Litecoin is one of the top cryptocurrencies created back in 2011 by Charlie Lee. The currency implemented important technologies that later were used in Bitcoin and other cryptocurrencies. However, LTC suffered from the bearish trend, which damaged its price. What can we expect from LTC price in the future and what can boost it? Read in our Litecoin price prediction for 2020, 2025 and 2030
What is Litecoin
First of all, Litecoin is a peer-to-peer network with the same-name cryptocurrency. Using this cryptocurrency, you can make fast payments around the world. Already from the name, it is clear that Litecoin is a “lite version” of BTC. Litecoin is a fork of Bitcoin based on the same code. The creator Charlie Lee notes that LTC is not created to compete with the digital gold but to solve its problems and make crypto faster, lighter, better.
The value of Litecoin blockchain
So what’s the difference between BTC and LTC? What makes Litecoin valuable for the cryptocurrency and blockchain industry? Subsequently, some changes were made to Litecoin regarding the mining algorithm, transaction speed and number of coins, as follows:
- Improved capacity. In order to solve the problem of network scaling, Litecoin uses the SegWit software algorithm. They were the very first who implemented this technology. This problem in the Bitcoin network is that due to the limited block size (only 1 megabyte), operations with cryptocurrency is very slow. So, the Litecoin network has a much higher capacity than its predecessor Bitcoin.
- Fast block generation. The speed of generating new blocks has also been increased. If in Bitcoin 1 block is generated in 10 minutes, then in Litecoin - in just 2.5 minutes. That is, there is a difference of as much as four times.
Smaller transaction queue. The speed of transaction confirmation has also increased markedly. There are cases when users of the Bitcoin network had to wait for confirmation of the operation for several hours or even days.
- The developers immediately determined the cryptocurrency mining limit - 84 million coins. It is logical that when the growth in the number of coins stops and a deficit forms, their value will begin to grow naturally - of course, provided that they will still be in demand by that time.
- Different hashing algorithms. While Bitcoin is working on SHA-256, Litecoin uses scrypt in its PoW algorithm. Unfortunately, it requires more memory and makes mining more complicated.
Litecoin price history
The coin was launched on October 11 and its price was very low – about $3 for quite a long time. Only in November 2013, we can see the first significant price movements. LTC jumped three times higher and hit USD 40 within a few days. These days, Bitcoin grew to $1000 and then fell to its previous positions so Litecoin totally followed its price movements. However, in May 2014 Litecoin dropped to $10 and then in October to $3 per coin. After the correction, the crypto was traded between $1 and $4 for three years, until 2017.
In March 2017 Litcoin announced the launch date of their SegWit protocol which affected the rate and coin achieved $16. In May LTC launched the protocol which pushed the price to $30. Also, the dev team implemented Lighting Network which attracted more attention to the coin. Later LTC will achieve $70 in September and then went back to $40. However, the whole market was bullish and Bitcoin set new price records. So in December 2017, Litecoin reached $100 per coin and at the mid of December even $350.
Now we are in the bearish stage, the whole market is red so for the most part of 2018, the LTC price chart has been demonstrating a descending trend. Only in February and April the coin tried to break this tendency but couldn’t resist the market movement for long. At the end of 2018, it finally stabilized and started gaining momentum.
In 2019 Litcoin continued its price growth and in June reached $130 per coin when Bitcoin was over $12000. Also, the upcoming Litecoin halving played its role and helped the rate to jump higher. Then it was followed by the correction, so today Litcoin cost about $62.
What can determine the LTC future price
You have probably already noticed that Litecoin price follows the Bitcoin price. If we take a look at the price charts of both digital currencies we will find out that they are almost identical.
The only explanation can be that LTC is a fork of Bitcoin. Their code is very similar – that makes both coins move in the same directions.
The second factor that affects the price of digital silver is new technologies. Litecoin was at the forefront of modern and relevant technologies. It was the first to implement SegWit protocol and Atomic swaps also, it has implemented the Lighting Network. All these technologies can revolutionise sphere of the cryptocurrency payments.
Another important price factor is that Litecoin is designed as a payment tool. The coin is widely used by various businesses and merchants around the globe. You can pay with LTC for clothing and furniture, art and collectables, health and beauty services, etc. The full list of merchants can be found on their official website. New stores and services that will accept Litecoin may also positively affect the price of the cryptocurrency.
Litecoin price prediction
Litecoin price prediction for 2020 – 2025 by WalletInvestor
WalletInvestor gives a negative long-term LTC price forecast and at the end of 2020, it expects the coin to achieve $40 per coin. For the next half a year Litecoin will fluctuate from USD 20 to 40. In July 2021 it will start gradually falling and will reach $4 in August 2021. December will be a good month for the crypto and LTC will jump to $25.
In the next 4 years, Litecoin will repeat the previous price movements but the trend will be negative. As a result at the end of 2022, LTC will cost $10, in 2023 – $3, in 2024 – $2 and in 2025 – $2.
LTC price prediction for 2020 – 2025 by DigitalCoinPrice
DigitalCoinPrice gives a moderate price forecast for Litecoin. The coin will gradually grow and by 2020 will achieve $58. There will be several price drops each year, but the trend is positive:
- In 2020 – $58
- In 2021 – $59
- In 2022 – $66
- In 2023 – $62
- In 2024 – $61
- In 2025 – $69
Litecoin price forecast for 2020, 2021, 2022, 2023 by LongForecast
LongForecast believes that Litecoin will be about $40 and the whole 2020 it will be fluctuating from $25 to $50. In 2021, LTC will continue dropping and will end up costing about $20. 2022 will be a year of growth and the rate will improve from $18 to $46. The bullish trend will continue in 2023 and Litecoin will achieve $58 in December.
LTC price forecast for 2020, 2021, 2022, 2023 by TradingBeasts
TradingBeasts see Litecoin as a good asset for the next 4 years. Already in December 2020, the coin will drop to $32. But it will grow in 2021 to $52. In 2022 and 2023, the positive movement will continue and Litecoin will grow from $53 to $80 by the end of 2023.
Litecoin price prediction for 2020, 2025 and 2030 by CoinPrice Forecast
According to this long-term LTC prediction, the cryptocurrency will grow in price over time and will achieve great results. They believe that Litecoin will reach $136 at the end of 2030. Knowing that Litecoin follows the price of BTC we can concern such an outcome in the future.
- In 2020 – $57
- In 2025 – $100
- In 2030 – $136
Store Litecoin on Freewallet
You can store Litecoin on Freewallet: Crypto Wallet using a mobile phone on iOS or Android or via the web application.
- Store LTC with 150+ other coins in one wallet.
- Buy Litecoin and 7 other digital currencies with your credit card.
- Exchange coins right in the application.
- Make fee-free transactions with other Freewallet users.
- Check the price of a coin in the wallet to not miss the best exchange rate of Litecoin.
- Protect your money with advanced security protection including 2FA, multisig, and transaction limits. The majority of assets are kept in cold storage. It guarantees that your coins won’t be lost or stolen.
Feel free to sign-up with your Facebook, Gmail, email, or mobile number and try Freewallet.
Disclaimer: This article should not be considered financial advice and serves only as informative material. The cryptocurrency market is subject to high volatility and regulatory uncertainty. You should do a substantial amount of research before engaging in financial activities with cryptocurrencies.