Known as the ‘digital silver” to Bitcoin’s “digital gold,” Litecoin has become one of the strongest cryptocurrencies by market cap. Over the long term, some crypto experts believe it can surpass $500 per coin between now and 2025, which is an enormous surge from its current price of around $162.
”My vision is people would use Litecoin every day to buy things. It would just be the payment method of choice.”– Charlie Lee
In recent years, thousands of altcoins have hit the cryptocurrency scene. But Litecoin, which came along in 2011, just two years after Bitcoin, is one of the most well-established altcoins that have been a good investment for many traders over the years.
Often seen as a reaction to Bitcoin, it provided a more straightforward, faster, and cheaper way to make digital transactions than BTC could. The latter was usually held as a store of value rather than a cryptocurrency to make digital payments with.
As a result, LTC has come along leaps and bounds. This is mainly due to its abundance of real-world use cases that have consistently driven its value up further. It has also been labeled the “digital silver” to Bitcoin’s “digital gold.”
Like BTC, Litecoin has a fixed supply that provides it with a level of scarcity often associated with precious metals. It also shares several technical aspects with Bitcoin.
The digital asset of Litecoin is commonly referred to as a digital silver alternative to the digital gold of BTC for several reasons. The first is that both of these digital assets have a hard-capped supply that gives them an aspect of scarcity similar to that of precious metals.
Over the years, Litecoin has grown enormously and earned a place in the top ten biggest cryptocurrencies by market cap. Naturally, it has also secured significant investment returns for those who invested early enough.
But what does the future hold for those who decide to get on board now? We intend to draw upon a range of factors to bring you the most accurate insight possible. Now, let’s begin this Litecoin price prediction!
What is Litecoin?
Litecoin first hit the crypto scene two years after Bitcoin in 2011, making it one of the earliest participants in the cryptocurrency sphere. It was founded by a man named Charlie Lee, a former employee of Google.
Overall, Litecoin boasts a very lightweight design that allows it to achieve transaction speeds significantly faster than Bitcoin and similar currencies. This is where Litecoin gets its catchy name from.
When compared to the original cryptocurrency of Bitcoin, Litecoin shares a few similarities. This is mainly due to their overall aim and primary form of usage being to provide a digital currency that people can use as a global payment method without intermediaries.
Like Bitcoin has a maximum supply of 21 million coins, Litecoin also has a capped supply of 84 million. Both create their currencies through the process known as mining, and both undergo the process called halving at regular intervals.
But what’s the difference between the LTC and BTC? Well, the former is often seen as a reaction to the latter. Despite the abundance of benefits Bitcoin has brought to the world of decentralized finance, it goes without saying that it has some flaws. Such as speed and transaction costs.
Litecoin aims to correct these flaws. Firstly, they increased block sizes to allow for much faster transactions than Bitcoin could achieve. In comparison to BTC being held as a store of value, Litecoin is often used for everyday transactions in the decentralized space.
With higher speeds and more use cases than Bitcoin, Litecoin soon gained a significant following and became quite the competitor on the crypto market. However, as time went on, it faced growing competition from similar altcoins on the scene and lost some of its momenta.
But regardless, it remains the ninth-largest cryptocurrency by market capitalization. Its price history is nothing short of intense, and there is a heavily active community around Litecoin. But will it be a potentially good investment for the future? Let’s see what technical analysis can tell us.
Litecoin summed up in three points
- One of the earliest crypto projects around after being founded in 2011.
- Faster, cheaper, and more effecient than Bitcoin but seen as more valuable in transactional usage rather than as a store of value like Bitcoin is.
- One of the largest cryptocurrencies by market cap with a promising price prognosis ahead.
Pros and cons of Litecoin
It may be one of the original cryptocurrencies on the scene, but that’s not to say there aren’t flaws associated with the various pros of LTC. Let’s look at them a little closer in the name of transparency.
|✔️ One of the oldest and most well-established cryptocurrencies alongside the likes of Bitcoin and Ether.||❌ It is unfortunately popular as a form of payment on the dark web, which can be damaging for its reputation.|
|✔️ It boasts a range of attractive features over other cryptocurrencies ranging from higher speeds to lower transaction fees.|
|✔️ Known as ‘’digital silver’’, there are many predictions that believe LTC could hit $10,000 per token over the long term.|
FAQ about LTC
As with any well-established cryptocurrency, particularly one labeled “digital silver,” there are naturally many questions surrounding it. So in this section, we aim to answer the most frequently asked questions about Litecoin.
Why is Litecoin called digital silver?
Whereas Bitcoin is called digital gold, Litecoin is often digital silver. Firstly, it also goes through a process known as halving that has a direct and usually positive effect on the supply and demand of digital currencies. The next halving is scheduled for 2023, which could be a significant month for the price of Litecoin.
What can Litecoin be used for?
Litecoin has several promising real-world use cases due to it being seen as a valuable way to make transactions. One of its most promising advances is in the world of gaming. Various video games hosted on the Litecoin blockchain network have led to a boom in LTC transactions. Naturally, this has had a very positive effect on the price of Litecoin.
