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Will Litecoin outlast Bitcoin?
2021 has been a bullish crypto year with notable appreciation in almighty Bitcoin and other crypto coins but 2023 brought about a prolonged bear market.
Since Litecoin hit $386.45, its all-time high price in May 2021, it hasn’t fallen below the $136 support except for a brief (few hours) July 20th sharp fall to $107.
LTC’s most substantial price spikes happened in 2013, 2017, and 2021.
In recent months, LTC has garnered exceptional use cases in terms of working together with the LTC foundation in sponsoring sporting activities around the world and other use cases.
In November 2021, LTC showed relative bullish trends of closing higher than it opened, averaging about $215 in price but has been through considerable fluctuations since the beginning of 2023.
The bulls are expected to regain their dominance and push the price past the psychological barrier of $75. If the bears remain weak, the price of Litecoin may trade around $82 to $85 during the month. For 2023, the prediction is that the price of the altcoin will be between $87 and $94.
Popole sometime mistakenly call this coin “light coin price prediction” or “lightcoin”.
Read on to find out more about:
- LTC price prediction (LTC forecast)
- LTC price analysis (Litecoin long-term and short-term technical and fundamental analysis)
- How much one Litecoin is worth
- Litecoin 2023 Price prediction.
- Litecoin’s Genesis
- How Litecoin works
- Litecoin price history
- Litecoin
Contents
LTC Overview
Litecoin’s Price Future Analysis.
LTC 2023 Price Prediction
LTC isn’t a coin to explode exponentially. It is slow but steady.
If its upcoming halving in 2023 should have any effect, LTC might peak at $650 or $700 by 2023 Q3.
Q1 will experience a short bearish trend where the price might drop to around $280, but not lower.
LTC should then garner a little momentum up to $400 for most of the year before settling in the $500 range.
LTC 2024 Price Prediction
The LTC 2024 price prediction is the same as 2023, but the price might rise a bit exponentially to close to $1,000 then drop quickly in the following weeks and months to as low as $600.
LTC is unlikely to sustain $600 throughout 2024. Therefore, it will probably average around $360 close to the year-end.
Companies, brands, banks, and general companies are increasingly accepting Litecoin. Charlie Less recently developed new use cases for Litecoin to drive its value.
Litecoin Price History
2017
January
The LTC 2016 Q4 bearish consolidation trend began in the Summer of 2015 and extended into January 2017 and saw a further drop in the coin’s price by 6.65% to $4.070.
February
LTC price fell further by 5.41% to a new low of $3.850.
March
LTC gained exponential growth for the first time in months. In two years, LTC’s second bullish trend saw the price jump by 88.31% to trade at a median of $7.250 in March.
April to August
The bullish trend continues from April to August, seeing the coin price increase by over 300% within four months.
September
Even with a slight bearish flash in the second week of September, the overall price settled around $80.
October to December
LTC was somewhat uneventful in October 2017, experiencing less than 2% median growth, but November and December 2017 were LTC’s craziest growth spur so far.
LTC reach an all-time high of about $370 in just two months.
2018
2018 was a massive bearish year for every cryptocurrency. There was a worldwide dump of almost every cryptocurrency, and LTC wasn’t left out of the madness.
Bitcoin, Litecoin, and Ethereum prices dropped to new all-time lows.
Litecoin opened in 2018 at 2017 Q4 impressive bullish trend of $227.17, but LTC price will drop almost by 90% from the 2018 bearish market.
2019
2019 kicked off with a bullish consolidation of LTC from 2018’s bearish mess. January saw a 5.14% median rise in LTC price.
The bullish trend quickly escalated, seeing the price increase by over 45% in February and 32% in March.
Investors piled into the rising asset, and they sustained the bullish run until June. By then, LTC’s price had risen by 375% in the first two quarters of 2019.
After June, the bears took over, and the LTC price plummeted. There was also a significant reduction in the traded LTC volume.
The bearish market saw Litecoin fall more than 60% in less than three months.
In October, the market had a little bullish consolidation, but it was far from its observed highest price in 2019. LTH ended 2019 at around $40.
Fundamental Analysis
My profit pullers probably caused the bearish market trend after four to five months of bullishness. People are becoming too scared of risking their investments any longer and decided to take their profits off the market.
Bitcoin and Ethereum had similar growth during this period, and after some investors had studied both coins and realized Litecoin, which had been dubbed a dull coin, didn’t have much hope of holding on for much longer.
Another reason for the bear market might be the rising reduction in LTC miners. LTC miners’ rewards are significantly lower than their Bitcoin counterparts. The decline in the miners’ numbers led to a correlated fall in the harsh difficulty.
Therefore, it is significantly easier to guess the correct hash number and upload the next blockchain. This might lead to criminal elements infiltrating the network by inserting corrupt blocks due to the increasing non-difficulty in the network, which might scare away investors.
2020
Litecoin had always been known to correlate with Bitcoin’s price.
At some point in the previous year, Bitcoin was experiencing serious resistance to breaking the $10,000 mark, the same way LTC had difficulty breaking out of the $50 resistance.
