Litecoin is one of the major parts of the cryptocurrency industry. The coin is active for over 7 years now and managed to be successful for the most part of this period. However, recent market fluctuations strongly damaged the price of Litecoin. The coin’s price decreased almost 5 times over the course of 2018. Still, it looks like the recent drops of the price made the coin a perfect asset to invest in and gain profit from in the following year.
What is Litecoin?
Litecoin is one of the first Bitcoin forks. It was developed by Charlie Lee and initially presented as an open-source code via GitHub on October 7, 2011. The coin was designed as a more fast and scalable alternative to Bitcoin. The coin is very similar to its predecessor but has a number of significant differences. Due to the fact of the coin being constructed as a “lighter” alternative to Bitcoin, it got through some changes to improve its speed and availability.
Some of the differences between Litecoin and Bitcoin are:
- Decreased block generation time (from Bitcoin’s 10 minutes to 2.5 for Litecoin)
- Increased total supply of coins
- Different hashing algorithm (Scrypt instead of Bitcoin’s Sha-256)
- Modified graphic user interface
Litecoin is often mentioned as a “silver” cryptocurrency with a reference to the “golden” status of Bitcoin. At the time of writing this article Litecoin is placed 7th in terms of market capitalization with more than 1.8 billion USD of market cap.
You can find more info on Litecoin aton BitcoinWiki.
LTC Price History Analysis
Note: the Litecoin price graph presented above is logarithmic, so the real difference in the height of its peaks is more significant than it looks.
The coin was fast to get an attention of the small but growing cryptocurrency community of the time. However, after its launch on October 8, 2011 its price remained to be quite low with the average value of around 3 USD.
The first price peak in the LTC price history happened on November 2013, when its value almost doubled within one day and ultimately reached the price of 50 USD per coin on November 28. However, shortly after the peak the LTC price dropped to the value of 10 USD per coin in April 2014 and further to a little over 1 USD in February 2015.
LTC Price Analysis for 2018
For the most part of 2018, the Litecoin’s price graph has been demonstrating a descending trend. Despite its established position in the industry, the coin was affected by the overall descending dynamic of the market. The downward LTC price trend only changed a couple of times – in February and April.
However, it looks like the coin managed to find a stable position. Since the start of the Autumn there was only one significant LTC price drop and for the most part the coin’s price evaded overall market’s volatility. LTC price even increased on the period from December, 8 to January, 30. LTC price prediction for the nearest part of 2019 is that it will remain around the current value of around 30 USD.
You can always check out the current price of LTC and exchange it at the best rate here.
LTC Price Prediction for 2019 and Further
It is possible, that there will be another small LTC price drop in the nearest future making the price closer to 20-22 USD per coin. The industry is still in an uncertain position but even the latest panic on the market didn’t manage to make the coin’s price lower than 20 USD. Nevertheless, the Litecoin price prediction for the second part of 2019 is very positive due to the several reasons.
First of all, Litecoin is actively worked on by its development team. Charlie Lee, the creator of Litecoin stated that the major focus of the coin’s team is now the upgrade of Litecoin’s privacy and fungibility.
Given the fact that the coin is already one of the most actively used on the market, additional privacy of transactions can make it much more attractive for an average user.
Another major advantage of the coin is Charlie Lee himself. Lee is one of the most active cryptocurrency speakers. He is often cited in both blockchain- and finance-related media, which helps Litecoin to remain relevant and popular.
All these mentioned features are making LTC price prediction for 2019 better than for many of its competitors. However, they are even more important when talking about Litecoin price prediction for 2020 and further. In case there will be no “black swan” for the industry, there is no reason to suspect any downtrend for the coin’s price. Litecoin price future seems to be unclouded.
The coin is currently one of the most actively developed cryptocurrencies, it has no scandals surrounding it, many other blockchain projects are developing solutions to interact with it. Litecoin already showed faster rates of growth than Bitcoin in 2017, it is possible that it will happen again.
Even the Litecoin price prediction for 2025 is very bright. The coin has an opportunity to maintain relevant condition of its code base. Its speed, wide media presence and promised upgrades in privacy will surely help it to gain value in future. Litecoin is one of the most probable cryptocurrencies to become a beneficiary of various collapses of both the traditional financial institutions and governments. Depending on their future state, Litecoin’s price can increase up to 10 times, reaching its current all-time record and even moving higher.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. While price analysis is a useful tool, it should not be considered predictive for the future performance of any investment vehicle.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment. Website personnel and the author of this article may have holdings in the above-mentioned cryptocurrencies.