Does LTC have the ability to scale?
Scalability is an essential aspect when judging the future of a cryptocurrency. Since its birth in 2011, Litecoin has demonstrated its ability to scale by handling millions of transactions every month. In addition, the code of Litecoin can be made more advanced by being combined with improved algorithms and other upgrades.
Is Litecoin a good investment?
While nothing is guaranteed, Litecoin has an excellent price history behind it. Over a few years, it has gone from being worth a few cents to skyrocketing into being worth hundreds of dollars. Many crypto experts believe it can be a good investment for the future.
As one of the earliest cryptocurrencies around, the price history of Litecoin is a wild and fascinating one that shows us a glimpse of how incredible its future has the potential to be. Let’s look at 2021 as an example.
Litecoin started 2021 for $127, a reasonably accessible price for new investors. They made the right decision for those traders who decided to start the year with an investment into LTC. By mid-February, the price had surged to $236.
This caused a slight price drop as many investors sold off to take their gains. But for those who held on, there were even bigger rewards in store. Mid-April saw the price rise to $316 per coin. Then after another slight price drop, the price surged again to $386.
After this high point, the price then went through a significant dip, and Litecoin plunged to a low of $106 in July before rising again to $231 in September and then $278 in November. Now the price is hovering around $160.
Many believe this is the perfect place for new investors to prepare for the next potential incoming price surge. But what kind of price surges are we talking about here? Let’s see what the technical analysis can tell us.
From its current price of around $162, the technical analysis predicts that Litecoin can rise to $200 by the middle of 2022. By the end of the year, the price could gain $38 and finish the year at $238, a gain of +47% on the current price.
In 2023, it’s thought that Litecoin could then rise from $238 to $266 by the middle of the year. It’s then expected to surge to +94% from its current price and finish the year at $314. As it goes into 2024, the price is only likely to rise even higher.
After starting 2024 at $314, it’s predicted that Litecoin could rise to $361 within the first six months. Gaining over 150% from the current price, it’s then thought that LTC can reach new highs and enter 2025 at a price of around $407.
As one of the earliest cryptocurrencies on the scene, Litecoin has naturally gathered a lot of attention from crypto novices and experts alike. When it comes to the latter, there is an abundance of well-established cryptocurrency experts who have given their opinion on the price prediction of Litecoin.
One of them is the popular Youtube channel “Rockstar Trading.” In a short but in-depth analysis, he predicted that Litecoin has the potential to break out of the current dip by 1600% and reach a potential new high of over $1,000 per coin.
Another crypto Youtuber with a positive outlook on Litecoin is Altcoin Daily. In a panel between three well-established crypto experts, their Litecoin price prediction came to the bullish conclusion that this high-speed crypto asset has the potential to boom in value by up to 30x.
And last but not least is a simple-to-follow Litecoin price prediction from the Youtube channel Cryptonomics. They drew upon CoinPriceForecast and WalletInvester to come up with an average price forecast for LTC. Overall, it looks that Litecoin will surpass $500 between now and 2025.
Overall, Litecoin was created to answer the downsides of Bitcoin. From low speeds to high transaction speeds, LTC aimed to change that. It’s been around for almost a decade, and it has become one of the most formidable crypto projects that have managed to stand the test of time.
From a wide range of real-world use cases to a burgeoning community surrounding it, the “digital silver” to Bitcoin’s “digital gold” certainly has a lot going for it. The technical analysis and expert opinions align to predict a possibly bright future for Litecoin.
In the past, those who bought in at the dip and were patient enough were often rewarded with phenomenal returns on investment when LTC saw repeated price surges. Many predict that the current drop is a good time to get on board in preparation for the next stage of Litecoin’s price journey. But who on earth do you buy it as a beginner?
Where to buy Litecoin?
Like BTC and many other early cryptocurrencies, when Litecoin first hit the scene in 2011, getting hold of it wasn’t easy. Thankfully, things are much better when buying crypto these days. This is essentially thanks to a handful of reputable brokers. Here, potential investors don’t need in-depth cryptocurrency exchanges to buy Litecoin.
One of the most renowned crypto brokers is eToro. Offering an array of unique features from copy trading to stop-limit orders, it provides a phenomenal crypto trading environment for beginners.
As well as major cryptocurrencies like Dogecoin and Bitcoin, eToro is constantly expanding the range of crypto offered. From Ethereum to Binance Coin, this reputable brokerage has many digital assets on offer. At the same time allowing you to diversify your crypto portfolio tremendously.
This Litecoin price prediction is for informational purposes only, not financial advice or investment advice. LTC and other digital currencies have potential rewards and cryptocurrency market risks. Despite the positive outlook, the predicted price analysis of Litecoin on the crypto market and is not guaranteed to be a profitable investment option as a bearish trend is just as likely as a bullish trend when it comes to the price of LTC and its market cap. Anyone wishing to invest should do their own research and seek independent financial advice.