In 2020 LTC was the seventh-largest cryptocurrency but was still trading at around $60 after a brief appreciation in January from the late 2019 bearish market.
There was some hope for a brief bullish consolidation until the pandemic rained the crypto flash upon the world in March.
Compared to Bitcoin, which it’s supposed to be correlated with, LTC performed relatively poorly.
BTC appreciated over 100% within this period while LTC remained boring.
The LTC bull market gained a little momentum in late Q4 of 2020 and launched the coin over the $100 mark.
2021
Q1
The above Graph is set to a yearly frame.
2021 was LTC’s most bullish year so far. Litecoin’s fast payment method finally seems to be paying off for the first time in a long time.
Litecoin began in 2021 at $126. A short-term bullish trend continued seeing the price peak at $170 a week later. The bears took over for a while, but the market gained support at $132 a week later. January ended with relatively the same price, $129.57 LTC began 2021 with.
Litecoin continued gaining partnerships and acceptance in 2021 Q1 seeing the price soar to a new 2021 highest of $226 as the price increased further to Q1 highest of $236; people became fearful of bears taking over and selling off their LTC, forming a two-time resistance at $236, which Litecoin failed to break.
The bears seized control and took the market down to $164 about 5 days after. Luckily that support was held, and the market was again able to progress to another resistance of $226.58.
It’s worth mentioning that Late 2021 Q1 experienced price fluctuations in the market, brief support at $170, and mostly a bullish market trend.
Q2
The above Graph is set to a yearly frame.
Q2 kicked off with a bearish trend at $204 before hitting a new 2021 highest of $237 five days later. The new high scared a few people into selling their assets, which brought the market down to a two-time $219 support.
Within the same month, market movers like Bitcoin and Ethereum were making moves; this, combined with Charlie Lee’s confidential transactions introduction finally paying off, led to two new 2021 highs — $255.52 and $310.6 in the same month, April.
As it is logical, people took their profits in such situations, and bears took over, taking the market down to the $223 support.
By late April and early May, the market got back on the bullish wheels and broke two resistance at $259 and $276 before flying to a new 2021 highest of $356 by May 5th.
Four days later, LTC struck a new all-time high of $386.45. By May 9th Litecoin failed to break another resistance at $377 before plummeting down to $303.
Then more LTC investors got scared of losing the gains they’d garnered from the concurrent value surges and took their profits which dropped LTC price in response as there was more supply than demand, and thus the bears ruled.
Q3 and Q4
The above Graph is set to a yearly frame.
The steady decline in LTC price hit Q3 at $137.58, which continued until the market gained support at $107 by July 20th. That support held for the better part of Q3 and Q4.
Later in Q4, the price jumped back on the bullish trend and clocked $278 as its highest.
The continuous bullish trend might result from the new adoption of Litecoin as the next big thing.
The volatility index of the big-boys coins keeps going through the roof daily. LTC is slowly but surely becoming the refuge with the best potential.
LTC’s future looks pretty productive.
PS: Litecoin is still volatile; invest with caution.
2022
Something the so-called ‘explosive coins’ cannot have on top of LTC is its low transaction fee, fast performance, and incredible scalability.
Charlie Lee’s far-sighted in securing the network with the newly adopted confidential transactions will set LTC on a path to more investments and partnerships in 2022.
LTC experienced moderate bullish activity in early 2022 Q1 but its value dropped along with other cryptocurrencies in the second half of the year. Still, it managed to stabilize and perform better than a lot of other coins, peaking above the predicted $100 – $120 range.
Litecoin finished 2022 trading above the 200-day simple moving average (SMA). The 200-day SMA has been signaling BUY for the last 27 days, since Nov 17, 2022.
Litecoin Network and Blockchain Technology
LTC is the second oldest currency, and just like BTC uses the PoW consensus mechanism, but unlike BTC, Litecoin was designed to be used for everyday transactions.
For this to be feasible, LTC has:
Faster Blockchain Transaction Time: LTC uses the Scrypt hashing protocol for its proof of work algorithm instead of Bitcoin’s SHA-256 algorithm, which only uploads a block every 10 minutes and takes about 7 seconds to process a single transaction.
With Scrypt Hashing Algorithm, you can upload new blocks every 2.5 minutes on the LTC Blockchain and mine with an everyday PC and make reasonable profits compared to the high computing power SHA-256 needed for mining Bitcoin.
Bitcoin Transaction Per the Second rate can be as high as $54 dollars, depending on how fast you want your transaction processed. LTC intelligently cut that down from $0.1 to $0.2
Like Bitcoin, Litecoin can also be broken down into 8-decimal figures (100 millionths), a unit that is called a Photon.
LTC can conduct super-fast transactions through its ‘lightning network,’ a layer-II network built directly on Bitcoin’s blockchain.
The LTC network utilizes merged mining; two coins (BTC and LTC) are mined simultaneously.
How does Lightning Network work?
Lightning Network is a Layer-II network built directly on the Bitcoin blockchain network.
Besides its low scalability, Bitcoin network transaction fees are generally too high and, therefore, not suitable for micro-transactions; it’d suck if the transaction fees you pay are higher than your actual transaction and take minutes before they get validated.
