Litecoin Price Prediction- Will LTC Price have $200 On-Cards for 2021?
Litecoin is one of the oldest and most primitive cryptocurrency after Bitcoin which was founded way back in 2011. The cryptocurrency which was a tough competitor to Bitcoin always secured its place within the top 10 cryptocurrency list, with respect to Market capitalization. But how far will the bulls run for Litecoin? Presenting to you, Litecoin price prediction for 2021 and beyond!-
Interestingly, the founder of Litecoin, announced the project on a popular Bitcoin forum and termed it as a ‘Lite version of bitcoin’. And hence share similar features as the most dominant crypto. However, this altcoin owes to bypass limiting factors like lower mining and transaction speed. Will LTC manage to poise these aspects with its bottom line adhering to an inexpensive currency?
Did you know that Litecoin can mine blocks four times faster than Bitcoin?
Undoubtedly most investors within the crypto space Hodl Bitcoin. So why not make a move with Litecoin, that seems to circumvent flaws and generates higher TPS at meager costs? To make your Litecoin trading journey easier, we have amassed a guide to the working and future forecast of this bitcoin alternative. Dive in to know everything about Litecoin.
What is Litecoin(LTC)
Litecoin shares multiple similarities with its synonymous currency, Bitcoin. The altcoin works on a Proof-of-Work consensus mechanism. But the platform involves complex computational algorithms to mine blocks that are then fastened to the blockchain of the network, which is a public ledger.
For mining, the platform uses the Scrypt protocol which helps in maintaining extra decentralization. Also, powering confidential transactions, Litecoin turned out to be the network that proved every participant can exchange currencies with zero cost!
Every transaction made on the blockchain, remains irreversible and gets stored there forever! Like conventional blockchain technology, literally nobody has an edit access to the data/transaction on the Litecoin blockchain, thereby ensuring security and transparency. Also, on rare conditions where currencies may be looted, the network has a trace print which will make identifying the hacked currencies easy!
LTC is the network’s native currency and is in use within the network for providing rewards or incentives to the miners. Outside the frame, Litecoin acst as a medium of exchange and is proving to be a stable and inexpensive asset! It makes micro-transactions possibly quick and has a block time of just 2.5 minutes! Note that Bitcoin has a block time of 10 minutes.
To buy/sell and exchange LTCs, it is necessary to first look out for cryptocurrency exchanges that list the coin. According to Coinmarketcap, LTC is tradable on popular exchange platforms like Coinbase pro, Binance, Kraken and many more.
Fundamental Analysis
Litecoin is a peer-to-peer cryptocurrency developed by Charlie Lee, a former Google employee, in 2011. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin was released via an open-source client on GitHub in the year 2011.
LTC is one of the most popular and grounded cryptocurrencies in the world, being in existence for seven years since 2011. It is more accessible to the people than Bitcoin, hence known as the “silver” of the crypto world where Bitcoin is referred to as “gold” of the crypto world.
Litecoin has multiple partnerships on-board over the years, aiming for the expansion and utility of its digital currency. Some of the notable collaborations are with UFC Octagon, in 2018, Miami Dolphins(NFL, USA) and NordVPN. Lately last year, Litecoin also partnered with Cred, a prominent crypto borrow and lend platform. The organization announced it on their official blog stating that users can freeze their holdings using LTC as a collateral! This year, the network hit a milestone when Venmo, second most famous US financial app launched Litecoin on its platform in May.
Also Read: Bancor Network Token Price Prediction, Will BNT Price Hit $10 by 2021?
Litecoin Price Prediction 2021
With a trading value of $132.32, Litecoin resumed the year 2021. On a bullish note, the coin dramatically started to escalate. By the mid of February, the price surpassed $200 and further keeping the uptrend intact, the price reached the yearly highs at $335. LTC was one among the terrible sufferers of the May 19 Market crash. Following PoW controversies, Litecoin fell from $210.94 to $180.54, in a single day! Further, the coin plunged and deviated from the $200 juncture.
LTC weekly chart quotes for a mild cup and handle trend pattern, indicating that the litecoin price is switching into a mild uptrend. Resistance at $138.27 is under disruption. With an ascending channel coupled with breaking bears, Litecoin may touch new resistance, moving north!
Litecoin is all set offering an additional layer of security against viruses and trojan horses, making itself a reliable option. On this note, if the network progresses with security layers, the LTC price may spike and hit $201.66 by the year end.
On the flip side, many critics and investors are still doubting the future potential of this altcoin, despite being in space for seven long years. Hitting such a string, FUD can cause Litecoin price to collapse and hit lows at $121.79. But if the coin survives volatility effectively, then it may be tradable at $159.93.
Litecoin Price Prediction 2022
If the altcoin closes this year hitting the highs, then 2022 might start bullish at $202.00. On the other hand, if a bearish trap engulfs, then 2022 trade might resume at a similar trend at $122.00.
