Litecoin price experienced a halving a few years ago, with its block reward decreasing from 25 LTC to 12.5 LTC. Prior to the highly anticipated event, the price of LTC managed to perform a type of rally as investors bought in, expecting the price to soar once the halving event occurred.
However, the inverse occurred. Litecoin price reached a high of over $140 in June 2019 and has since been steadily declining.
What is Litecoin?
Litecoin (LTC) is one of the world’s major cryptocurrencies. It was one of the first atcoins to be offered to the market, having been created in 2011. It was established by Charlie Lee, a former Google programmer who sought to provide a cheaper and faster means to trade and receive virtual currency.
Litecoin is regarded as the silver to Bitcoin’s gold. The key reason for this moniker is that LTC transactions are faster and less expensive than BTC transfers. Furthermore, LTC is extremely similar to Bitcoin yet much easier to use.
Litecoin may include privacy features in the future. This might be accomplished with the use of MimbleWible. This might be launched soon, transforming Litecoin into the world’s largest privacy-focused virtual currency. In the next sections, we will go through this implementation in further detail.
Finally, Litecoin has a sizable market share. It is accepted in the majority of exchanges worldwide, can be traded against several virtual currencies, and is also accepted in thousands of businesses and retailers worldwide.
Indeed, behind Bitcoin, Litecoin is the second-most popular digital asset at cryptocurrency ATMs throughout the world.
What Experts Believe About the Litecoin Price?
With a market valuation of more than $4.9 billion, Litecoin is the market’s seventh-largest digital currency. The coin was launched in 2011 and is based on the same blockchain like Bitcoin. LTC can also be used to make payments.
The primary benefit of LTC over BTC is its quickness. It is called “Lite” because it is four times quicker than BTC. Given the volatile nature of the industry, predicting cryptocurrency prices is difficult. However, this does not prevent others from attempting to forecast the price using various criteria.
According to TradingBeasts’ technical analysis, the coin will be an excellent investment with high returns in two or three years. Coin Price, a cryptocurrency prediction service, predicts that 2020 will be a bull market for all cryptocurrencies and that the price of LTC will reach $124 as a result.
The bullish forecast is backed up by DigitalCoinPrice, which predicts that LTC will be worth roughly $106 by the end of the year.
Not everyone is bullish about the price of LTC, as Wallet Investor predicts a decline in LTC’s fortunes. They estimate that the currency would conclude the year at $22, a loss of more than 50% from its present valuation. However, considering that Litecoin is working on various measures that are likely to enhance its price, we feel this is very improbable.
LTC projection of $1500 by the end of the year was backed by John McAfee, who indicated that the currency might climb as much, if not more, than BTC.
Many feel that the digital currency’s valuation has a bright future after Charlie Lee, the CEO of the Litecoin network, left LTC for Coinbase, then returned to LTC.
Furthermore, technical analysis has identified multiple potentials for the Litecoin price to be among the top gainers by the end of 2019. Other plots indicate LTC price increases are projected to continue through 2020 and beyond.
Confidential Transactions and Fungibility On Litecoin Price
This year will also see the introduction of Confidential Transactions for Litecoin. At least, this is what the Litecoin team intends. With this solution, the Litecoin community will be able to secure its privacy while still having a fungible digital asset with which to conduct transactions.
Charlie Lee, the Founder of Litecoin, made the statement earlier this year on Twitter. He claims that the single attribute of sound money that Bitcoin and Litecoin price lack is fungibility.
It is feasible to swap fiat money with other people without worrying about whether the cash will be accepted or not. However, because all transactions are recorded on the blockchain, this is presently not feasible in distinct digital assets. Many exchanges and other users will not accept digital assets that have been utilised by money launderers or drug traffickers.
Litecoin Price Between 2019 and 2022
Unfortunately for many investors, Litecoin price has dropped out of the top ten cryptocurrencies in the market. Indeed, Litecoin price has dropped out of the top 20. This occurred for a variety of reasons, including the inability of Litecoin to provide new solutions and services to users in recent years.
It’s also worth noting that Litecoin price has failed to produce a version of Confidential Transactions, despite the fact that it was announced some years ago and thousands of dollars were given to make it happen.
If we look at the price of Litecoin over the previous several years, we can see that it was in an accumulation phase throughout 2019 before entering a bull trend towards the end of 2020. This bull trend was, of course, tied to Bitcoin, which hit new highs in 2021, propelling the whole crypto market to achieve significant profits the year after COVID-19 began.
Litecoin was able to beat its all-time high by reaching $385 per coin (the price of this virtual currency was greater on other exchanges). However, it quickly dropped to $130 and was traded between this level and $200. Litecoin has traded outside of this trading range for brief periods of time.
However, there is a strong potential that Litecoin price may rise as well, breaking a multi-year negative trend versus Bitcoin. Not to mention that Litecoin is predicted to halve again in a year and a half. This might drive up the price of Litecoin and spark a fresh bull run for this virtual currency, similar to what happened in 2019.
Wrapping It Up
Litecoin price has plummeted as the whole cryptocurrency market dropped over the weekend. According to the expert, Litecoin has established a bullish Cypher pattern, which might allow the digital currency to rebound from its recent negative activity. As we can see from the expert’s chart, Litecoin may face some resistance levels in the future if it continues to rise.
Fibonacci levels were used to draw these resistance levels. Litecoin’s current resistance levels are 180 USDT, 200 USDT, 220 USDT, 238 USDT, 264 USDT, and 296 USDT. Litecoin and other virtual currencies are increasingly heavily reliant on what happens in regular stock markets.