Since the appearance of Bitcoin, many other crypto coins were launched, trying to beat the main cryptocurrency in usability, cost and adoption, though not all of them could reach that. Litecoin, which is in fact a hard fork of Bitcoin, managed to become the second-largest pure cryptocurrency and gain massive adoption. Its price kept being volatile over the years, and in 2021 it got highly affected by the crypto winter. Read our LTC price prediction to understand what’s awaiting the token in the nearby future.
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Table of Contents
Litecoin Fundamental Analysis
Litecoin is a cryptocurrency that was designed to offer fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The coin was created as a copy of Bitcoin protocol but with a different hash algorithm, block transaction times, and some other factors. So it offers a very short block time of 2.5 minutes and extremely low transaction fees, so it can be easier to perform micro-transactions and point-of-sale payments. The transactions on the Litecoin network are confirmed within seconds with almost negligible transaction fees.
Litecoin is the second largest cryptocurrency after Bitcoin among pure cryptocurrencies. It is also one of the most accepted coins with over 2000 merchants and stores accepting it worldwide.
The token was released via an open-source client on GitHub on October 7, 2011, and the network went live in 5 days on October 13. It got a lot of adoption in a very short time with many merchants using it, and it got in the top ten cryptocurrencies by market capitalization.
The founder of the project is Charlie Lee, a former computer engineer at Google, who meant Litecoin as a lighter version of Bitcoin with very similar features but lighter in weight. The name of Charlie Lee is held in high regard in the crypto space. He’s also known in the community as a Chocobo, an early Bitcoin miner, and a computer scientist. Lee also worked as a director of engineering at Coinbase between 2015 and 2017.
Litecoin Foundation is a non-profit organization that works alongside Litecoin core development team to help advance the project. There are 3 other people serving as board directors: Xinxi Wang, Alan Austin, and Zing Yang.
In 2017 Lee shocked the community by selling all of his LTC holdings, just after the token hit its all-time high. Critics accused Lee of manipulating the crypto market through his Twitter account.
Litecoin is a Proof-of-Work network, meaning that the number of tokens in circulation increases with each new block mined. Though, the number of LTC tokens mined per block decreases every four years according to the block reward halving scheme. Litecoin is known for its high level of cryptographic security. The network utilizes a modification of the consensus algorithm using a Scrypt Proof-of-Work consensus, making the miners compete using specific equipment. The Litecoin network allows using consumer-grade hardware for mining new blocks.
In 2020 Litecoin went through the release of the MimbleWimble testnet, which is used for a certain type of confidential transactions on the network. When the feature will move to the Mainnet the network will achieve higher fungibility and enhanced privacy. The MimbleWimble extension block upgrade is the largest ever upgrade of Litecoin, which also importantly improves the scalability of the network.
This upgrade was proposed in 2019 through a Litecoin improvement proposal. One of its main goals of it was to improve anonymity on the network. It was finally successfully activated on May 19, 2022. It caused some adoption complications, as many regulators don’t really accept privacy-based cryptocurrencies. it caused several South Korean exchanges to delist the LTC token from their platforms shortly after the upgrade took place, because it makes it impossible to adhere to the Act of the Reporting and Use of Specific Transaction information.
Litecoin has several hard forks, including Junkoin, Monacoin, Litecoin Cash, Cloak Coin, and Einsteinium, though Lee insists on calling any hard fork of the chain a scam.
LTC is the native token of the Litecoin network. Around 500 000 LTC were instamined the next day after the block genesis day. Among the first miners, there are mainly the Litecoin network developers. The token has a max supply of 84 million coins with over 71 million in the current circulation.
LTC has a big number of fiat trading pairs and can be exchanged for numerous fiat currencies for those who want to buy LTC.
Litecoin Live Price Chart
The price of the LTC token kept declining ever since it reached its all-time high of $412.9. In the following 6 months, the price decreased by over 50% and at the end of November 2021, the price of LTC was at around $220. It stayed around this level all the way until the end of the month, but around November 25 the price started to decline. First, it fell to $198 on November 28, but then managed to recover, returning to $208, but only for a day to drop down much more.
During the first week of December the price of Litecoin struggled a lot, losing about 25% of its value in a matter of days. The price of LTC continued to decline until a bit after the middle of the month, reaching $144. Then the token made an attempt to flip the price, but could only go up to $161 on December 25 and then returned to the downward trajectory again.
