Get Into Cryptocurrency Trading Today
The cryptocurrency world is fast becoming mainstream. For a long time, Bitcoin has been the top-performing cryptocurrency. It has been so successful that some people equate the currency to the whole crypto economy.
While Bitcoin is still leading, several coins are coming up. Altcoins are fast coming up to replicate Bitcoin while also solving underlying issues. Top of the altcoins is Litecoin. It is built similarly to Bitcoin. Except, it comes with faster transaction speeds. The coin is also cheaper to use. For that, it has attracted several users over the years.
Here is the possible price reach projection;
Litecoin Past Performance
“To know the future, study the past.” That is one of the most applicable quotes in the crypto world. Most of the coins tend to have a seasonal growth pattern. They predict similar growth patterns in specific months, weeks, or days. This is mostly due to the similar working patterns of the traders. While the values might be different, the moving remains the same.
Like the other altcoins, Litecoin is volatile. It comes with a supply of 84 million coins. With over 64 million of these coins already in circulation, it is easy to observe a pattern.
Charlie launched Litecoin in 2011. The coin had a stellar first three years. It was easy to mine even with low computing processors like CPUs and GPUs. Several miners took advantage of that to get a hand on the coin. It was also low cost; hence most people could afford to purchase in large quantities.
The coin uses the Scrypt algorithm that is easy to mine and is reliable. It also promised to solve the transaction speeds issues users experienced when using Bitcoin. It also had lower transaction fees hence easy to settle on.
The several benefits saw most people look to LTC as an alternative to BTC. The new wave saw the coin have a sustained price growth from $2 to $52 within those first years. It even attracted the new name of “digital silver.” This was after the fact that Bitcoin is known as the “digital gold.”
In 2013 the coin had a challenging period. It reduced in value to hit $24 by the end of the year. It would worsen the following year as the coin got to the lows of $10 in 2014. It kept the downward spiral to reach $2. The loss in value was mostly due to the coin’s decentralized nature.
The coin then had a halving in 2015. It also introduced the segwit Code and a new version of Litecoin core. It then went into the cryptocurrency boom of 2018. It was valued at $200 by December 12, then $372 by December 17. It then reduced again to reach $55 in 2019. It also reduced in ranking from 7th to 5th most valuable coin.
2020 has so far been mixed for the coin. It started the year on a high then reduced in March. It afterward went on a bullish run to hit $70 by August. It is now on a sideways market movement. It can either be bullish or bearish.
Experts Projection on Litecoin Possible Reach
Digital coins experts are useful in the market. They speculate on possible market movements. The predictions tend to come true in most cases.
Several experts have predicted the future of Litecoin. Most of them have given the coin a positive review with the expectation that it rises before the end of the year. Some of the notable ones are;
-
Trading Beast – it predicts the coin to hit $47 by the end of 2020. It also encourages traders to take up the coin.
-
Dan Gamberdello – a Youtuber and Crypto Capital Venture founder. He has compared Litecoin’s 2020 movement to that of 2016. The expert believes the coin will hit $70 by the end of the year. It will then go the highs of over $1000 in the long run.
-
Wallet investors – it is one of the most conservative cryptocurrencies price projectors. It gives LTC a possible value of $22.95 by the of the year.
-
Long Forecast – it expects the coin to hit $55 by the end of the year.
-
Coin Price – they are such an optimistic predictor. They have given LTC a possible reach of $124 by the end of 2020.
-
DigitalCoinPrice – it shows the coin might reach $106 by the end of the year.
-
John Kim – he is one of the Litecoin Foundation developers. He ensures the coin operates optimally. He predicts that the coin will hit $60 by the time the year ends.
Litecoin Price Prediction for 2020 and Beyond
Understanding the Litecoin future price requires technical analysis and other market tools. The analysis can look into both the short- and long-term possible price movements.
After having a mixed year, the coin is currently on a sideways movement. It can go on either a bullish or a bearish market run. Currently trading at around $46, the coin has no support level within these levels. Taking a bear run will see it hit the lows of $20. If it were to take the bull run, it would hit $150 before the end of the year.
Going up will see the coin pass some of its traditional resistance levels in 2021 -2022. Most of the targets put the coin at the levels between $500 – $1500, leading to the end of 2022.
The coin is likely to gain a bullish pitchfork channel with USD. It is likely to reach the highs of $13000 between 2023 and 2025. By then, it will be trading more like Silver. By then, it would be a reliable digital currency.
Bottom Line
Like any other currency, the decentralized nature of Litecoin means it’s open to market movements. Even though it has been struggling to regain the past high levels, Litecoin seems to have a bright future. Most experts are predicting a possible bull run in the future.
Most of the predictions are placing the coin at around $60 by the end of the year. Others are also looking at a possible $150 value.
The coin also promises a bullish run, stepping into the future. Its ultimate level in the long run projection is $13000. It shows the coin will become integral in the crypto economy. It will also be giving the traditional assets like Silver a run.