What is Litecoin–Literally?
Cryptocurrencies around the world have their own unique features, their unique identities. While some promote, they are the most well-known, some join the bandwagon of being the hallmark of privacy. Way back at the end of 2010 Charlie Lee, the ex-Googler thought of something entirely different.
He was aware of Bitcoin, which is frequently referred to as Digital Gold but he wanted something special for investors; something they always could rely on as lighter and affordable forking out from Bitcoin like Bitcoin Cash. In fact, Litecoin (light + coin) got its distinctive name derived from Bitcoin only. In a way, it is an improvised version of Bitcoin. The added protocol has done further good to the entire sustainability of the cryptocurrency giving it longevity and more reliability.
Consequently, Litecoin was released by an open-source client on GitHub on the auspicious day of October 07, 2011, with the network going live on October 13 subsequently. Featuring among the top 10 cryptocurrencies in the world, Litecoin is represented with the symbol LTC as the prized digital asset in the crypto market today.
Litecoin – A Lot Lies in Store
Conventional payment system options via fiat currencies somehow have not made lives easy for users. Owing to limited supply and accessibility issues, Bitcoin too had its limitations. This happens to be the core area of expertise for LTC. Litecoin has been at the CenterStage of all crypto transactions and has promulgated better payment systems.
Salient features of Litecoin (LTC) have made a significant difference for investors especially in terms of speed in confirmation and also enormously reducing the transaction fees. Litecoin happens to work on the same consensus mechanism as its Parent on Proof-of-Work (PoW). It too has optimally benefitted from blockchain algorithms even though the algorithm with which Litecoin works is “Scrypt” mainly having an upper hand in mining. In other words, anyone who is participating in the consensus activity has a chance to write the next block or record on the network.
Another major focus area of LTC has been to meet growing consumer demands as per the cryptocurrency market situation by unlocking the power of blockchain especially strengthening global payments infrastructure. Exploiting the power of crypto-asset technology, Litecoin has been successful in drastically accelerating the speed, cost, and trustworthiness of the masses especially in the way they execute transactions.
The lightning speed with which Litecoin processes the transaction makes a prominent difference to the entire ecosystem of payments. LTC can expedite each process within 1/4th of the time taken by its parent. On top of it, the available LTC today stands at 84 million thereby coveting the honor of being a highly sustainable medium of exchange. Most of the investors today know their beloved token LTC as a peer-to-peer internet currency facilitating instant, near-zero cost payments.
Litecoin– The Community Footprints
As a premier organization, the Litecoin team has also naturally assumed corporate social responsibility. Working actively towards this mission is the Litecoin Foundation where expert developers, researchers, and scientists from the entire team of professionals are dedicated to the mission of promoting cutting-edge blockchain technology for the sheer cause of an empowered society. The Board of Directors, being headed by Charlie Lee, the creator of Litecoin, other members in leadership include John Kim, Xinxi Wang, Alan Austin, and Zing Yang.
Litecoin: Lighting the Partnerships
Partnerships play a vital role in the world of crypto assets. Especially because they are major drivers of mass adoption, LTC has forayed into many too. Disseminating awareness as well as comprehension on the subject of digital assets, Litecoin Foundation has been aggressive in sealing certain very pivotal nuptials.
For instance, Travala, a close Partner of Litecoin Foundation, facilitates hotel booking for all Litecoin holders in more than 210 countries, covering over 82,000 locations. The Foundation has also not missed out on signing a pact with certain major fiat-crypto payment processors like Aliant Payments and Coingate. Vide this partnership, Litecoin has become the crusader of making LTC acceptable at Merchant establishments as a payment mode. It serves as a payment intermediary where it automatically converts Litecoin into fiat automatically and deposits the fiat into the merchant’s account.
In order to further leverage fungibility and privacy features, Litecoin has added Mimblewimble, a blockchain design for storing and structuring transactions. Other technologies include second layer scalability solution Lightning Network (LN), Atomic Swaps, and Colored Coins.
Litecoin – The Historical Voyage
Since Litecoin forks out from Bitcoin, the major price fluctuation patterns of Bitcoin find similarities with Litecoin prices as well. Even though there are no typical correlations in Bitcoin & Litecoin prices, the latter started with a slower momentum. However, it has been a consistent performer for the past 3 years in between Bitcoin & Litecoin. The bull cycle has though, not been aggressive, but has been quite potent for the price of Litecoin (LTC).
The credit of the price surge of Litecoin is also due to the mining reward event that this digital asset hosted. Being at the peak in December 2017 pegged at $375.29 was at an all-time low in January 2015 at $1.11. The Litecoin price has been hovering but now staying stable. Pandemic has made most of the cryptocurrencies topsy-turvy. LTC is no exception either but it has survived the vulnerabilities. Hence the price trends are generally showing a slowdown. With the current supply standing around 84 billion, LTC no wonder has garnered a significant market capitalization. Furthermore, It also means that only around 19 Million coins are left for LTC miners to mine.
Experts’ Take on Litecoin price Predictions
While the initial phase for Litecoin did not see much acceptability with masses, it took time for LTC to build that trust and work towards it. Undoubtedly, it emerged as a leader and today stands tall at the price of $148 today. Here are many crypto experts who opine that Litecoin has immense potential and encourage investors giving glowing recommendations as below for this digital asset:-
Longforecast: “Irrespective of its adoption, Litecoin will tend to face heat till Jan 2022. Going by predictions that bulls may be back, LTC should end up slightly higher, say by 2024 $190.38 at best.”
