15.2 C
Friday, September 30, 2022

Will Litecoin hit $200?

Litecoin is one of the oldest and most primitive cryptocurrencies after Bitcoin which was founded way back in 2011. The cryptocurrency which was a tough competitor to Bitcoin always secured its place within the top 10 cryptocurrency list, with respect to Market capitalization.

But how far will the bulls run for Litecoin? Presenting to you, Litecoin price prediction for 2021 and beyond! Interestingly, the founder of Litecoin announced the project on a popular Bitcoin forum and termed it as a Lite version of bitcoin. And hence share similar features as the most dominant crypto. However, this altcoin owes to bypass limiting factors like lower mining and transaction speed.

Will LTC manage to poise these aspects with its bottom line adhering to an inexpensive currency? Did You Know That Litecoin Can Mine Blocks Four Times Faster Than Bitcoin? What is Litecoin (LTC)? Litecoin shares multiple similarities with its synonymous currency, Bitcoin. The altcoin works on a Proof-of-Work consensus mechanism. But the platform involves complex computational algorithms to mine blocks that are then fastened to the blockchain of the network, which is a public ledger.

For mining, the platform uses the Scrypt protocol which helps in maintaining extra decentralization. Also, powering confidential transactions, Litecoin turned out to be the network that proved every participant can exchange currencies with zero cost! Fundamental Analysis Litecoin is a peer-to-peer cryptocurrency developed by Charlie Lee, a former Google employee, in 2011.

The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin was released via an open-source client on GitHub in the year 2011. LTC is one of the most popular and grounded cryptocurrencies in the world, being in existence for seven years since 2011. It is more accessible to the people than Bitcoin, hence known as the silver of the crypto world where Bitcoin is referred to as gold of the crypto world.

Litecoin Price Prediction 2021 With a trading value of $132.32, Litecoin resumed in the year 2021. On a bullish note, the coin dramatically started to escalate. By the mid of February, the price surpassed $200, and further keeping the uptrend intact, the price reached the yearly highs at $335. LTC price plunged heavily following the May 19 Market crash. With the PoW controversies, Litecoin’s price fell from $210.94 to $180.54, in a single day! Further, the coin plunged and deviated from the $200 juncture.

Litecoin is all set to offer an additional layer of security against viruses and trojan horses, making itself a reliable option. On this note, if the network progresses with security layers, the LTC price may spike and hit $250.66 by the year-end. Litecoin Price Prediction 2022 If the altcoin closes this year hitting the highs, then 2022 might start bullish above $250.00.

On the other hand, if a bearish trap engulfs, then the 2022 trade might resume at a similar trend at $122.00. Undeniably Litecoin has not fallen into a volatility trap in these seven years, proving to be a stable currency. The coin has an impressive price though it promises a cheap user experience! Thus, if LTC manages to maintain its stability coupled with upgrades from the network, it can touch a potential high at $500.15 by the end of 2022.

5 Years Litecoin Price Prediction Its current price range can attract many traders, as it is feasible when compared to Bitcoin in all possible aspects. Further, if the network succeeds in lowering the block time, it can even move heads on with Bitcoin. Therefore, with major collaborations with financial institutions, Litecoin can soar up to $1000.74 if the above set conditions are met.

However, anxiety regarding the Crypto ban in China and new regulations persist among LTC users. If the market experiences a similar crash in the coming years, Litecoins price can wipe down greatly to $327.06. But considering that long-term investors will stick to the currency, the average price at which LTC might trade by the end of the next five years is $500.84. Our Litecoin Predictions With a trading value of $132.32, Litecoin entered the year 2021. Later, the price consistently started to soar with certain variations.

According to Coinpedias formulated Litecoin price prediction, Several recognized institutions could invest and accept LTC as a payment. It is a possible reality because of the fact that LTC lowers transaction speed and costs, which seems appealing. If the coin gains some hype in the coming months in this case, the LTC price can strike a high at $201.6.

But with rising controversies on PoW as well as the fact that certain collaborations like (Litpay) have withdrawn, can affect the price movements. If this happens, Litecoin can drop to $159.9 as the year ends.

Read More: How to buy Siacoin on SimpleSwap

Related Articles

Stay Connected

- Advertisement -

Latest Articles