Dubbed “the cryptocurrency for payments,” Litecoin is a virtual currency that seeks to facilitate payments over the internet.
Charlie Lee developed Litecoin in 2011 as a lightweight alternative for Bitcoin. His vision was to create an altcoin with lightning transaction speeds and one favorable for miners.
Lee, an ex-Google engineer, announced the launch of the coin via the Bitcoin Forum.
He and other developers claimed their main intention was to build the Silver for Bitcoin. Both BTC and LTC coins share the underlying concept of Proof of Work.
Note: The proof of work ecosystem means that a digital coin is mined for creation, authentication, and verification. Upon which the coin is added into a blockchain or a decentralized public ledger.
Both Litecoin and Bitcoin share a few similarities. These include how the coin is created, stored, and mined. All the processes are similar but differ on the grounds of efficiency. Litecoin was created from a soft fork; rather than a hard fork. So what’s the difference between a hard fork and a soft fork?
A hard fork is a complete transformation of a blockchain’s protocols and rules, making old rules invalid and unworthy. A soft fork upgrades with new protocols that make software robust and backward compatible.
The Galaxy Score indicates how healthy a coin is by looking at combined performance indicators across markets and social engagement. Display the real-time Galaxy Score of any coin.
There are two ways you can mine Litecoin and join the league of LTC holders in the world. Solo mining and pool mining. Solo mining involves a person purchasing all mining hardware and mining cryptocurrencies on their own.
Pool mining consists of joining a team of miners who share resources and equipment and split block rewards. Each one’s share depends on the amount of computing power each provides.
The number of times you will win block rewards while solo mining is significantly reduced. But once you get the bonus, you don’t have to share it with anyone. Solo mining is also expensive to undertake, given the high costs of equipment and electricity.
On the other hand, you will have to pay fees before joining a mining pool. With a mining pool, the chances of winning a reward are pretty high.
Furthermore, click general settings on the BitMain account when you want to join a pool. Enter the URL of your preferred mining pool, your password, and your worker ID.
Let’s go down in history and look at what entails the coin’s history to make a reasonable litecoin price forecast.
Litecoin was trading at a daily price of $4.34 against the USD on its launch date. The price change was a downward correction towards $1.50 and remained within that price level until the wake of the initial Bitcoin bull run.
More and more people began to join the cryptocurrency market. The price of Litecoin and other altcoins followed in the bull run and spiked upwards. In 2014, Litecoin managed to hit a market price of $44 per piece.
Their stay above $40 was short-lived, and the coin came crashing downwards by 50% to $20 within a month. Throughout 2014, the cash crushed further and began trading within the single dollar range.
The coin created a lower bottom at $1.28 and then corrected to $4. A price range that it traded until Q1 of 2017.
There was newfound energy all around the cryptocurrency market at the beginning of 2017. Significant Price surges and BTC hit an all-time high of $20,000.
Litecoin, on the other hand, started from $4 and skyrocketed to $375 by the end of 2017. The key driving factors for crypto markets were injections by retail investors and congestion of newbies driven by FOMO during the bull market.
The price surge was spectacular. And most LTC price prediction analyses indicated all green.
In December of that year, Charlie Lee Twitter his decision to leave Litecoin. He said he would continue making network improvements and that his exit would not affect the market.
In the tweet, he explained he need not tie Litecoin to financial success. From hence, LTC was going to survive on its own.
The bull run began to fade through the start of 2018. It wasn’t a good year for Litecoin, BTC, or other altcoins. The cryptocurrency platform became saturated with hacks, then ICO scams, and Litecoin (LTC) price drop below $200 was inevitable. It hit $74 by the end of June.
In December, Litecoin declined further and hit $23. After which, it ushered 2019 with a gradual uptrend that lasted until mid-July where LTC was trading at $141.
The first half of 2019 saw a positive bullish performance for Litecoin. But heading into the third and fourth quarter, the altcoin slumped into a descending channel that formed lows between $35 – $42.
Finalizing 2019, Litecoin began an upward trend between October and November. This uptrend hit $59 by the 1st of 2020.
In the wake of the Covid-19 pandemic, the cryptocurrency market was trading sideways, and there were heavy plummets across all coins.
