What is Litecoin?
Dubbed “the cryptocurrency for payments,” Litecoin is a virtual currency that seeks to facilitate payments over the internet. Forked from the bitcoin blockchain in the year 2011, Litecoin was born to enable instant payments, something that Bitcoin was unable to do due to its slow transaction confirmation times.
For instance, a transaction on the bitcoin blockchain is confirmed after 10 minutes compared to 2.5 minutes on the Litecoin blockchain.
The Litecoin platform uses the proof-of-work (PoW) consensus algorithm. The algorithm is characterized by a computer power-intensive mining process. Although this algorithm is like the one employed by the Bitcoin blockchain, it has one significant difference.
Bitcoin employs the SHA-256 hashing function while the Litecoin protocol makes uses of the Scrypt hashing function. Notably, the difference in the hashing functions gives each platform its distinctive transaction speeds.
Another difference between the two largely similar coins is their creators. While bitcoin was created by a pseudonymous Satoshi Nakamoto, Litecoin was created by Charlie Lee, a computer scientist, and a former Coinbase employee.
Litecoin Price Latest News
From price swings to Charlie Lee’s shocking revelation, the number seven top crypto, with a market cap of $2.7 billion, continues to make waves in the cryptocurrency space.
For example, in August last year, Litecoin’s founder Charlie Lee revealed that development activities on the platform were almost to a near-halt since the beginning of 2019.
For that, I apologize. But it’s not fair at all to say that I strung people along and tricked them. … When asked, I have only said things are moving slowly.
Apart from Lee’s revelation, the Litecoin price has, in the latest past, been on the limelight for both the good and the wrong reasons.
Let’s start with good reasons.
At the end of the first quarter of 2019, the Litecoin price recorded a 100 percent increase, having jumped from $30 to $61 in three months. The appreciation was a phenomenon considering it recorded such impressive figures in the first quarter in the year 2017.
In February 2020, the price of Litecoin rejuvenated the hopes of its community after it retained its earlier crown of $70, which it had last worn in September of 2019. From $43 to $70 in just one month, this was seen as an early sign of an impending bitcoin rally. Most significantly, this theory was hoisted by a similar phenomenon that was witnessed in March of 2019.
The bad news
Instead of continuing with its upward trajectory, the price of Litecoin took a hit, possibly due to the coronavirus pandemic. From a high of $70 in February, LTC is retailing at $42.19. With the pandemic not having an end in sight, Litecoin is likely to test its support levels at $40, $27, or its 2018 low of $22.
Litecoin (LTC) Price Prediction for 2020, 2025, 2030
Litecoin predictions, just like any other popular cryptocurrency, are done according to various aspects. For instance, some forecasts solely rely on technical analysis. In contrast, others are pegged on the market news and community engagements.
Additionally, to increase the accuracy of the prediction, a Litecoin forecast can be prepared using advanced methods such as machine and deep learning. Deep learning, unlike machine learning, takes into consideration more factors such as technological progress, security, competitions inside the crypto space, political factors, among others helping it to bring a more accurate prediction.
The Litecoin price prediction for the next ten years varies. However, there’s a significant indication the LTC price is destined for greatness.
Litecoin forecast 2020
Litecoin’s second halving event took place in August 2019. In the cryptocurrency world, halving is directly equated with an increase in the price of the cryptocurrency. This equation relates less supply with a hike in price. The LTC halving reduced the amount miners make for confirming a single transaction from 25 LTCs to 12.5 LTCs.
Luckily, a short term Litecoin price predictions 2020 seems to promise investors a relatively good harvest. For instance, technical analysis shows that the Litecoin LTC price started the year on a low but has since put up a resistance giving bulls a chance to push the bears back into the woods.
Experts are using this bullish momentum to project a good year for Litecoin investors. Some, like Railblock Forecast, a YouTube channel, puts the price of LTC at $712 by the time we reach December 2020.
Using TradingView data, Dalin Anderson predicts that LTC will achieve a price of $500 in h.
Unfortunately, others are not so optimistic. Wallet Investor, for example, has a Litecoin price prediction of $30 and $22.95. TradingBeasts, LongForecast, and DigitalCoinPrice are forecasting that the price of Litecoin will reach $47, $55, and $106, respectively.
Lee, Litecoin’s founder, is seemingly not interested in giving price projections for his creation. In 2019, while appearing on the Off the Chain podcast hosted by Anthony Pompliano, Lee fails to g:
People always ask me if I think the price will go up or down. If anyone tells you they know, they’re lying, right. No one knows if the price will go up or down.
Litecoin price prediction 2025
In the next five years, the Litecoin trend of a bullish resistance is likely to continue. However, a five-year Litecoin prediction is likely to give a higher return on investment (RoI) to those who have already secured a quiet corner in the LTC train.
Wallet Investor forecasts that by the time they are done with 2025, the LTC USD ratio will be 1:1693. DigitalCoinPrice, on the other hand, restrained itself from putting a number on its five-year projection, although it sees a significant increase. On whether the price of LTC will one day match that of Bitcoin, DigitalCoinPrice notes that that will be unlikely in the foreseeable future.
Interestingly, other indicators show that the top cream is not a reserve of only the King Crypto. If a projected bull run is something to go by, the price of Litecoin is likely to reach highs of $4,600 before the end of 2022, and it could exchange hands at $5,000 after 2022.
Since a bull run is likely to be followed by a bear market, the LTC price is expected to lose its grip and plummet to $700 before finding its grip again and reaching highs of $90,000 by the year 2025 or beyond. On the lower side, LTC is likely to retail at $8,721 by the end of 2025.
Litecoin price forecast 2030
After 2025, LTC analysts forecast good tidings for investors.
With halving occurring after approximately every four years, by 2030, LTC will have experienced its fourth halving. With this, the prices of Litecoin between 2025 and 2030 will mostly revolve around the halving events. What will also come into play at this time is how the price behaved in the past after a similar event.