Undeniably Litecoin has not fallen into a volatility trap in these seven years, proving to be a stable currency. The coin has an impressive price though it promises a cheap user experience! Thus, if LTC manages to maintain its stability coupled with upgrades from the network, it can touch a potential high at $266.15 by the end of 2022.
In contrast to this, if the currency does not get a hype among the investors despite being in the market for a long time, its pros can become nullified. If this occurs, then LTc price can quickly switch bearish and fall to $194.91 . However, in case of no applicable upgrades, with regular buy and sell pressures, the average price for 2022 shall strike at $233.09.
5 Years Litecoin Price Prediction
Its current price range can attract many traders, as it is feasible when compared to Bitcoin in all possible aspects. Further if the network succeeds in lowering the block time, it can even move heads on with Bitcoin. Therefore, with major collaborations with financial institutions, Litecoin can soar up to $388.74 if the above set conditions are met.
However, anxiety regarding Crypto ban in China and new regulations persist among LTC users. If the market experiences a similar crash in the coming years, Litecoin price can wipe down greatly to $217.06. But considering that long-term investors will stick to the currency, the average price at which LTC might trade by the end of next five years is $327.84.
What Does the Market Say?
1) Trading Beasts
According to TradingBeasts, by the end of 2021, LTC could trade around $290 with a consistent increase in the price. The price is anticipated to reach $489 at the end of 2024.
2) LongForecast
According to LongForecast, Litecoin will trade in between $143 to $165 by the end of 2021 and experience a slight surge in 2022. The price is expected to decline and maintain a narrow trend until the end of 2025.
3) DigitalCoinPrice
According to DigitalCoinPrice, Litecoin could trade around $212.47 by the end of 2021. Further the price may trade around $272.42 in 2022 and $316.09 by 2023. However by the end of 2025 the price may hit highs at $424.39.
4) Primexbt
Primexbt predicts the price to hit $600 or more by the end of 2021 and witness a plunge after smashing highs at $1000, straight to $1250 in 2022–23. Yet the platform believes the price has a potential high around $4000 by 2024–25.
EXPERT’S CORNER | What experts say about Litecoin?
https://twitter.com/CryptoGodfatha/status/1408944253506527235
https://twitter.com/JTheretohelp1/status/1409538392744939521
Know Our Litecoin Prediction
With a trading value of $132.32, Litecoin entered the year 2021. Later, the price consistently started to soar with certain variations. According to Coinpedia’s formulated Litecoin price prediction, Several recognized institutions could invest and accept LTC as a payment. It is a possible reality because of the fact that LTC lowers transaction speed and costs, which seems appealing.
If the coin gains some hype in the coming months in this case, the LTC price can strike a high at $201.6. But with rising controversies on PoW as well as the fact that certain collaborations like (Litpay) have withdrawn, can affect the price movements. If this happens, Litecoin can drop to $159.9 as the year ends.
How Did LTC Perform Previously?
2013
The coin was launched on October 11. Initially, its price was very low, about $3 for quite a long time. Only in November 2013, the price had a significant price movement. LTC jumped three times higher and hit $40 within a few days.
2014
However, in May 2014 Litecoin dropped to $10 and then in October to $3 per coin. Then the crypto was traded between $1 and $4 for three years, until 2017.
2017
In March 2017 Litcoin announced the launch date of their SegWit protocol which affected the rate and the coin achieved $16. Then in May LTC launched the protocol which pushed the price to $30. Also, the dev team implemented Lighting Network which attracted more attention to the coin.
Later LTC achieved $70 in September and then went back to $40. However, the whole market was bullish and Bitcoin set new price records. So in December 2017, Litecoin reached $100 per coin. Dramatically the price reached the $330 mark and further plunged to $250.19 by the end of December 2017.
2018
In 2018, the LTC price chart demonstrated a descending trend. LTC started the trade at $244.09 by early January. Further, the price plunged to reach the low of $116.46 during April. Later in the mid of December, LTC shockingly dropped to $24.50 with the bear’s acquaintances. Further, the price started to pour and managed to reach $28.74 at the end of 2018.
2019
In 2019 Litcoin continued its price growth by trading at $31.94 by early January. Surprisingly, the price followed an upward movement to reach $141.38 by the end of June as Bitcoin’s price hit $12,000. The price again started to slide further. At the end of December 2019, LTC was trading at $42.23.
2020
Overall, the Litecoin price in 2020 has been somewhat stagnant. It started the year at $41.67, and though it practically doubled in price and surged above $80 in February, The heat started to exit the market quickly and LTC was not immune from the mid-March crypto flash crash due to the Covid-19 outbreak.
In the first month of the second quarter, LTC started to trade at $39.84. Later, the price steadily started to improve. With certain price swings, LTC reached $66.65 by mid-August and plunged further. On a bearish note, the price progressively started to pour. With the expansion of Bitcoin’s price rally, LTC was trading around $87 by the end of November. Following the price surge, LTC ended the year 2020 at the trading price of $128.