Released by Charlie Lee in 2011, Litecoin is a peer-to-peer cryptocurrency in which the transactions and creation of the coins take place with the help of an open-source cryptographic protocol. Any central authority has no control over the cryptocurrency, and it is considered as a Bitcoin spinoff.
Litecoin is different from Bitcoin in the following ways:
- Litecoin uses proof of work algorithm, a sequential memory-hard function that requires more memory
- Litecoins Network processes a block every 2.5 minutes as compared to Bitcoin’s 10 minutes, making it faster in approving transactions.
Litecoin Foundation is a non-profit organization with the goal of promoting litecoin and blockchain technology, and it is walking on thin ice right now as the foundation is running out of money. The foundation’s funding relies solely on donations and the sales of their merchandise. Currently, the foundation is running on net loss, and the maximum funding is done from Charlie Lee’s funds.
Litecoin recently had it’s second halving (in August 2019), where the mining reward has gone down from 25 LTC to 12.5 LTC. Litecoin has also added Confidential Transactions, which helps in solving the problem of fungibility. Litecoin is having a hard time gaining a bullish trend in the market, which affects the price predictions for the coming years.
Note: Litecoin, in December 2018, teamed up with UFC to become the sponsor of a rematch between former UFC light heavyweight champion Jon Jones and light heavyweight fighter Alexander Gustafsson.
Currently, LTC is trading at $52.40, where the price is supported at $50 and facing strong resistance at $54 level. In the past 24 hours, Litecoin has seen a decline of 4.18%, but it remains in the 6th place with the market cap of $3,349,478,723. Despite the bearish trend in the market, analysts are still positive for the altcoin and expect the price to grow and reach till $150-$180 by the end of this year.
What is Litecoin (LTC)?
Created by the ex-employee of Google and Coinbase, Charlie Lee, Litecoin is a peer-to-peer cryptocurrency and open-source software. LTC is a fork of Bitcoin, but it is an improved version of BTC.
Note: Bitcoin is referred to as the “gold” of the crypto world, and as Litecoin is more accessible and affordable to people, it is known as the “silver” of the crypto world.
Litecoin market data
Charlie Lee, a former Google employee, created Litecoin back in 2011, and since then, it has established itself as among the top cryptocurrencies in the world. The Litecoin network went live on October 13, 2011. Currently, Litecoin is ranked sixth with the market capitalization of over 5.2 billion US dollars. The cryptocurrency has a circulating supply of over 64 million coins.
Note: Litecoin has a total supply of 64,076,959 LTC.
Litecoin Price history
Litecoin reached an all-time high of $375.29 in December 2017. Since then, the cryptocurrency has failed to witness a massive rally that reached close to its all-time high. Litecoin price predictions 2018 were bullish as it reached around $30. The entire crypto market saw a massive slump during 2018. Currently, Litecoin is trading around $80 and the general prediction for the cryptocurrency in bearish as it is expected to cross above $150.
Note: The lowest recorded price for LTC is $1.11 in January 2015.
Latest Developments
Earlier this month Litecoin Foundation announced a partnership with Cred to offer interest on LTC collateral. According to the announcement, Cred customers can lock their coins with the provider to earn up to 10% annual percentage rate. This strategic partnership would allow LTC holders to lend their cryptocurrency at lucrative rates. Litecoin creator Charlie Lee also proposed mining pool donations as a new funding method for cryptocurrency development.
Note: Charlie Lee proposed Litecoin pools donate 1% of block rewards to the Litecoin Foundation.
Litecoin price prediction
The sixth-largest cryptocurrency in market capitalization has a bright future as its blockchain network has made a lot of improvements over the last few years. Litecoin price prediction 2017 failed as the cryptocurrency surged to an all-time high of $375. Currently, Litecoin is facing a resistance at $100, but our prediction says that it will cross above $150 by the end of this year, assuming crypto regulations don’t play a huge role.
Note: Litecoin experienced the second halving event on August 5, 2019, reducing the block reward from 25 LTC to 12.5 LTC.
Litecoin Price Prediction by the market
1. Walletinvestor
The online charting platform providing information about cryptocurrencies and providing charts has predicted that Litecoin’s price will decrease and will go down to $37-$36 by the end of the year.
2. Investing pr
Investingpr.com took things to a whole new level by making an unrealistic bullish prediction of the price reaching $1000 by the end of 2019.
3. Finder
The technical analyst’s platform finder.com has predicted that the price of LTC will reach $40 per LTC, and it is a good investment in the longer run.
