Are you interested in Litecoin (LTC), its working mechanism, history, and price forecasting? If so, you should keep an eye on this digital asset before the currency delivers the best results.
Unfortunately, there are very few sources where you can find all the Litecoin predictions in one article. We collected some of the best price predictions of Litecoin for the next four years. Furthermore, we discussed the advantages of this digital asset, price-affecting elements, and one automated platform to trade Litecoin.
What Is Litecoin Cryptocurrency?
In October 2011, Litecoin (LTC) was launched as a Bitcoin fork, or altcoin, to become a better-decentralized cryptocurrency than the established assets. The coin was engineered by Google developer Charles Lee. Litecoin has a better block generation mechanism using the Scrypt consensus algorithm.
Litecoin never broke the $100 mark from 2011 to 2017. But during the 2017 bull market, the price reached the $400 level. The price subsequently dropped below the $100 mark until breaking it again in 2019.
Since Litecoin is a digital currency, having the knowledge of how Bitcoin or Ethereum work is important to understand Litecoin. However, the actual code is a modification of Bitcoin, so you will find Litecoin faster. The mining mechanism is also better than Bitcoin.
Advantages of Litecoin
- Scalable Asset: Litecoin is much more scalable than Bitcoin. The technology introduced sophisticated scalability features without increasing the network fees.
- Faster and Lightweight: The developer of Litecoin improved the block confirmation time. Now, the ten-minute Bitcoin approval time has been replaced by 2.5 minutes in Litecoin. Hence, Litecoin is lighter than its peer cryptocurrencies.
- Better Fees: While Bitcoin and Ethereum have higher fees due to scalability issues, Litecoin solves the problem by introducing cheaper services.
- Strong Privacy Features: Litecoin introduced better anonymous transaction features to the core of their services. No third parties are allowed during a transaction thanks to the development of MimbleWimble services.
- Better Integration: Multiple industries are trying Litecoin as a payment gateway, like retail, arts, and gambling. The open software concept helps achieve better integration for the native Litecoin.
What Affects Litecoin Price
- Litecoin Trading: Litecoin is a big name in terms of market cap. Currently, it is the seventh largest altcoin in the world. Moreover, the currency ranks third in the crypto derivatives market.
- Fear of Missing Out: The digital asset market has been experiencing a FOMO craze. Investors are interested in the future of Litecoin, so they don’t want to miss the chance of making a profit. Hence, the market has a chance of moving upwards.
- Privacy Factors: The privacy of Litecoin can be a price-driving factor. Both the security of user funds and on-chain services have been improved. This is one of the reasons more investors might get attracted and increase the price in the future.
- Smart Contracts: Litecoin is working on the smart contract feature with Flare Networks. After implementing this service, Litecoin projected growth should increase.
Price Predictions for Litecoin: From 2021 to 2025
All the technology behind LTC suggests that the Litecoin price has potential for future growth. But what are the experts’ opinions about future Litecoin prices? Let’s see here:
Price Prediction: Litecoin in 2021
Litecoin has been doing well this year along with the surge of many other major cryptocurrencies. But the LTC price prediction shows that it might end the year at $265. This can be a lucrative investment for LTC investors.
Price Prediction: Litecoin in 2022
Experts are predicting that the 2021 bullish run will continue in the year 2022. There are also speculations that Litecoin prices will reach the previous resistance levels between the years 2021 and 2022. The price surges should continue until the end of the year.
Price Prediction: Litecoin in 2023
We studied the expert opinions of Litecoin for the year 2023:
- TreadingBeasts: The site provided a forecast that Litecoin’s price will average around $153 in 2023. However, the price might stay above $100 this year.
- Wallet Investor: Wallet Investor predicted two months of fluctuations in 2023. The subsequent months will make the currency less volatile. Litecoin may hit a high of $392 by the end of the year.
Price Prediction: Litecoin in 2024
Digital Coin Price published a Litecoin price prediction for 2024. They are expecting that Litecoin will be around $317, and at the end of the year, the average price will be around $440.
Price Prediction: Litecoin in 2025
Four years from now, we might see a Litecoin price between $500 and $600, according to sources like CryptoNewsZ. The year will see major reforms in the economic and political arena, but experts believe that Litecoin can sustain the issues and increase in value in the future.
Where to Trade Litecoin
Now you have enough information about Litecoin and its possible future. But where do you start trading Litecoin?
You can try Obolon9, an automated crypto trading system, to start your Litecoin journey today. The platform allows you to create automated trading scenarios with a manual decision-making ability for optimal trading performance. Creating an automated scenario for trading Litecoin is easy here. Also, there are lucrative subscription plans you can avail of after trying the platform using a free trial.
Litecoin is one of the most exciting technologies in the crypto world with good speed and cheap network fees. Having an eye on the Litecoin price movement can bring better results to investors amid the highly volatile crypto market. Also, a few elements like anonymity and smart contracts can increase the price of Litecoin in the future.
Keeping everything in mind, you should study Litecoin predictions to make the right decision. Already, various experts have predicted a strong upward movement of Litecoin in the near future. So, you just need a better place to start trading the asset. Try the reliable platform Obolon9 with a free trial period.