Litecoin traded below $70 for the better part of 2020 since March, until around December where it ended at a maximum price of $136.
2021 kicked off with a bull run. BTC hit an all-time high of $61,000 within the first three months. Other coins reacted in sync with the bull run and went on to set all-time highs.
While Litecoin did break its all-time high that it’d set in 2017, in May 2021, this is when the coin broke out of a bearish zone and traded to a high of $224. The price prediction is also heavily reliant on the direction of market capitalization.
According to the 4-hour chart, LTC/USDT trading price is getting above the 50-day and 100-day Moving Averages. The market is in a bearish trend as a retracement of gains made when the price had suddenly taken a bullish outlook as it broke out from the upper end of the Bollinger Bands. After the bulls, a slightly bearish retracement is being witnessed currently. These metrics are essential for Litecoin Price Predictions.
So far, the number of Litecoin addresses has grown by a 6-8X rate since 2020.
This number of Litecoin addresses might keep growing in the future due to the cheap transaction fees of the network. Also, the numbers indicate the likelihood of a growing trading volume.
Let’s also have a look at Litecoin predictions, especially the most popular ones.
PayPal and other large institutions might adopt Litecoin as the infrastructure for payment processing/transactions.
In the long run, the dollar is going to the trash. Stores won’t accept cash. Soon banks won’t either. Your bank balance will be based on crypto in the back-end while it will say it’s in USD. A lot of noise here.
Litecoin moves into these main supports established and initially bounced a little within as we go to press. Now, these levels are critical to holding and, if they have, will determine the further destiny of Litecoin.
In this case, when Litecoin manages to hold the supports and stabilize above to build up with bullishness, further stabilizations with the proper continuations can be expected above the descending-resistance-line marked in my chart in black.
Litecoin will close in the bullish stabilization zone and continue with further bullishness when it approaches above this line.
The Litecoin price today is $221.94. This means the digital coin has skyrocketed by a considerable margin from its early start five years back. Let’s look at Litecoin’s future price outlook and how the Litecoin future price might change.
Litecoin retreated from lower supports and after creating a two-month-long downswing. This is a good thing, and it’s an excellent opportunity to buy the dips.
And if the coin resumes its upward trend, it can project for higher gains.
According to Digital Coin, the current price of LTC will rise to $400.22, and we can see this happening next year. This makes the coin worth investing in.
Although the current Litecoin price is pretty low from the all-time high, we can expect substantial gainsLitecoin movest the condition of Bitcoin.
The Trading Beasts wrote on their LTC/USDT predictions that the coin would slowly peak at the end of 2021 and then hit a max of $243.887 by January 2022. The average price annually for the year 2022 will be between $184.540–$195.538. This price level would dip gradually and test lower levels around $230.675 by the end of Q3 2022.
Previsioni Bitcoin’s prediction says Litecoin’s price will fall between 1st January and Late May in 2022.
This will have the price hit $501.47 from $423.81. However, the upward trendline will stop there, and the coin will go to $335.05 by August of 2022, dip slightly to $341.71 and then close the year at $330.62.
The Litecoin halving event will also take place in August 2023. Massive buyer action in the crypto market is likely to come ahead of the halving event and eventually drive Litecoin’s (LTC) price upwards.
However, most forecasts seemed against this idea and are projecting low price levels. Trading beasts anticipate an average target of $195.611, while it aims for a minimum price of $166.270 and an expected maximum price of $244.514. Prevision Bitcoin predicted a price of 323.00 USD in January 2023 while the year would end at $314.09.
Wallet Investor’s prediction says Litecoin price will be trading at $701 by 2025 end. This is a long-term projection, and it shows LTC has enormous potential to perform well in the coming days.
The first step is signing up on a cryptocurrency exchange. There are three types of cryptocurrencies exchanges, significant exchanges, decentralized exchanges, and peer-to-peer exchanges.
So many trading exchanges exist in the crypto market. Examples of significant exchanges are Binance, Coinbase, Kraken, among others. These exchanges allow you to purchase cryptocurrencies using either fiat or other cryptocurrencies.
Standard payment methods include PayPal, debit/credit cards, etc. Sign up at either of these and purchase your first Litecoin (s).