4. Brian Kelly
The head of Bk Capital Management LLC, Brian Kelly, has stated that the price will reach $500 by the end of 2019, and the best-case scenario might even take the amount towards the $600 mark.
5. Longforecast
Longeforecast has expected the price to reach $80-$100 levels in 2020, and it will increase by 25% by the end of 2020.
6. TradingBeasts
TradingBeasts have predicted that the altcoin will gain some momentum in 2020, and the price will head towards the $100 mark rather quickly.
Coinnounce’s opinion on Litecoin Price Prediction
We all are aware that the crypto market is not having a good time as the crypto market is facing a bearish trend. Litecoin is trying to keep up with the market and perform better than other cryptocurrencies. The adoption of Litecoin has increased after the logo was seen on the mat of a UFC fight event. After the Litecoin halving this year, our team of analysts has predicted the price for Litecoin for the coming years.
Litecoin Price Prediction 2025
2025 will bring some significant changes in the market of cryptocurrencies as, by that time, things will be very different. The digital currency world is facing backlash from the governments. The chances of crypto being accepted by them or being rejected are 50-50. However, Litecoin is expected to trade at levels of $1200-$1500 by 2025, and in the worst-case scenario, the price can reach $0, if the government bans the usage of these cryptocurrencies.
Note: By 2025, Litecoin will have its third halving, which will bring down the mining reward to 6.25 LTC, causing a surge in its price.
Litecoin Price Prediction 2020
2019 witnessed the start of trading for Litecoin at $30, and in 6 months, the price peaked towards $130 again. This further declined, and currently, LTC is trading at $52.40. With a bearish trend in the market, the price is expected to decrease at the end of 2019 and then peak again as we enter 2020. The price is expected to reach the levels of $300-$500. The price can also decline and reach levels below $100.
Note: The first peak in price was witnessed by Litecoin in 2013 when the price reached $50, but it slowly declined, and by 2015, the price was a little more than $1 per coin.
Litecoin Price Prediction 2018
Even though 2017 was over, it opened a new world for cryptocurrencies as the crypto assets were at their ATH as they entered 2018. Litecoin was predicted to reach $600 and $1000 in 2018, but things suddenly changed when the crypto market faced a slump. By the end of 2018, Litecoin reached $30 per unit.
Note: In 2018, Litecoin almost lost 90% of the value that it has gained by the end of 2017. The price drop in the crypto assets left the market in disorder.
Litecoin Price Prediction 2017
Litecoin was a new altcoin till then with a meager trading volume, and the price of 1 LTC at the beginning of 2017 was $4.5. 2017 was the best year for almost every cryptocurrency as the price reached its peak by the end of the year. Litecoin was trading at $375.39 in 2017, making it the highest it has ever achieved.
Note: Litecoin’s value in the market increased by 1400% in August 2017, and it further rallied up to almost a gain of 7500% when the price was at its peak in December 2017.
Frequently Asked Questions (FAQ)
1. What is the market ranking of Litecoin?
Litecoin is on the 6th place in the crypto market based on its market cap. The value is $3,359,135,124.
2. What is Litecoin’s future in the crypto world?
Litecoin is among the top 10 cryptocurrencies and has a promising future as it is slowly climbing the list of top 5 cryptocurrencies.
3. Will Litecoin go up in 2020?
Litecoin price is facing a bearish trend right now, but the market is positive about its price for 2020. So yes, it’s likely that the price will go up in 2020.
4. Previous Litecoin halving date?
Litecoin halving was done on 5th August 2019, with the mining reward reducing from 25 LTC to 12.5 LTC.
5. When is the next Litecoin halving?
Litecoin halving is a process that takes place every four years. The next Litecoin halving will take place in August 2023.
6. Is Litecoin a good investment?
Litecoin has been performing better than the rest of the cryptocurrencies. If you wish to invest in Litecoins, you have to spend time to analyze the market thoroughly before investing.
7. How many Litecoins are present right now?
There are 62,983,450 Litecoins in circulation in the market right now.
8. How many total Litecoins are there?
84 million Litecoins will be in circulation in the market.
9. How many Litecoins are left to be mined?
There are 20,761,846 Litecoins left to be mined as of September 2019.
10. Is Litecoin better than Bitcoin?
Litecoins algorithm helps in producing four times more coins as compared to Bitcoin. This increases the production of coins for Litecoin as compared to Bitcoin.
Conclusion
Litecoin has gained popularity in the crypto market, and with every bull or bear attack, the coin always tries its best to obtain its value back. Currently, LTC is bearish, but in the coming years, it can have a considerable impact and hold in the crypto market as it is among the top 10 cryptocurrencies.