Oracle Times: “Litecoin has attained one of the top 10 positions in cryptocurrencies in 2020 and the performance might be thoroughly maintained.”
Reddit Community: “It is a game of the competition. The number of existing LTC coins are seated at $2.78 billion, each LItecoin valuing worth $177.10.”
CoinSwitch: “A lot of Litecoin projects are moving from concept phase to testing phase and by the end of the year, a good number of projects would have been completed, hence, an all-around bullish prediction of $212.00.”
Long term technical team: “Litecoin has a promising future. It may get marginally impacted but bulls will be back and around 2024 its price may skyrocket to $210.88.”
BraveNewCoin: “Consolidating trends point towards the fact that there is hope for Litecoin and show it may go on a higher sentiment.”
Trading Beasts: “Litecoin (LTC) going by what it was in August 2020, it sounds highly bullish as it has shown a reliable consistency. By the January 2021 end, it should easily swing around $150 to $200.”
Litecoin price Forecast – Lighting Years Ahead?
At the time of writing this prediction article based on the technical analysis, the price of Litecoin is trading around $141 with a market capitalization of $9,366,204,538.
Pandemic has done no discrimination when it comes to currencies. Most of the fiat currencies, as well as other investment avenues, have met with the same unfortunate fate. Many investors are still apprehending the clash of the remaining titans considering whether it is really worth investing in Litecoin. Even though the Litecoin price has shown a great sustaining performance in the last year, many gurus feel the bull run could be distant as per the Litecoin price prediction 2020 and the technical analysis. While the others debate differently. With that being said here are some Litecoin price predictions for the long and short term:
Litecoin price Prediction 2021
As this year is preceded by the major events along with a tremendous surge in the price of Bitcoin, there should be a bullish trend driving Litecoin price action to continue to perform at a minimum of $180 for sure. This should be a good attraction for traders and individual investors to pour their money into the LTC kitty.
Litecoin price Prediction 2022
The bullish trend for LTC/USD price that started around the end of 2020 and throughout 2021 will continue going forward into 2022. Somewhere in between the years 2021 and 2022, a surge in Litecoin price could be seen taking it to its previous major resistance around $361 followed by immediate sharp price changes by the end of 2022.
Litecoin price Prediction 2023-2025
Fluctuating between $180 and $250, the LTC price may show some downward movement but it can‘t be said with certainty whether these 3 years would mark the golden era for this crypto. There could be some significant changes in industry scenarios, market positions, economic overruns, policy restructuring, or any other political reason for the coin to host its performance on exchange. LTC, however, is known to be resilient and consistent both, global economics may too have its own effect on Litecoin price movement.
Some experts also predict that price correction may also be effective around this period reflecting an LTC price drop of around its support of $132 in 2025. Region-specific changes too affect the LTC price and its market cap. For instance, a new shopping mall in Singapore has installed an ATM that accepts Bitcoin and Litecoin.
Hence reaching towards its futuristic goals, one thing that can be guaranteed about LTC is that the stars are bright for this asset. Having revolutionized the entire global page of transactions, LTC embarks on the voyage of leaving a remarkable footprint on this ecosystem. Some speculations around Litecoin in 2023 also highlight that LTC would gain traction in these years and so by 2025, Litecoin price might even reach the new all-time high of $1200. Litecoin seems now to be racing to set a record affirming its position showing stability.
Litecoin price Forecast for the Long Term
Though far-fetched but it can’t be ignored that Litecoin by the end of this decade, would have grown manifold. A larger part of this cryptocurrency is coming from technological rapid-fire transaction processes backed by robust technological innovations.
Litecoin – Literally Legendary
For the past two decades, Litecoin has single-mindedly focussed on being the paradigm asset that has positioned itself as a trusted brand for investors and traders alike. Across the markets, it has gained a reputation for which it has constantly strived hard and non-stop.
The well-known Grayscale Investments, the world’s largest digital currency manager, has gained approval from FINRA to launch a Litecoin Trust. This allows high-net-worth investors and institutional accounts to gain access to Litecoin. This has acted as a morale booster for the entire retail as well as institutional investor community to use LTC.
Hence the long-term horizon definitely looks bright for Litecoin as it is eager to adopt privacy protocol seeking partners like Mimblewimble. All going fine, the world may offer massive gains on the main network, a development that would act as a catalyst to the progress of Litecoin (LTC).
Frequently Asked Questions
Is Litecoin a Good Investment In 2020?
How do I purchase Litecoin for myself?
Many trading web platforms and crypto exchanges such as atomic wallet, Litecoin wallet, CEX.io, etc. Register yourself with your KYC credentials and transact via any of your Master or Visa credit cards. Post verification your altcoins are transferred to your LTC wallet. All in just 30 minutes!
How do I make my Litecoin wallet?
Your passkeys to reach the cryptocurrency wallet stay saved on your smartphone. Furthermore, you can quickly and fast control all of your Litecoins.
On what platforms can LTC be transacted?
Being listed on major exchanges, the best part about LTC is that it can be traded on a variety of noted crypto as well as fiat exchanges.
Remember Cryptocurrencies are subject to volatility in markets and hence bonding sentiment plays a pivotal role here. Investors are advised to do their own due before investing in any currency.
Both have their own merits and advantages. Both have their ruling realms of their own where they are the doyens of their territory.