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Wednesday, January 25, 2023

Litecoin Price Predictions: Can A Bitcoin Boom Bring LTC To New Records?

This week has witnessed the history of cryptocurrency with the launch of the first Bitcoin Exchange Traded Fund (ETF) (CCC: BTC-USD). The Bitcoin ProShares Strategy ETF (NYSE: BITO) has given Wall Street the opportunity to gain exposure to crypto without the risk that can come from holding it.

This news sent Bitcoin skyrocketing to an all-time high of $ 66,000, continuing a record year in which crypto rose more than 130%. Bitcoin isn’t the only cryptocurrency name that’s having a good day. Litecoin (CCC: LTC-USD) can now be traded through interactive brokers, making it a good time for investors to take note of Litecoin price predictions.

It is an exciting time for cryptos. Bitcoin is rising in one coin, while the pupcoin frenzy spurred by the resurgence of Dogecoin (CCC: DOGE-USD) and its pack of puppies heat up in another. As more Bitcoin ETFs prepare to launch, investors face a pressing question: how far can this market momentum take a less popular crypto like Litecoin? Let’s see what the experts have to say about the Litecoin price prediction. (Also Read: Ripple Price Prediction)

Litecoin price predictions: what to expect

CryptoNewsZ expects Litecoin prices to hit $ 265 before the end of 2021, which would represent an impressive gain from its current price of $ 206. He also predicts that the uptrends that boosted Litecoin’s gains throughout 2020 and 2021 will continue into 2022. Ultimately, he predicts prices of up to $ 330 by the end of this year. Also Read: Bitcoin Price Notice: It Crosses $ 51,000 Barrier Bringing Short Term Bulls Target to $ 56,000. . By 2025, he expects Litecoin prices to fluctuate between $ 500 and $ 600.

An analysis from TradingBeasts has set a maximum price of $ 213.88 by the end of 2021 for Litecoin. Additionally, he set a minimum price of $ 145.43, ultimately predicting that the crypto will end the year at $ 171.10. The site also predicts that Litecoin will fluctuate slightly in the first few months of 2022, hovering around $ 171.

Coin Price Forecast predicts that the price of Litecoin will reach $ 318 in the first half of 2022 and climb to $ 355 in the second half, a 74% increase from current prices. He expects the crypto to hit $ 435 in the first half of 2023. Next, forecasts indicate that Litecoin will close the year at $ 513, collectively rising 152% from today’s price.

According to Long Forecast, Litecoin will decline slightly over the next few months, ending 2021 at around $ 203. However, it predicts that it will start growing in 2022, reaching $ 235 by the end of January. Although the platform says LTC will decline throughout the spring, dropping below the $ 200 mark, this is not the end of it. He predicts that the crypto will rise again in June. He then expects LTC to make more progress in July and August and hit $ 307 by the end of September.

A Bit of Litecoin History

Litecoin (LTC) is a so-called digital peer-to-peer currency integrated into open-source software. Technically, the Litecoin project is very similar to the Bitcoin system. Litecoin production and transmission are based on an open-source encryption protocol. There is no central control. With this in mind, all transactions, balances, and expenses are managed by a peer-to-peer network. Litecoin is created on the basis of a cryptological hash function, which in turn generates blocks. Litecoin can be exchanged for Bitcoin and fiat money. The processing in question usually takes place via online exchanges (cryptocurrency exchanges).

Litecoin was created by a former Google employee, Charlie Lee, in 2011. The cryptocurrency was created based on the Bitcoin protocol but differs in terms of the hash algorithm used. Furthermore, it also differs in hard caps, block transaction times, and some other factors. Litecoin was released via an open-source client on GitHub on October 7, 2011. On October 13, 2011, 5 days later, the Litecoin network went live.

Lee’s goal was to create a light version of Bitcoin with Litecoin. Developers have always stated that you can consider Litecoin to be the silver version of Bitcoin. Litecoin differs from Bitcoin in the prioritization of the transaction confirmation rate, which is approximately 2.5 minutes per block. However, the reality is that Litecoin users will have to wait up to about 30 minutes for their transaction to be processed due to network congestion.

