Investing in Litecoin good or bad investment? Litecoin is a cryptocurrency that is traded under the LTC ticket. It is the best performing altcoins since it was first introduced in 2011.
Litecoin was created by former Google and Coinbase engineer Charlie Lee. It is now managed by Lee and other Litecoin foundations. The foundation for Litecoin is working on the development and assuming of the cryptocurrency assets.
For the rest of the cryptocurrency marker the altcoin is frequently a leading indicator. “LTC describes the path leading to alt season” claims the community.
The Litecoin code is almost bitcoin-like and contains fixed supply and Litecoin block prize halving like Bitcoin. The LTC network is powered by proof of work conformity.
Compared to bitcoin, the LTC supply is quadrupled, very limited at 84 million LTC. Litecoin also shortens the blocking time by 2.5 minutes compared to ten minutes and speeds up Litecoin solutions for sending and receiving.
It made Litecoin the primary way to send cryptocurrency to and from the crypto exchange, while now Bitcoin is used more as a store of value.
Litecoin price analysis
Investing in Litecoin good or bad investment? After the launch of Litecoin, it became popular with investors. But for a long time, its price remained at around $ 3. But in November 2013, Litecoin nearly doubled to $ 50. Instability began and in April 2014 it depreciated again to $10 and then to $1 in February 2015.
Over the next two years, the Litecoin traded between $ 1 to $ 4. Then in March 2017, Litecoin announced the release date of the Segregated Witness (SegWit) protocol update. The news raised the price to $16 and after the implementation of protocol changes, the price of LTC goes to $30. Implementation of the Lightning Network by the developers led to price increases of up to $70.
As the general cryptocurrency market expanded, Litecoin followed Bitcoin’s route and reached an all-time high of $ 375 in December 2017. The whole year of 2018 was bearish and the cryptocurrency fell to $ 30 but began to stabilize in early 2019.
In the first half of the year, the currency rose fourfold from $ 31.02 to $ 138.4 anticipating the event of halving which took place 5 August 2019.
However, the event was followed by a major correction that lowered the price of Litecoin to $ 68 and hit $ 40 on December 20, 2019.
The future of Litecoin
Early adoption of the SegWit protocol and Atomic swaps of Litecoin remarkably transform the cryptocurrency payment sector. But because Bitcoin introduced SegWit, altcoins have had no decisive competitive advantage. The CEO DiPasquale, of BitBull Capitals said:
“Litecoin price have historically followed bitcoins, but is currently negative on several fronts. Unless there is a new influx, the number of transactions remained low and the halving of August 2019 failed to raise the price of LTC.
After the reward reduction, the miners begun to leave the LTC network, because of this hash rate is going down and concerns about network security have increased.
The recent decline in reward prices of the token has to do with development issues and how they will obtain funding in the future. In 2019 Charlie Lee reportedly said that no one is interested in working on the development of the LTC protocol. This statement panicked everyone and investors are asking if they should invest in it.
In this context, research by Sylvain Saurel revealed that the potential of Litecoin was very limited. Saurel added:
“Litecoin will certainly remain among the top ten cryptocurrencies for some time. But its future is not alongside the bitcoins that could revolutionize the monetary and financial system in the future.”
Litecoin’s hash rate has fallen sharply since mid-2019, which may have a negative impact on the future performance of Litecoin. But the LTC network is working on vital changes. The foundation for Litecoin works with Grin project manager Steve Burkett, who works to promote MimbleWible on the Litecoin protocol.
After a successful implementation, MimbleWimble will allow Litecoin to move away from bitcoin by creating its own distinctive point of sale. However, innovation could reduce substitutability, making litecoin likely to get stuck on major exchanges. Litecoin can generally improve much faster than bitcoin.
However, new codebase crypto projects are coming up that are already designed for micro-transactions and scaling. This scenario has led many experts to believe that if Litecoin does not move quickly, it risks losing its chance to stay on top.
LTC price prediction
The cryptocurrency market is still relatively volatile, making it difficult to predict what the future holds. However, according to technical analysis from TradingBeasts.com, the price of LTC will be around $ 46 by the end of 2020 and will go up to $ 67.23 in 2021. Is Investing in Litecoin good or bad investment right now?
The cryptocurrency prediction website says that in 2022 the coin’s average growth will be $ 82.68.
Cryptoground.com on the other hand provided a more optimistic prediction built on an internal deep learning algorithm. It says by the end of 2020 Litecoin will reach $ 88.30. Cryptoground.com expects this growth to continue over the next several years, and by the end of 2024, it will reach to $ 347.8.
CoinFan.com, an online prediction service, said future predictions for Litecoin look promising. The service claimed that long-term care could reach $ 276.4 by the end of 2020 and continue its upward trend until reaching $ 506.8 in May 2025.
George Tung made a crazy prediction in 2019, stating that LTC could reach $ 1,500 by the end of 2020.
DigitalCoinPrice.com predicts that Litecoin will remain stable over the next few years and will trade at $ 72 in 2026. CoinPriceForecast.com stated that in the long run, Litecoin will hit $ 251.44 in 2030.
Walletinvestor.com, meanwhile, described Litecoin as “a high-risk, one-year investment option.” By the end of 2020, the site expects LTC to fall to $ 4.5, but recover to $ 36.8 by the end of 2021. Walletinvestor.com is very bearish on Litecoin, claiming that by the end of 2024 it will drop to $ 0.77.
Investing in Litecoin good or bad investment?
The cryptocurrency market has seen many ups and downs over the past few years, with the last huge drop in March 2020. Many conversations revolve around cryptocurrencies, but still, there are questions to be answered.
Will Litecoins grow again and hit the all-time high? For this question, no clear-cut answer is available. Predicting the price of any cryptocurrency over the long term is always a challenge, as a lot can happen in a matter of hours.
But most analysts who have taken time to talk about Litecoin are; meaning that the sentiment of the general crypto market for the LTC in the medium to long term is bullish.
Many cryptocurrency fans believe that the project has technological capabilities that can make it very popular in the cryptocurrency world. Therefore, they feel it is a good long term investment.
Whenever you want to choose which cryptocurrency you want to invest your money in, it is advisable to consult their market trends, latest technical analysis, and opinion from an expert? Therefore, always do thorough research and check the crypto background. Besides, community cases and cryptocurrency-related uses can support long-term growth prospects.
However, anyone who is not prepared to invest for the long term can use contracts for difference (CFDs) to take advantage of market volatility. Time will show us that will Litecoin hit new all-time highs or drop to zero?
Over the past few years, the cryptocurrency market has seen many ups and downs. It has seen a major drop in 2020 March. Will LTC progress again and reach an all-time high? Is investing in Litecoin good or bad investment? No clear answer to these questions is available.
Over the long term predict the price of Litecoin is challenging as a lot can happen in the crypto market in a matter of hours. Whenever you choose crypto to invest in, your investment is advisable to market trends, the latest technical analysis, and expert opinion.
Therefore, always check the crypto background and do thorough research. Also, community cases and cryptocurrency-related uses can support long-term growth prospects.