Litecoin Price Prediction- Will LTC Price Have $500 On-Cards for 2021?
Litecoin is one of the oldest and most primitive cryptocurrencies after Bitcoin which was founded way back in 2011. The digital asset 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 price manage to poise these aspects with its bottom line adhering to an inexpensive currency?
To make your Litecoin trading journey easier, we have amassed a guide to the working and future forecast of Litecoin price.
Table of contents
What is Litecoin (LTC)?
Sharing similarities with Bitcoin, it 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 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 acts 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.
LTC is tradable on popular exchange platforms like Coinbase pro, Binance, Kraken, and many more.
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, been 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.
LTC has had 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 lending platform. The organization announced it on their official blog stating that users can freeze their holdings using LTC as collateral! This year, the network hit a milestone when Venmo, the second most famous US financial app launched Litecoin on its platform in May.
LTC Price Prediction 2022
On a positive note, the 2022 trade might start on average price action around $150. If the average rally continues then LTC price would end up trading within a range-bound scale and by the end of Q1, the price may reach $221.53. However, if bulls take over the control of the space then the asset would test resistances around $280. On the contrary, bears rule the market then the asset would reach $170.5.
However, for the rest of the year, the LTC price would remain heavily volatile. If it undergoes any supercycle in the second half of the year it is expected to quickly retest resistances above $350. Further, it is expected to undergo requisite corrections around $245.
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 $750.74 if the above set conditions are met.
However, anxiety regarding the Crypto ban in China and new regulations persist among LTC users. If the market experiences a similar crash in the coming years, Litecoin’s price can wipe down greatly to $327.06. But considering that long-term investors will stick to the currency, the average price at which LTC might trade by the end of the next five years is $580.84.
Litecoin Market Prediction
1) Trading Beasts:
According to TradingBeasts, by the end of 2022, LTC could trade around with an average price of $131.987 and with an accelerated rally the price may also shoot up to $164.984 by 2022. However, the LTC price would chug up to a maximum of $271.064. The average and minimum possibilities are being $217.281 and $184.689.
LongForecast predicts that Litecoin will trade in between $178 to $204 by December 2022. And by the end of 2023, the price could settle at $264. The price is expected to decline and maintain a narrow trend until the end of 2025.
According to DigitalCoinPrice, Litecoin could trade around $233.99 by the end of 2022. Further, the price may trade around $267.18 in 2023. However, by the end of 2025, the price may hit highs at $283.09.
According to Walletinvestor, by the end of 2022, LTC could trade around with an average price of $255.1 and with an accelerated rally the price may also shoot up to $307.842 by 2022. However, the LTC price would chug up to a maximum of $615.838. The average and minimum possibilities are being $500.577 and $387.09.
According to Gov.Capital, by the end of 2022, LTC could trade around with an average price of $285.060 and with an accelerated rally the price may also shoot up to $327.819 by 2022. However, the LTC price would chug up to a maximum of $977.77. The average and minimum possibilities are being $849.627 and $722.182.
Our Litecoin Predictions
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 above $300 in Q1 2022 in case of the bull rally. 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 $189.9 by the end of 2022.
Using the table below understand what is possible in terms of highs and lows.
Historical Market Sentiments
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.
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.
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.
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.
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.
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 a trading price of $128.
With a trading value of $132.32, Litecoin resumed in 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 price plunged heavily following the May 19 Market crash. Bearish dominance lasted longer from here.
With the generation of subsequent lower lows, LTC prices plummeted to bottom support of $107.46 on July 20th. With a steady rise from there, the asset has managed to undergo two short supercycles with corrections in mid-way. During the first cycle, the asset reached a peak of $231 and was corrected immediately at $140.6. The asset reached a peak of $278.01 in the second supercycle yet failed to hold the above resistance. Currently, the asset seems to be accumulating strength around $150 before commencing another rally in 2022.
Yes, Litecoin might be a good investment if you are thinking of investing for the long term.
Yes, Litecoin might definitely break its previous price records as it is anticipated to rise.
In the future, Litecoin might trade around $690.
Litecoin can be traded at exchanges like Binance, Bitrue, Coinbase Pro, OKEx, HitBTC, and many more.
Yes, Litecoin can be halved, and in 2019 the community completed its halving procedure. The next LTC halving event can take place in 2023.Source