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Litecoin has transformed from a “scam” in some people’s minds to an “alternative asset” in the past few years. However, the high price of Litecoin has scared some people away, while crypto enthusiasts and analysts believe the price of Litecoin will continue to touch new highs. But is litecoin a good investment and the question about Litecoin price prediction? This is something that many people wonder. Before answering this question, you need to understand what Litecoin is.
What is Litecoin (LTC)?
When compared to other cryptocurrencies, Litecoin has been part of the cryptocurrency market longer. The coin was started in 2011 by Charlie Lee, who is a former Google engineer, with the original intention being the lite version of Bitcoin. It was not made to replace or directly compete with Bitcoin, but as the founders have stated, they wanted to create silver to the Bitcoin gold.
Litecoin (LTC) Price Histroy
Litecoin and Bitcoin are quite similar to one another. The price history of both coins shows similar patterns in prices when increasing or decreasing. Currently, the price of Litecoin is about $134 and a market capitalization of almost $9 billion. 2017 saw an interesting year for Litecoin in regard to its price. The year started at a price of just $4.54 and a total trading volume of about 545 million. By the end of the year, the price had increased dramatically to $224.34. This signifies an increase of more than 4,500% in just 1 year.
Despite having a tremendously successful previous year, 2018 was the opposite. As soon as 2018 began, the price of Litecoin began to decrease. By March of 2018, the price of Litecoin reached a low of $115.11, about half what the price was just 3 months before. The price reached $79.68 by the end of June 2018. At the end of the year, the price of Litecoin reached $32.18. This is a significant decrease from $224.34 just a year before.
The price of Litecoin started the year at a price of just $32.49. The price increased in early 2019, rising to $141.72 by June. Despite starting 2019 strong and the price increases by more than 400%, the price of the coin started to decrease after June. The price of Litecoin decreased from the year’s high of $141.72 to $41.59 by the end of the year.
Soon after the start of 2020, the price of Litecoin saw an increase to $80.67, almost doubling the price in just 2 months. The price, again, decreased to $30.21 2 weeks later and remained relatively the same until the end of 2020. By October of 2020, the price of Litecoin increased to $46.73. It increased even further, at a rapid pace, to $126.49 by the end of December 2020.
The trend of significant and fast increases in the price of Litecoin continued in 2021. The price of the coin rising to $202.58 by the end of March. The peak price of Litecoin in 2021 was on May 10, 2021, at a price of $410.26. Soon after reaching the highest price point in the coin’s history, the price started to decrease. By the end of June 2020, the price of Litecoin decreased to $137.28. Currently, the price of Litecoin is around $134.07, with a volume of 15.25 million.
Litecoin (LTC) Price Prediction
Litecoin (LTC) Price Prediction 2021
Based on the current data and facts regarding Litecoin, the price prediction for it would be $140. The reason for a small increase in price when compared to the current price of Litecoin is due to several reasons. The first reason is due to the price history and trajectory of the price, which mirrors 2019 in many ways. In 2019, the price of the coin increased drastically in a short period of time, then started to decrease rapidly. After the rapid increase and decrease, the price of Litecoin remains relatively unchanged for the remainder of the year with minor fluctuations. This analysis leads us to the price prediction of $139 at the end of 2021.
Litecoin (LTC) Price Prediction 2022
In early 2021, China announced they will banning the use of all cryptocurrencies and all mining operations in the country. After this announcement, the price of all cryptocurrencies, Litecoin included, decreased significantly. Miners and traders have been forced to stop their operations but they have found a solution. The solution is to move to other countries and start operations. Many experts predict that operations will fully start by the beginning to mid-2022m increasing the value of all cryptocurrencies as well as stabilizing the market, Litecoin included. Due to the stability and more miners, the price prediction for 2022 is $185.
Litecoin (LTC) Price Prediction 2023-2024
Many markets around the world are developing at a fast pace, such as India, China, Pakistan, and Nigeria. A significant portion of young individuals from these countries will start to invest heavily into the cryptocurrency market, adding billions. We also need to take into account the significant increase in mining activity, trades, operations, and investment. The price prediction is at $279.
Litecoin (LTC) Price Prediction 2025-2030
The long-term price predictions are interesting for Litecoin for several reasons. By 2025-2030, 100’s millions of new cryptocurrency investors become able to invest in crypto in emerging and developing markets. This is also while millions of young investors are eager to invest in cryptocurrencies become able to invest. The future is bright for all cryptocurrencies, taking into account many aspects. Future demographics, forecasts, prominence of cryptocurrencies, ease of investing, increased crypto investment, and future mining technologies are all vital. Due to these many and significant factors, the price prediction is set at $484.
Is Litecoin (LTC) A Good Investment?
Like many cryptocurrencies, they are not the best when it comes to investments in the short term, 2021 especially. Some cryptocurrencies can see appreciation in the next 1-2 years, but not the overall market. However, when taking into account the future value of the cryptocurrency market, it would be incredibly important to invest in Litecoin. It would be an excellent investment, only in the long term.
Considering both Bitcoin and Litecoin mirror each other to some degree, Bitcoin will also see significant gains as well. Experts predict Bitcoin will increase to more than $100,000 by 2025. Due to the extremely high price of Bitcoin, many investors will be drawn to less expensive, but still excellent coins such as Litecoin. The reason why they are drawn to Litecoin is that it can emulate the fluctuations of Bitcoin, while also allowing investors to own whole coins. Investors can always count on making a return when it comes to Litecoin, but they need to factor in the term strategy for all cryptocurrencies, Litecoin included.
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