Why Is Litecoin an Attractive Investment Asset?

Litecoin is especially faster at handling payments than Bitcoin and is an excellent, proven complementary alternative. It’s a very cheap, super-safe highway for making payments – especially when it comes to micro-transactions, like, for example, when paying for a cup of coffee. In addition, the Litecoin community is working on the implementation of all kinds of new fintech gadgets that are actually intended for Bitcoin. Litecoin is now working on the implementation of the lightning network protocol and applications for smart contracts and privacy (including confidential transactions & MimbleWimble). Litecoin is certainly light and cheap, but above all in good hands with fantastic ambitions. Litecoin has a bright future as a classic and reliable altcoin.

Most investors see Bitcoin as gold and Litecoin as silver. Litecoin was developed as an alternative to Bitcoin and developed as a lightweight that solved some shortcomings of Bitcoin. It is a classic altcoin with more than 6 years of experience and development behind it. Software updates and new tech can be easily added to Litecoin.

As with Bitcoin, there is also a built-in scarcity. In total, only 84 million Litecoin can be mined. Litecoin can be considered a much cheaper and faster alternative. In fact, Litecoin is underestimated relative to other cryptocurrencies. Bitcoin is slower and more expensive to use compared to Litecoin.

The fact that Litecoin is fast and cheap has advantages, especially since people in third world countries without bank accounts can still get Litecoin cheaply and quickly.

Why is Litecoin going up?

Litecoin is a superior alternative to fiat money when compared to Ethereum. Ethereum was not developed as money, but it can certainly be used as such. You could rather consider Ethereum to be crypto gas.

In addition, Ethereum is a much more difficult concept to grasp than Litecoin. Litecoin is just digital p2p money with a built-in scarcity that actually works faster as a transaction medium. This makes adoption much easier and does not require much knowledge. Simply install the wallet app on your smartphone, and you will have your own Swiss Litecoin bank account with which you can actually conduct transactions almost immediately. As the popularity and price of Bitcoin increase and, therefore, the transaction costs rise, cheaper and faster alternatives will be sought. This is Litecoin, baby.

Other Interesting Facts

Litecoin has made a lot of progress and has even been included as a means of payment in Venezuela’s mainstream international payments system. Via the Remesas remittance platform, foreigners can send Litecoin to family members and friends in Venezuela who receive Bolivars in their local bank account through Remesas. A commission of 15% is charged, which means that the government in Venezuela secretly collects Litecoin.

Another interesting fact is that the Litecoin Foundation has a 9.9% share in the German WEG bank. The Litecoin Foundation has received this as a donation from the Swiss blockchain company TokenPay. Together they have almost a 20% share in this conservative German bank, mainly for real estate investors. Litecoin can thus be recognized in the long-term as a possible cryptocurrency for buying real estate in Germany? But we digress, so let’s not dive too deep into the matter, look at the price history, and see how the coin develops.

Litecoin Price Analysis

Despite it not being a bullish period for cryptocurrencies until around October 2020, Litecoin has performed reasonably well compared to its competitors. Charlie Lee is clearly doing really well; he finally introduced confidential transactions (CT). Like the privacy coins ZCash and Monero, LTC’s confidential transactions will prevent replaceability, scalability, and privacy issues.

The acceptance rate is also quite high. Very recently, the Litecoin logo was even advertised on the UFC mat during a famous fight. It was a real eye-catcher. Furthermore, a new shopping center in Singapore with an ATM that accepts both Bitcoin and Litecoin has been installed. LTC price prediction is very optimistic in the opinion of experts.

Experts expect the Litecoin future to be bright in 2021 due to all integrations and partnerships. In addition, the Litecoin community is very active, with all the upcoming developments. They will, of course, keep the enthusiasts informed. There is a clear potential that Litecoin will rise further and is certainly a tough competitor for the other cryptos.

However, LTC’s price will most probably stay below $300 and is less likely to hit its all-time high, $412.96, which was set on May 10, 2021. What will Litecoin do in the next 5 years?

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