To transfer funds, you have to open an off-chain transaction channel to link with the second party using a multi-signature wallet without touching the main blockchain.
You and the person you want to transact with will use your private keys to append digital signatures to the wallet.
The two parties involved will then deposit a specific amount on the blockchain, sign the transaction sheet with your private keys and keep a copy of the transaction sheet.
As long as the channel is opened, you can conduct as many transactions as you like. (Without paying any Bitcoin transaction fee charges)
When you both want to close the channel, you upload and broadcast the latest copy of the transactions sheet with both parties’ signatures on them on the blockchain.
The blockchain validators will then confirm the signatures on the balance sheets. Once the information proves valid will release the funds to both parties.
The blockchain only reflects two transactions between the parties, the opening, and closing.
Even if you conducted a thousand microtransactions on the LN, the microtransactions conducted will be instantaneous.
This transaction is recorded as only two transactions on the Litecoin blockchain, opening the channel and closing the channel.
Thereby the parties will only have to pay two transaction fees.
Also, LTC Network has some fraud protection mechanisms.
If for some reason, you want to back out, that is, withdraw your funds before completing the transaction, your whole deposit will be sent to the second person.
In addition, having to create a transaction channel and deposit funds with everyone you want to transact with isn’t very scalable. It goes against the very purpose of offering a more cost and time-effective method of micro-transactions on the bitcoin network.
Therefore, to overcome the issue of having to deposit money (and create a payment channel) with everyone you want to transact with, the network allows you to jump on an already created payment channel.
To do this, you can link to the person who you are trying to pay (through people who already know each other); it doesn’t matter if the channel goes through a hundred intermediaries before getting to your targeted individual.
LTC Tokenomics
84 million Litecoin were created, and there is a good number of those in circulation.
That is precisely four times the total number of Bitcoins created (21 million).
The implication of this shows that Litecoin cannot be as highly valued as Bitcoins which is precisely the point, if Bitcoin is like highly valued gold while LTC can be likened to currency notes, LTC must be more accessible than Bitcoins.
LTC is operated by volunteers majorly.
LTC creators didn’t hold any ICOs or IDOs on the day it was launched. They instead created an avenue for every member to begin mining LTC on the same day, which is similar to the way Satoshi started. LTC mining rewards are halved every four years, similarly to Bitcoin.
How to Buy Litecoin on eToro?
Buying and selling cryptocurrencies has become many people’s preferred investment option, and this is how trading began. Since there are so many cryptos to choose from, beginners might not know how to get started, especially if they don’t even have a platform that they can use to purchase the tokens.
Initially, Litecoin was not so relevant. Everyone was focused on other cryptocurrencies such as Bitcoin or Ethereum, and people did not have much faith in this one. However, with time, investors realized that it might be a convenient opportunity as well.
Although there are numerous platforms to choose from, only a handful of them might provide you with the features you need when you’re buying Litecoin, and not all these sites are legit. Nonetheless, eToro offers you characteristics that might be what you’re looking for, so this guide describes what you must know to use the site.
Step 1: Open an Account
Firstly, you have to open an account if you want to buy Litecoin using eToro. Even though it might take some time, it’s the only way for you to set up a profile and link a payment method.
It will require you to fill in only the basic information, which only takes a couple of minutes.
You should check out eToro’s terms, conditions, and policies before proceeding to the next step. Additionally, rereading your information to make sure it doesn’t have any errors is also a good idea.
Step 2: Upload ID
Since there are so many fraudulent platforms out there, you need to guarantee that the one you’re trusting is safe. Otherwise, there is no way to make sure that your assets are secure.
In this case, eToro wants to ensure the safety of the users’ cryptos and money. Therefore, everyone needs to go through a verification process, and if you don’t complete it, you’re not able to access the features that the platform offers.
Verifying your identity is not very challenging. You have to upload an ID picture and prove your residence by adding a photo of any utility bill that’s less than three months old.
Step 3: Make a Deposit
If you already verified your account, it’s fantastic! It means you’re ready to fund it and get started with examining all of its features.
To fund your account, just go to the ‘Deposit’ option and choose the specific features of how you want to invest your money, for example, the amount and payment method.
Step 4: Search for Litecoin
With an account that has some money, you’re able to go through eToro and examine all the options that it gives you. Search for Litecoin and explore everything that this platform offers you!
Step 5: Buy Litecoin
The last step is to buy Litecoin. If you’ve made it this far, congratulations! You can now use your eToro account to purchase this cryptocurrency and change your trading experience.
FAQs
Will Litecoin be worth as much as Bitcoin?
The short answer will be no.
Litecoin is not just designed to be worth as much as Bitcoin in any foreseeable future.
Bitcoin’s highest-ever value is around $65,000, and Litecoin will have to perform more than a miracle to be that big.
Is Litecoin the same as Bitcoin?
No. Litecoin is not Bitcoin. It is modeled after Bitcoin like a lighter, faster, more decentralized, and cheaper version of Bitcoin.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.
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