Launched as a fork in 2011 as a part of the Bitcoin blockchain, Litecoin has changed the way of investment. The idea behind the creation was to offer a more miner-friendly digital currency. Moreover, they wanted to make it easy so that even an average user can mine the currency without having top-notch devices. With such initiation, it is no wonder that Litecoin boomed in the market. Currently, it has a vast user base. And continues to even stretch their mark on the market. With that being said, today we will focus on the Litecoin price prediction.
But Before We Move on To Discussing The Price of It,
Let us Check How Litecoin Came To Be
Litecoin is closely in association with Bitcoin. So, if one has to understand the price prediction, one has to go through the original electronic currency. Charlie Lee created Litecoin. Lee had garnered knowledge about the crypto realm while working at Google. It was at this time when he noticed the issues with Bitcoin.
One of the major issues that gave him the idea to create litecoin was transaction time. The long transaction times and frequent network congestion kept many users upset. To solve this particular issue, he created Litecoin and the Litecoin Foundation. Although Litecoin has a faster transaction time than Bitcoin, the value for the coin is yet to come close.
Litecoin is very resistant to ASICs. If you are worried about what it means, ASICs is a graphic card that focuses on mining cryptocurrency. Because of the ASICs, the asset has become very accessible to even the average miners. The number of Litecoin that exists in the market is 84,000,000 LTC. It is four times more than the number of Bitcoin that exist.
Although it is less scarce, the number assures that the world would have an easier time using Litecoin as a traditional asset. Although if you are thinking whether there is any difference or not. To tell the truth, there are many differences between the two currencies. Apart from the LTC price, Bitcoin and Litecoin are the same.
A Chronological Study of Litecoin (LTC) Price
Litecoin has managed to remain below $100 for the first half of its lifespan. However, in late 2017, the price of Litecoin price hit the mark of $70. Then it almost jumped to $400 by year’s end in the overall ball run. Since that happened, the value of the asset has dropped to $100.
Moreover, the value continues to hover around that mark. Although in mid-2019, the Litecoin price hit the mark of $160. But the point was short-lived. Since then, the price of the currency has ranged from the mid $ ’30s to $80. One might think that it may not be a fruitful investment.
But if you notice the year-over-year performances, it is doing comparatively better than other cryptocurrencies. Moreover, Litecoin has ranked number 5 in terms of market cap. So, as of now, it makes the worth of the currency close to $5.4 billion.
What are The Factors That Impact The Cost of Litecoin?
Like any digital currency, many factors affect Litecoin. Take the upgrades and price of Bitcoin as such elements. So, let’s see what they are.
- One can say that Litecoin used to correlate with Bitcoins value very closely. However, since Bitcoin chose to integrate with the SegWit update, Litecoin has taken the second seat. Because what made Litecoin unique was not unique anymore.
- However, the asset still is faster than Bitcoin. So, many investors choose to invest in it. However, as the mainstream world tries to catch onto crypto, the speed and accessibility will become more necessary. So, it can bring in an audience.
- There are only 85 million Litecoin that are in circulation. So, one can say that it is four times higher than what Bitcoin is offering. It is also one factor that makes Litecoin not reach Bitcoin’s value possible.
Many consider Litecoin as silver to Bitcoin’s gold. As a result, the demand and the cost of gold are more. Thus, it sells for a higher price. However, silver is often used for the transfer of value and has a lower price as a result. Do not forget the feature of halving. Like Bitcoin, Litecoin also goes through halving. Although it has become a bit rarer, the Litecoin price increases because of it.
Modernity has Changed Litecoin
The litecoin platform has recently noticed the launch of LiteBringer. It is an RPG video game that runs on the network. It is one of the ideal ways in which users can learn about the blockchain. Moreover, through it, one will know the ins and outs of the mechanism. LiteBringer allows users to buy in-game items. So, the transactions on the Litecoin Network increase. This procedure makes sure that the price of the currency stays up. Now That We Have Discussed Every Bit of the Aspects of Litecoin,
The Prediction of Litecoin Price
According to the LongForecast, the value of Litecoin will hover around $91 in 2021. The site uses mathematical and statistical indicators to predict the long-term performance of currencies. Although they also have predicted that the price will remain around the $90 mark, and sometimes it may even hit the $80 mark of $80 for most of 2022.
However, the platform has predicted that the LTC price may take a steep drop to $40 and $50 in 2023. Although the coming two years do not seem good. The prediction for 2024 seems brighter. They predict that the asset may jump back to around $100 in the first six months of 2024.
Digital Coin Price predicts that Litecoin may hit the mark of $125 in November 2021. While in the coming 2022, it may go as high as $338.87. Although it may drop to $127 in two years, hitting $144 and then $564.82 in 2026.
How the value of the cryptocurrency will fare only depends on how the market plays out. To get positive and recent updates about Litecoin, check Litecoin news.
You may also read