With the popularity of Bitcoin, new cryptocurrencies took birth, exploring the huge Crypto and Blockchain space. In this crypto world, Litecoin is called the “digital silver” while Bitcoin is called the “digital gold”. Basically, Litecoin is the fastest crypto with the transactions four times faster than Bitcoin Blockchain. Although Litecoin is a better alternative to Bitcoin, it cannot replace its parent coin. As we are aware of the ups and downs in the crypto market, the price fluctuations may still continue further. Are you thinking to invest in Litecoin? Let’s take a sneak peek of Litecoin (LTC) price prediction. Discover where the Litecoin cryptocurrency Price is heading.
- What is Litecoin?
- Litecoin Price Today
- LTC Price Technical Analysis
- Litecoin Price Prediction for 2020
- Litecoin Prediction for 2021
- Litecoin Price Prediction next 5 years
- Recent Updates
- Verdict on Litecoin Price prediction
- Litecoin FAQ’s
What is Litecoin?
Litecoin is a peer-to-peer cryptocurrency introduced by Charlie Lee on 7th Oct 2011. Litecoin is based on the Bitcoin protocol but varies in terms of the hashing algorithm. The coin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Litecoin VS Bitcoin
As the name reflects, Litecoin is a “lite-version” of Bitcoin. So how LTC differs from Bitcoin, let’s see –
Improved capacity. In order to solve the problem of network scaling, Litecoin uses the SegWit software algorithm. They were the very first who implemented this technology. This problem in the Bitcoin network is that due to the limited block size (only 1 megabyte), operations with cryptocurrency is very slow. So, the Litecoin network has a much higher capacity than its predecessor Bitcoin.
Fast block generation. The speed of generating new blocks has also been increased. If in Bitcoin 1 block is generated in 10 minutes, then in Litecoin – in just 2.5 minutes. That is, there is a difference of as much as four times.
Smaller transaction queue. The speed of transaction confirmation has also increased markedly. There are cases when users of the Bitcoin network had to wait for confirmation of the operation for several hours or even days.
The developers immediately determined the cryptocurrency mining limit – 84 million coins. It is logical that when the growth in the number of coins stops and a deficit forms, their value will begin to grow naturally – of course, provided that they will still be in demand by that time.
Different hashing algorithms. While Bitcoin is working on SHA-256, Litecoin uses scrypt in its PoW algorithm. Unfortunately, it requires more memory and makes mining more complicated.
Litecoin Price Today
Currently, Litecoin is on the 7th position with a market capitalization of $ 2.57 B and trading at resistance levels.
LTC/USD is currently enjoying a three consecutive session run of gains, with a price $ 39.79 at the time of writing.
Litecoin has built its recent relative strength, recovering the short-term $70 resistance level. Although the coin is still below the rising trendline which broke on Sunday, it is close to confirming a short-term swing low which would point to another test of last week’s swing high near $93.
Recently, Litecoin announced a partnership with Glory, a popular kickboxing league. However, partnering with production organization for a concert hosting some of the biggest names in K-Pop. All of which posses a huge following, This, in turn, brings much exposure to Litecoin.
Litecoin is ready to test a key zone, Analysis based on tracking within a $70- $80 price range. Previously, LTC/USD last traded up at these peaks in November 2018. Aimed at formulating a long-term plan, odds continue to support the test of bear market lows, but the short-term uptrend could still continue, with the next major target zone being ahead near $95.
It quickly becomes evident that the $72 level is acting as support. Moreover, it appears this situation may remain constant for some time. Assuming traders continue to stack orders, things could get very interesting.
LTC Price Technical Analysis
The coin was fast to get the attention of the small but growing cryptocurrency community of the time. However, after its launch on October 8, 2011, its price remained to be quite low with an average value of around 3 USD.
November 2013 saw the first peak in LTC price as its value almost doubled within one day. Litecoin price reached the price of 50 USD per coin on November 28. However, the LTC price dropped to the value of 10 USD per coin in April 2014 and further to a little over 1 USD in February 2015.
For the most part of 2018, the Litecoin price was slightly bullish. . The downward LTC price trend only changed a couple of times – in February and April.
However, it looks like the coin managed to find a stable position. There was only one significant LTC price drop and for the most part, the coin’s price evaded the overall market’s volatility. LTC price even increased during the period from December, 8 to January, 30.
