Litecoin (LTC) is one of the first altcoins intended to be a 'lighter' version of Bitcoin. Read on how its price is predicted to perform for the next few months.
Litecoin (LTC) is one of the first altcoins that entered the crypto space during its early days. As an early fork of Bitcoin, it is intended to be a ‘lighter’ version, as its name implies, yet still very similar to the pioneer cryptocurrency otherwise. Hence, Litecoin is often referred to as the 'silver' to Bitcoin's 'digital gold' as many investors have likened it, and it is accepted as payment in more places than competing altcoins.
Like other cryptocurrencies, one can invest in LTC and mine it, which entails verifying transactions to facilitate the quick and efficient operation of the blockchain to earn coins in exchange for the processing power you provide. With that said, what are the experts' forecasts on LTC's worth this 2022 and beyond? This article shares all you need to know about the predictions on LTC.
Predicting LTC's worth in 2022
Litecoin's price in Singapore was $59.91 per coin last 15 September 2022 and, like many other cryptocurrencies, is no exception to the overall cryptocurrency market downturn and is down nearly 68 per cent in the past year and 60 per cent year to date. For comparison, BTC is down almost 20 per cent over the previous year and 17 per cent to date. In the beginning, LTC began with its worth at about $3 a coin and gradually saw a 140 per cent increase in value by 2020. The crypto closed in 2021 at $146.51, more than double its current value this September 2022. However, this downtick can hardly be considered specific only to LTC, as the entire crypto market has fallen this year.
Predictions for the rest of 2022
LTC's overall widespread acceptance and expected partnerships and integrations bode well for the crypto, and the introduction of confidential transactions makes it more enticing to investors and consumers.
Cryptocurrency exchange Changelly predicts a rise of LTC's worth for the remainder of 2022, pegging the average predicted cost to be at $70.42 by year's end, with the minimum and maximum costs being $67.35 and $75.60.
Changelly is only one of the many bullish sites about LTC's future growth. For instance, Coin Price Forecast expects LTC to be $66.72 by the end of 2022. Conversely, LongForecast.com does not share the same perspective with their price prediction of LTC ending the year at $60.10.
Litecoin's price in 2025
Skipping to the next three years, most analysts predict a bright future for LTC, with Changelly forecasting its price to reach a maximum of $271.61 and a minimum of $232.90. Also bullish on LTC, Coin Price Forecast indicates a rise in the coin's value through 2025 and expects it to end the year at $100.90. On the other hand, LongForecast.com predicts the coin to lose 16 per cent by the end of 2025 and eventually settle at $27.60.
Is there a promising future in store for Litecoin?
If you believe in most experts, LTC indeed has a good future in the cryptocurrency market, and while it is not among the top 10 most-traded or most popular cryptos, it is easy to trade with and widely accepted. Furthermore, LTC, as of mid-September 2022, has a market cap of around $4.27 billion and ranks 21st in volume based on the market cap than all other cryptos traded today.
If you are banking on Litecoin becoming the next Bitcoin, that is highly unlikely to come to pass as no altcoins have managed to approach Bitcoin's influence in the cryptocurrency space to date. Litecoin, at its highest in May 2021, was trading at $414 per coin, which is relatively insignificant compared to Bitcoin's near $69,000 all-time high in December 2021.
However, that is not to say that LTC is a bad long-term investment. The company behind its blockchain has a solid reputation, strong fundamentals, and a useful offering with a secure network providing fast transacting speeds and accessibility for small-time miners.
Investors in the same boat as most experts regarding Litecoin's eventual rise over the next several years will want to get in on the coin while it is still hundreds of dollars away from its peak. That said, future gains are not guaranteed, and always follow the best practice of never investing more than you can afford to lose, whether in crypto or traditional stocks.
If you are ready to buy in and hold LTC for the long term, you may stand to gain a lot from a small investment. But remember that crypto has been down this year for the most part, and LTC is no exception. Market downturns are generally a good time to invest, be it crypto or stocks you believe in at lower prices, but you must be willing to endure to realise the potential profits in the end. Of course, there is also the risky endeavour of trying to gauge the high point (or at least what is high enough for you) to cash out on your investments.
Litecoin can be a good alternative for your crypto investment project if you are not yet ready to go for the ever-popular Bitcoin or just start to test the waters.
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