By January 10 the price dropped to $126, which was followed by another short recovery period that lasted till January 23, but after the price dropped much more and LTC token was trading for around $106 until the beginning of February. The price grew again after that, reaching $140, and then swung down again. This type of LTC price chart movement lasted until the beginning of May. The price of LTC kept swinging up and down, but with noticeable curve of going down.
On May 8 the price of the LTC token was at $94, but in the coming 2 days, the coin was affected by the massive bears hit, and lost around 30% of the price in a week, dropping to $64 by May 13. The price stabilized at this level for a month, with just a slight decline visible. On June 8 the price of LTC was at around $61-$63, but at that time the crypto market went through a crypto sell-off which affected many assets including LTC. The price of the token dropped to $43 on June 14.
Even though the token recovered some of its value in the coming two weeks reaching $56 by the end of June, it established a new price level, much lower than the asset used to see before.
Until the middle of July, the price stayed stable, but as the crypto market was showing bullish signals in the second half of the summer, the LTC token also started to grow at that time, but very slowly. By the middle of August, the price of LTC could only reach $63. Ever since that the LTC price was stable, not reaching above $63 till the very beginning of November. At that point LTC gained some value, reaching $68 on November 6, but couldn’t maintain the trend and dropped to $58 after a few days and remained there. Analysts foresee the token going slightly up in the nearby future.
Litecoin Technical Analysis
The relative strength of the token grew in the last 3 months from 47% to 58%. After a long time of the price fall, LTC started to grow again with its moving average staying around 55-58 with an average volume at the level of 68000-69000.
According to the last movements of the LTC price chart, the token is consolidating between the triangle pattern and xabcd pattern, which indicates an upcoming bullish trend for the token. The moving averages of the recent Litecoin price signal a strong buy. RSI and MACD indicators are also bullish.
Litecoin Price Prediction
Litecoin Price Prediction for 2023
Litecoin Price Prediction for 2024
Litecoin Price Prediction for 2025
Litecoin Price Prediction for 2026
Litecoin Price Prediction for 2030
As it can be clear from the analysis cited above, Litecoin (LTC) projections are rather contradictory. There is no universal consensus either about positive or negative future LTC price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Litecoin projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
What is the future of Litecoin?
The future of Litecoin is bright, according to most Litecoin future predictions. Since Litecoin has proved itself to be a reliable investment that has high growth potential, there’s no reason for it to fall out of use any time soon.
What is the long-term forecast for Litecoin?
The long-term forecasts for Litecoin mostly agree in their high Litecoin value projections. For example, there are several Litecoin price predictions for 2025 putting the coin above $2000 at that point. Even the conservative estimates predict Litecoin hitting at least $1000 in the next decade.
What happened with Litecoin (LTC)? Will it rise again?
Litecoin (LTC) crashed together with the crypto market in May 2021. It has been rising again since July this year, albeit slowly. Most Litecoin projections agree that it’s going to rise much more in the foreseeable future, so to answer the question, Litecoin is alive and well.
Will Litecoin go up in 2021?
Yes, Litecoin will probably go up in 2021 — or, rather, it has been going up for some time already. Several 2021 price predictions for Litecoin put it at $200–$300 by the year’s end; compare this to the lows close to $100 in the middle of 2021.
What are Ethereum and Litecoin predictions 2021-2022?
Most Ethereum and Litecoin predictions for 2021–2022 expect both of them to grow by the end of 2022. In the short-term those coins’ prices may go through some volatility. However, even those Litecoin price forecasts that predict a decline in 2021 are positive overall — same as the Ethereum ones.
Will Litecoin survive in the long run?
Yes, Litecoin will probably survive in the long run — it’s one of the most well-known coins out there, with strong fundamentals. It might not necessarily be a rocket to the moon, but none of the Litecoin value projections suggest that it won’t live long.
Is Litecoin a good investment for 2021?
Yes, Litecoin is a good investment for 2021, according to numerous Litecoin future price predictions. In the long-term, the coin is expected to grow quite a lot. For example, some Litecoin predictions for 2025 estimate it will grow as much as 10x in the next five years. This would mean fantastic returns for those who decide to invest in Litecoin.