Litecoin was founded in 2011, making it one of the oldest cryptocurrencies after Bitcoin. This digital asset was founded by one of the early adopters of cryptocurrencies and a revered name in the cryptocurrency industry, Charlie Lee. It is currently one of the top 15 largest cryptocurrencies in the crypto market in terms of market capitalization.
Should you invest in it? What will be its price by the end of 2021 or 5 years later? To answer all your queries, let me walk you through Litecoin, its fundamentals, and Litecoin price forecast.
Litecoin was founded as a project on the premise of creating a “Lite version of bitcoin”. That’s what Charlie Lee had announced on a popular Bitcoin forum. That’s the reason you’ll find many similarities in terms of features with Bitcoin, the largest cryptocurrency in terms of market cap. However, Litecoin bypasses many limiting aspects of Bitcoin, especially related to mining and speed of transaction.
Litecoin is an altcoin (whose native coin is denoted as LTC) that works on a Proof-of-Work consensus mechanism. For mining blocks, this platform involves complex computational algorithms. The blocks once created are then fastened to the network’s blockchain (a public ledger).
The Scrypt protocol is used by the platform to mine LTC tokens. This protocol helps to maintain extra decentralization. It powers confidential transactions. The Litecoin network ensures that every participant is able to exchange currencies at no cost at all.
Once a transaction is done on the Litecoin blockchain, it becomes irreversible, and it remains stored forever. The network is secured by the simple fact that the technology underlying this protocol doesn’t allow anyone, not even its founder, any kind of edit access on the LTC blockchain. Even if the currencies are looted or hacked (in rare cases), the network has a trace print. It makes it easier to identify the hacked currencies easy.
The native currency of the Litecoin network is LTC. The token is used within the network to provide incentives or rewards to Litecoin miners. Outside the network, LTC acts as a medium of exchange, thereby proving to be an asset that is inexpensive as well as stable.
The block time of Litecoin is just 2.5 minutes, significantly less than 10 minutes block time of Bitcoin. In fact, you can also make micro-transactions quickly and easily on the Litecoin network.
To exchange or buy/sell LTCs, you have to find compatible pairs on reliable cryptocurrency exchanges. Some of the popular pairs available on the leading exchanges are:
The popular and reliable cryptocurrency exchanges where you can trade Litecoin tokens are:
All these facts and figures will help you to make a decision on investing in Litecoin:
Litecoin is one of the earliest coins in the cryptocurrency market. It was launched in 2011 and it has been in the market for over 10 years now. In the crypto world, Litecoin is called the “silver” as Bitcoin is referred to as the “gold”.
Multiple partnerships have been done by LTC over the years. It aims to expand and enhance the utility of its digital asset. Some of the major partnerships are with:
Currently (as of October 10, 2021), the price of LTC is hovering around US$180.58. In 2021 YTD, the price has increased by 42.92%.
By the end of 2021, the price of each LTC coin is expected to reach anywhere around US$323.56.
By the end of 2022, the price of each LTC token is expected to reach anywhere above US$468.47.
Litecoin’s price is expected to hit an all-time high price at US$1,000.74. You may expect the average price to be around US$580.84 in the next 5 years.
Always remember that cryptocurrency investment advice always comes with the risk of loss. As prices of cryptocurrencies are highly volatile, you should be ready to consider the loss aspect too. If you can’t afford to lose money, crypto investment is not for you. Instead invest in fixed income assets. To be sure about your investment, always go through the fundamentals, technicals, and price history trends of the Litecoin market. Once you are absolutely sure about investing, go through the Litecoin network price prediction, and then invest.