Even if you’re new to the crypto sphere, you will probably have heard Bitcoin being referred to as “digital gold”. In comparison to traditional fiat currencies like the U.S. Dollar, BTC is seen as a store of value. Whilst its price can fluctuate massively, it’s still a serious store of value. Bitcoin Gold is worth investing in. But what about digital silver in the form of Litecoin?
The digital asset of Litecoin is commonly referred to as a digital silver alternative to the digital gold of BTC due to a number of 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.
Under the hood, Litecoin also shares some technical aspects with Bitcoin and is a work of the Bitcoin Core client. However, the name “Lite Coin” is in reference to its overall lightweight design and fast transaction speeds which is monumentally quicker than Bitcoin’s.
“Litecoin is boring and will slowly but surely moon. Have patience.”
– Charlie Lee
Today, Litecoin is a valuable asset that is often seen as holding long-term value. As a result, it’s amongst the top ten digital assets by market cap. It’s also seen significant returns for savvy investors.
When investing in crypto, it’s vital to diversity your portfolio and not put all of your eggs in one basket so to speak. If you’re investing in Bitcoin, it’s a good idea to invest in others too. The powerful digital silver of Litecoin could be a good choice.
The following price prediction aims to show you how the LTC price could potentially develop in the future. From new investors and the latest legislation to prediction strategies and expert analysis, our forecast utilizes a wide range of critical factors to bring you the most accurate price prediction possible.
What is Litecoin?
Often viewed as a reaction to Bitcoin, Litecoin was founded back in 2011 by a former Google engineer called Charlie Lee. As an early participant in the crypto sphere and introduced two years after Bitcoin, Litecoin became a strong competitor to BTC in the early days.
But with the advent of thousands of other altcoins, the position of Litecoin soon fell. Despite this, Litecoin remains the ninth-largest cryptocurrency by market capitalization.
In many ways, Litecoin is similar to Bitcoin and shares many characteristics. For example, the primary use of this digital currency is to provide a payment method for people anywhere in the world without requiring an intermediary to process the transaction. Both currencies also go through a process known as halving at certain intervals.
In the same way that Bitcoin is capped at 21 million, the supply of Litecoin is fixed at 84 million coins. And like BTC, Litecoins are generated via created by the crypto procedure known as mining whereby Litecoin transactions are processed.
Litecoin FAQ
Before we get into the price prediction, next we’ll cover some frequently asked questions about Litecoin to give you a better understanding of this long-running digital asset and its price potential.
What makes Litecoin different from Bitcoin?
Founded as an alternative version of Bitcoin, Litecoin is one of the earliest “Altcoins,” around. It gained popularity soon after its release and has retained it ever since. The main difference it has with BTC is that LTC is cheaper to use and faster to confirm in transactions. These two factors are important for customers and merchants alike if Crypto is to become widely accepted as a currency.
To avoid devaluation, almost every form of cryptocurrency has a fixed supply. Litecoin has a supply of 84 million versus Bitcoin’s more scarce supply of 21 million. As the value of precious metals like gold and silver is mostly based on scarcity, this is where Litecoin is often considered as digital silver whereas Bitcoin is digital gold.
What is Litecoin used for?
The main purpose of Litecoin is to transfer funds between people and/or businesses. Like Bitcoin, LTC uses blockchain technology meaning this digital currency has the ability to run a decentralized payment system free from government control or censorship.
How does Litecoin gain value?
Just like every other cryptocurrency, the price of Litecoin is heavily influenced by a number of different factors. The first is halving which takes place every four years when around 840,000 blocks are mined. The next halving is scheduled to take place on the 6th of August 2023. This directly affects the supply and demand of a digital asset, which usually has a positive impact on the price. Meaning 2023 could be a big year for Litecoin.
Bitcoin bull runs can also be a huge factor in Litecoin gaining value. As they’re both first-generation assets, LTC is particularly sensitive to the price of BTC. When the price of Bitcoin rises, Litecoin often follows the same pattern.
Video games also have an effect on the value of LTC. Litecoin blockchain network runs a number of video games on its platform, the most famous being the LiteBringer role-playing game. In-game purchases are made using LTC and have reportedly skyrocketed LTC transactions. If more developers and investors run similar games on the Litecoin network, it could increase the price drastically.
Will Litecoin reach $1000 per coin?
It’s very probable that Litecoin can reach $1,000. When exactly this will happen is unclear as price predictions vary. However, many experts estimate that can hit $1,000 per coin sometime before 2025.
Where do people buy, sell, and trade Litecoin?
You can buy, sell, and trade LTC from any reputable crypto trading platform. If you are a new investor, then we suggest using eToro. It’s safe, regulated, and beginner-friendly. The eToro interface is very simple to use, and it has an array of trading tools to allow you to trade safely.
Litecoin price history
Despite being one of the oldest digital currencies in existence, the strongest year for Litecoin came around in 2019 around 8 years after it was established. At the halving of Litecoin that year, the digital silver rose by an incredible 600% before subsequently crashing back down.
2020 saw Litecoin largely stagnant. There were very few price changes which caused many investors into LTC to wonder where this digital asset was going to go and if it would ever reach the magic number of $1,00 per LTC.