Decentralized exchanges allow users to purchase and trade digital tokens. We wouldn’t recommend a DEX when buying Litecoin.
You can trade digital coins with other traders within the Peer Peer cryptocurrency exchanges platform using respective local payment methods. An excellent P2P exchange that supports Litecoin is LocalCrypto.com.
The platform and like most P2P exchanges supports only a few types of coins. Local crypto supports Litecoin, Dash, BTC, and Ethereum. You can exchange your coins with other platform users such as BCH, BTC, ETH, or XRP holders.
Litecoin has better technology than Bitcoin. Litecoin’s blockchain is 4X faster than Bitcoin’s. BTC takes an average minimum of 10 minutes to verify a block of transactions thoroughly. Litecoin takes 2.5 minutes. The mining process of Litecoin is more straightforward than BTC.
The former uses the Scrypt algorithm, which is considered less complicated than Bitcoin’s SHA-256.
The price of Litegoin (LTC) will go up. As the market capitalization and volume of the coins keeps rising, the cost of Litecoin will also keep increasing. Most Litecoin forecasts indicate the price will increase. And as of now, the price movement of the coin suggests a bullish trendline.
Charlie Lee intended to create a lightweight alternative for Bitcoin. Much in the same way that Silver is a cheaper alternative for GoldGold. He achieved this through a soft fork on the original bitcoin blockchain and created even better rules for the coin.
This means the blockchain and technology upon Litecoin are efficient, fast, and scalable compared to Bitcoin.
Purchase mining equipment – Purchase ASIC mining hardware for Litecoin. Litecoin mining did not demand much power in the past, and people using average CPUs/GPUs had chances of winning block rewards.
But with increasing network transactions and miners, the stakes rose. One has to purchase Application Specific Integrated Circuit hardware now. The best-dedicated mining hardware for LTC is the Antminer L3+.
It is fast, strong, solid, and built by the renowned mining equipment manufacturer, BitMain. You can also find cheaper options on the website.
Mining software – Antminer L3+ comes with an installation file. Therefore visit Bitmain’s official website after purchasing the hardware and create your profile. Hit a button labeled IP reporter on the hardware controller for at least 5 seconds.
The machine will beep and then release it. Your IP address will show up, and you need to enter this address on the Bitmain Website. Finally, enter your Litecoin wallet address, and you’re good to go.
Register yourself on the blockchain either as a pool or solo miner on Bitmain’s official website and be part of a thriving community of litecoin miners
You can sell your Litecoins through a trading exchange or peer-to-peer exchange. Just enroll into either Coinbase or Binance and sell your cryptocurrencies to other traders on the platform.
Other Litecoin owners on the network can also sell you the digital currency at your convenience. You can also trade the coin for other currencies such as Bitcoin, bitcoin cash, and so forth.
LTC price will increase in value in 2021; the most bullish prediction for 2021 indicates Litecoin will reach $1000 by the end of 2021, according to PrimeXBT. $1000 is the most that Litecoin can go this year, owing to the heavily bearish trend that we are seeing.
According to wallet investors, Litecoin will attain an average price of $214 by December this year and hit a maximum of $270. Wallet Investor is a digital asset forecasting platform for professional investors to make smart choices.
Also, read our Ethereum price prediction and determine the position of Litecoin about the leading altcoin.
Yes, Litecoin is a good investment. In terms of the potential to be adopted and the volume of supply of the coins. The coin is fated to bring more people into the cryptocurrency industry, increasing its market cap and skyrocketing the price of the digital currency.
A key point announced many times ago, before putting your money in Litecoin, is whether you’re in it for the short or the long haul.
Additionally, the volatility of digital currencies and the investment policy should be a focal point for anyone looking to invest in Litecoin.
What’s your timeline mark? Is a week way within your expectations?
Investors should consider the “all rights reserved” status of the policy and whether the rights reserved by the portfolio manager override their rights.
Note that an investment policy should indicate the general client objectives and how the manager would meet them. If there might be a fall expected based on predictions, a manager should warn the client.
Apart from the risks involved, Litecoin being established crypto, having a full-time head, and making small investments make LTC a good investment.
This post was last modified on November 21, 2021 11:05 am
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