Litecoin Price Analysis 2019
The first half of the year Litecoin has a bullish trend. During the period from January to June, LTC price increased four times from $31.02 to $138.4. The reason for this price increase was the upcoming halving, which took place on August 5. People believed that price should go up after halving, so they bought a lot of LTC coins, thereby raising the price themselves. It was quite predictable that the price would go down by almost 50% after the halving. That is what happened.
Litecoin Price Prediction for 2020
The lite-version of Bitcoin has a prominent year like any other coin. With the current crypto trend and Bitcoin halving in May 2020, this year tends to be great for Litecoin.
Let us see what prominent personalities of the crypto world have to say about Litecoin price prediction for 2020 –
WalletInvestor Litecoin Forecast for 2020-
According to WalletInvestor, LTC Price will have a bearish trend in 2020. The website predicts LTC to start the year with $40 but gradually decrease to $4 in August 2020. December will be a good month for the crypto and LTC will jump to $25.
DigitalCoinPrice LTC Forecast for 2020-
DigitalCoinPrice forecast the moderate year 2020 for Litecoin. The coin will gradually grow and by 2020 will achieve $70 by the end of 2020.
Long Forecast Litecoin Price Prediction for 2020-
Long Forecast believes that the Litecoin price will fluctuate in 2020 between $30 and $50.
Crypto Ground Litecoin forecast for 2020
Here comes a more optimistic prediction of crypto ground. As per their forecast, litecoin price by 2020 end might reach $88, and in five years litecoin might reach $347.
Litecoin Prediction for 2021
Litecoin can enjoy a bright future with a no. of. integrations and partnerships. Taking these considerations into account, the Litecoin price is believed to soar in the coming years. Experts believe that LTC’s price would reach $600 by the end of 2021. However, there are some contradictory prediction too
- TradingBeasts predicts that LTC price would reach $70 by Dec 2021.
- Even WalletInvestor thinks Litecoin will not cross the $100 mark next year.
Litecoin Price Prediction next 5 years
Based on technical analysis, TradingBeasts.com, a popular crypto forecast website, predicted that by December 2022, Litecoin is expected to grow to an average of $82.68.
Another forecast website, Cryptoground.com believes that LTC will grow with the coin trading at $347.8 by the end of 2024.
Litecoin’s Expected Price Growth.
One of the Crypto Analysts MMCrypto has charted out predictions for most of the crypto for the upcoming decade –
LiteCoin Halving :
Litecoin underwent its halving on August 8, 2019. The mining reward dropped from 25 LTC to 12.5 LTC and the price was assumed to increase. The price did increase but not up to the expectations. The next Litecoin halving is estimated to take place in Aug 2023. The mining reward will further decrease from 12.5 to 6.25 coins. But that is a long way to go, 1363 days to be specific. It will be interesting to see LTC’s growth during this time.
Litecoin Now On WhatsApp
WhatsApp users can now send and receive Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), using the Lite.IM bot, developed by Swiss blockchain startup Zulu Republic. Users can also earn cryptocurrency via a referral program. Lite.IM users can interact with the Litecoin blockchain, sending and receiving funds from anywhere in the world where a cellular signal can be found.
Litecoin Transaction Fee Reduced By 10x
On May 7, Litecoin.org announced the release of a new client software version: Litecoin Core v0.17.1. The update brings a few user interface changes, a new wallet format, extended privacy features, and a significant network fee policy change. All this effectively reduces the minimum transaction cost from 0.001 LTC/kb to 0.0001 LTC/kb.
Verdict on Litecoin Price prediction
All things considered, the majority of crypto markets seem to be in a good place right now. Litecoin is rising up a lot quicker than all of its market cap competitors. An expert says $49 seems likely, reaching $100 will cause a very different set of challenges.
However, Charlie Lee says, price prediction is just wishful thinking.
Litecoin is a peer-to-peer network with the same-name cryptocurrency. It is a “lite version” of BTC.
As per experts, Litecoin will reach $50. However, 2020 will see a lot of fluctuations in LTC price. $100 will be challenging for Litecoin.
Litecoin will see its 4th halving process in 2030. Experts believe that by 2030, LTC price may cross $1000.