 2020 represent the best time to sell Litecoin LTC off, and SEBA, the cryptocurrency bank based in Switzerland, also opines that most miners are not sure if Litecoin LTC has upside potential.
This is especially because Litecoin does not have a robust development team when compared to Ethereum and Bitcoin. The lack of a great development team has made many miners doubt if LTC has any prospects, and without doubts, this will affect its price.
Several AI price prediction systems have made Litecoin forecasts for the next five years. In Gov.capital price prediction, Litecoin LTC price will be $92 in 2021 before more than doubling in price to reach $244 in 2022. The price of LTC will continue to increase, reaching $270 in 2023, $410 in 2024, and a record high of $545 in 2005. It appears that other price prediction systems did not share in this enthusiasm because Wallet Investor appears to predict a constant decline in the price of Litecoin LTC in the next five years. Its Litecoin price predictions state that it would be worth $50 in 2021, fall to $33 in 2022, and the LTC price will continue to drop till it reaches $17, $8, and $2 in 2023, 2024, and 2025 respectively.
For Digital Coin Price, LTC is a mixed bag, with the price going up and down in the next five years. It projects that the price will get $94 and further rise to $103 by 2022. But the Litecoin LTC average price will drop to $92 in 2023 before resuming another steady rise where it could reach $94 and $101 in 2024 and 2025, respectively.
Litecoin creator and head of the Litecoin Foundation, Charlie Lee, had predicted the price of Bitcoin to reach $20,000 within the next three years in February 2019, which without any doubt will also influence Litecoin price. Since Bitcoin achieved this within a shorter period, it is likely for Litecoin to follow suit and record great improvements in value within this year too.
As Charlie himself rightly pointed out, it is quite impossible to correctly predict the future price of any cryptocurrency, including Litecoin. This is because no matter how stable it may appear, it is subject to market conditions, which change daily, meaning that the price predictions also changes daily.
Thus, no amount of Litecoin price prediction will prepare an investor for the ups and downs of the market, and this is why a large percentage of retail investor accounts record losses when trading. The best thing is constant monitoring of the cryptocurrency market yourself and adequate research.
But if you are planning to buy Litecoin, the right time is when the LTC price is falling and you can easily buy with a debit or credit card on various trading platforms. The low price of LTC usd means it is not high risk like Bitcoin but traders and investors still have to be wary.
Is Litecoin a good investment 2020?
Investing in Litecoin could be one of the best decisions any investor would make in recent times. Considering the fact that the general crypto market has been on a bullish run recently, investing in assets like LTC provides an investor a viable investment option away from the usual investment options of Bitcoin, Ethereal and Ripple’s XRP.
Will Litecoin price go up?
There is no measure or metric that one can use to properly guage how the crypto market would behave next. This is the same with Litecoin. In the short term, the price of the asset would be pursuing according to the market dynamics. However, investors looking to invest for the long-term have a digital asset that has an almost limitless room for growth. So, to answer the question, the price of the asset might swing presently. However, in the long term, the value of the asset would greatly rise.