Why Invest in Litecoin?
2022 has been a hard year for Litecoin and many other cryptocurrencies. Litecoin’s price rested at about $54 by the end of September 2022, a long slide from a $184 price in August 2021. Notably, Litecoin was one of the few virtual currencies that enjoyed a price spike between 2018 and 2021 (in mid-2019), even when the wider cryptocurrency market was struggling. Litecoin’s all-time high, $413.91, occurred in early May 2021.
Litecoin remains a popular cryptocurrency and a strong buying opportunity for a few reasons. First, the digital asset is focused on offering quicker transaction times and lower fees than Bitcoin, which makes the asset appealing to those interested in using crypto as a form of payment and transferring value.
Litecoin also has several of the same features that are seen on the Bitcoin network to boost scalability and privacy. For example, Litecoin adopted Segregated Witness (SegWit) before Bitcoin, which helps both coins scale by ‘segregating’ each transaction’s digital signature to ensure better space usage. Many used Litecoin to test the Lightning Network, which has been massively adopted by Bitcoin users after the scaling solution was implemented on the flagship crypto’s blockchain.
Litecoin also launched a MimbleWimble testnet in October 2020. The protocol is a modified implementation of PoW to boost privacy and mitigate traceability. Some argue MimbleWimble could eventually become a Litecoin or Bitcoin sidechain.
As Litecoin is often deemed a ‘first-generation’ crypto asset, the coin remains one of the most popular altcoins as it can be particularly sensitive to Bitcoin price swings. Due to Bitcoin’s status within the crypto world, its positive reputation, and the many benefits of a Bitcoin ‘bull run’ flowing into altcoins, many argue that Litecoin is a worthwhile crypto investment.
Could Litecoin Make You A Millionaire?
It’s pretty hard to specifically project Litecoin price points to where investors with certain investment amounts would become a millionaire.
All price predictions are based on current technical and fundamental conditions, which can change at any time within a volatile crypto market.
However, many argue the cryptocurrency will continue to appreciate in value over the next several years due to its clear roadmap, strong team, staying power within the crypto world, and its many benefits and usage advantages. The coin remains the most successful Bitcoin fork, is relatively simple to mine, and has an upcoming halving event in 2023, and potentially another one in 2027.
Halving events often help boost the price of a particular cryptocurrency due to media attention and scarcity in supply.
Litecoin Technical Analysis
Technical analysis is the usage of charts and trade volume to make predictions about future crypto price trends.
Litecoin’s price dropped by about 50% in the latter months of 2021, but jumped back up from $119 to $153 in the second week of January 2022.
However, bearish behavior led the coin to dip back down to $95 by the third week of the month, with the ensuing 12-weeks resulting in downward trends with nearly no recovery signs.
By mid-June, price movement started to shift into a slow upward trend with higher highs forming, suggesting bulls might have been accumulating orders despite price action from Summer 2022 onward which shows relative indecision.
As of mid-summer into late September 2022, price action continues to be rejected at around the $60 resistance zone, with prices primarily trading in a ($50-$60) Sideways Channel.
While momentum remains somewhat bearish, speculation is momentum could be trending towards another upswing. The nearest support zone remains at $50, with the nearest resistance resting at $60, then $75.
Litecoin Price Predictions For 2030
While 2030 is a long way out to price predict any cryptocurrency, initial signs point toward the year (and ensuring decade) being one where the coin’s value could slide between $3,200 and $3,800 across the year, according to dappGambl.
The main reason for uncertainty centralizes around questions about the staying power of Litecoin’s Proof-of-Work consensus mechanism, which has attracted immense criticism for perceptions of environmental unfriendliness.
Many nations at the UN Climate Change Conference in Glasgow (COP26) pledged to limit methane emissions by 30% by 2030 and halt land and forest loss by the same year.
Speculation that a much stricter focus on environmental impact could lead many to shift from PoW coins to PoS cryptocurrencies, which might mean Litecoin could suffer from stunted growth and volatile prices. Others argue that Litecoin will also need to innovate to ensure it has a place in decentralized finance to stay relevant.
How high can Litecoin’s price realistically go?
It’s hard to predict the maximum price Litecoin could go, especially due to 2022’s tough crypto markets. Despite these factors, some believe the coin’s value could spike by 3,738% by the year 2030.
Should I Invest In Litecoin?
Litecoin remains a good investment as it’s still one of the most popular altcoins, has given investors a strong rate of return over its history, and is still able to trend upwards in price even amid choppy markets in 2022. Past performance suggests the coin has a positive underlying trend, a factor that looks set to continue down the road.
How Do I Invest In Litecoin?
Prospective Litecoin investors can buy the cryptocurrency on several major crypto exchanges, like Coinbase, Gemini, Kraken, Binance, and KuCoin. You will need to make an account on an exchange or sign up for a Litecoin-specific app, and add a payment source to buy Litecoin.
After investing in Litecoin, make sure to store your new digital assets in a secure crypto wallet, like a hardware wallet, paper wallet, or Internet-connected ‘hot wallet.’
Potential Highs And Lows Of Litecoin (LTC)
Litecoin’s all-time low was $1.11 on January 14th, 2015. It’s all-time high so far has been $412.96 on May 10th, 2021.
It’s very unlikely Litecoin will reach its current all-time low price unless there’s an absolutely unprecedented crypto market crash or major fallout with Litecoin itself.
A decade from now, some believe a low price point of $1,000 could be very realistic based on price prediction forecasts. Our Litecoin price predictions estimate a peak trade price of at least $4,200 and nothing short of $3,600 a decade from now, especially as more Litecoin casinos open online due to gambling entities adopting the coin.
Litecoin Price Prediction — Conclusion
Overall, Litecoin looks to be one of the best long-term investment options in the crypto world. In a decade from now, many believe Litecoin will be worth in the thousands of dollars per coin, even when considering the massive changes to the crypto landscape that will occur over the next 10 years.
FAQs
Litecoin was introduced to crypto markets on October 11th, 2011 as a Bitcoin fork.
As of late September 2022, there are 71,279,663 Litecoins in circulation, with 12,720,338 left to mine (come into circulation).
Litecoin’s reputation and staying power within the crypto world look to ensure the coin will continue to survive.
Litecoin looks to have a strong future due to the team’s clear vision, motivation and roadmap. The 2021 introduction of smart contracts is another benefit.
Due to the coin’s past price trends, Litecoin will most likely explode again in price, especially if the wider crypto market enjoys a bull run.
Most likely not, as Litecoin is nowhere near the same scale as Bitcoin and is not nearly as popular.
It’s very unlikely that Litecoin will surpass Bitcoin in price.
This is a matter of personal opinion, but Ethereum does best Litecoin when it comes to speed, price, and ecosystem potential.
There’s nothing suggesting right now that Litecoin will totally collapse. However, investors should always understand that any crypto could always fall in price.
Most price predictions assert the price of Litecoin will continue to rise. Our highest LTC price prediction by the end of 2022 remains at $123.
Our Litecoin price forecast projects accumulating orders up to $56, with a massive breakout towards the 200-day moving average. We’d expect the first bullish leg to bring Litecoin between $78-$89.
Some believe Litecoin could potentially reach $10,000 per coin by 2040, if all else remains constant and the coin stays on pace with its currency trajectory.
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Reviewed and Fact Checked by Eugene Abungana , Investment Analyst, Financial Analyst, and Institutional Trader