But 2021 saw Litecoin reach even further highs before a pullback. It’s predicted that if LTC can hold its support, it could see a new bull market that could result in the coin recreating similar moves Bitcoin has done in recent months.
Litecoin still remains below its former all-time high and is an affordable investment opportunity for many prospective traders. But what does the future hold for the price of digital silver? Let’s have a look at what the experts have to say!
Expert analysis of the Litecoin price potential
One of the best tools we can use to try and determine the potential future price of Litecoin is to analyze the opinions of various crypto experts. Let’s delve into four estimated growth outlooks for various industry experts and analysts.
Cryptoground
Using their internal deep-learning algorithm, Cryptoground has a slightly bullish outlook for the future of Litecoin. They believe that the Litecoin price could be at $398.72 in 2024. By 2025, Cryptoground predicts that LTC will be somewhere around $437 by 2025.
Crypto Research Report Group
Crypto Research Report Group does what it says on the tin. It’s a well-established cryptocurrency research organization. They’re particularly bullish on Litecoin. They predict that by 2025, Litecoin will reach $1,200. By 2030, they predict a price somewhere around $2,250.
Crypto Capital Venture
Another crypto expert who is bullish on Litecoin is Crypto Capital Venture founder Dan Gambardello. He has compared Litecoin’s current price action to that of 2016 when Litecoin rallied to $300 after consolidating around $4 for some time. This time, Gambardello believes Litecoin will have a “massive run to $1,000+” in the long-term.
Coin Price Forecast
Another price prediction that is slightly less bullish than the previous two experts is that released by Coin Price Forecast. They predict that Litecoin will hit $250 by the end of 2021, $300 by the middle of 2022, and $500 sometime in 2027.
Technical analysis of the Litecoin price potential
Now we move onto technical analysis to try and predict the future price of Litecoin. This section will utilize powerful tools like the Japanese candlestick, chart patterns, and trading indicators. As well as giving traders the upper hand in day trading, they can enable us to discover long-term price predictions based on pure technicals when we assess longer time frames.
Litecoin Price Prediction 2021 – 2022
At the beginning of 2021, the price of Litecoin was around $124.09. Currently, the price is $168.92 meaning Litecoin rose by 36% since the beginning of the year. By the end of 2021, it’s predicted that the price of Litecoin will be around $175.
Litecoin Price Prediction 2022 – 2023
Starting 2022 at a predicted $175, it’s forecast that the price of Litecoin could rise to around $330 by the middle of 2022. By the end of the year, the price may see a significant increase as it finishes 2022 somewhere around $404 which is an increase of +139% on the current price.
Litecoin Price Prediction 2023 – 2024
Between 2023 and 2024, it’s predicted that Litecoin will start the year at $404, before seeing the price decrease to somewhere around $368 within the first six months of the year. It’s possible that it will climb again and finished off the year at a slightly higher price than the previous year at $423. An increase of +151% on the current price.
Litecoin Price Prediction 2024 – 2025
After starting 2024 at $423, it’s believed that Litecoin could once again see a mid-year drop to somewhere around $376 sometime in the first six months of the year. It will then rise slightly higher to $395 towards the end of the year. Outperformed by the previous year’s end, but still an increase of +135% on the current price.
The technical analysis of the Litecoin price prediction forecast tells us that the price of Litecoin has the potential to reach up to and possibly beyond 1000%. This data was provided by technical analysis from the Coin Price Forecast.
Conclusion
In conclusion, Litecoin is certainly a worthwhile crypto investment to consider adding to your portfolio. Diversifying your digital assets is important to lower risk and increase the chances of reward. Litecoin could be one of the best choices to do so.
“I want to make sure that litecoin is traded everywhere first, then make a convincing case why companies and merchants should use litecoin when they need fast and cheap payments.”
– Charlie Lee
As one of the earliest Altcoins, Litecoin has solidified its role and reputation in the crypto sphere. Its main features of being cheaper and faster to use than Bitcoin when it comes to transactions means it provides a real-world use that has huge potential to positively affect its value in the long term.
Additionally, the supply of Litecoin is limited. Meaning Litecoin is the digital silver to Bitcoin’s digital gold status. Currently, the price is affordable for new investors to start diversifying their crypto portfolios. But what’s the best way to buy Litecoin?
Where to buy Litecoin?
Litecoin is available to buy and trade on eToro alongside 18 other cryptocurrencies. This is a well-established, highly regulated, and secure platform that has the potential to revolutionize your crypto trading.
What’s more, is that eToro allows you to access their incredible array of trading tools such as the Stop Loss, Take Profit, and built-in charting software that all let you maximize your potential profits whilst ensuring safe trading practices that protect your hard-earned funds. Also, eToro offers Leverage Trading on Litecoin. This allows you to multiply small amounts to become large powerful positions that drive massive profits.
Overall, the financial situation, risk tolerance, and investment strategy of each person vary. Only invest money you can afford to lose and balance out the risky nature of crypto investment by building a diversified portfolio.
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Disclaimer – This content is for informational purposes only and is not investment advice. The trading of Litecoin and other alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.