Recently, the price of cryptocurrencies has declined tremendously. Bitcoin recently declined to $20,000. Ethereum’s price slammed below $1490. Almost all the altcoins exhibited unsatisfactory performance. What could the future of cryptos look like? In this article, we discuss the future of one altcoin named Litecoin. This post is all about LTC price prediction can Litecoin reach the 100$ mark? Let’s take a look.
What is Litecoin (LTC)?
Litecoin is one of the most aged altcoins embarked on in the year 2011 by Charlie Lee. It has subtle differences from Bitcoin but has established itself with time as one of the top 20 cryptocurrencies by market capitalization. The current price of 1 Litecoin is $52.18 but was as high as $350 back in 2017.
Litecoin is a cryptocurrency created by an ex-Google engineer- Charlie Lee in 2011. It is regarded as one of the chief inheritors of Bitcoin and the first altcoin to be molded. It is a peer-to-peer (P2P) virtual currency whose network provides fast, near-zero price returns that can be utilized globally.
The cryptocurrency is also founded on an open-source global payment network that is decentralized. According to researchers, Litecoin was created from Bitcoin’s initial open-source code. When Lee created it, he claimed it as Bitcoin Lite and remained viewed by many as a response to Bitcoin. Due to the cryptocurrency imitating the prototype of Bitcoin, it still holds tremendous qualities as the leading digital asset.
LTC Price Prediction: Is Litecoin Still Worth In 2022?
LTC/USD Weekly chart – GoCharting
In the last few months, the Litecoin price, like the Bitcoin price, has seen a more intense drop. Of course, this was largely due to the bear market that formed, which pushed the prices of almost all cryptocurrencies to drop nattily. In November 2021, the Litecoin price touched a definitive temporary high of 278 USD. The price touched an all-time high of 377 dollars in the spring. Unlike other coins, Litecoin did not grow above it in the fall.
Since November 2021 we then noticed a huge decline in the Litecoin price due to the beginning of the bear market. At the turn of the year, the price was only $150. In 2022, the Litecoin price continued to fall sharply and fell to a low of 43 USD in June 2022. The price was then able to stabilize again and at the time of writing this, it is sitting at $52.18.
What are the main features of Litecoin?
Litecoin’s purpose is to be used as a currency.
🛒 Pay for goods and services
🏦 Store of value
👨👨👦👦 Send mass payouts
⚡ Peer-to-peer transactions
💝 Send donations in #Litecoin
Over 10 years of continuous uptime and a median fee of $0.001 pic.twitter.com/b6qHD6ApvT— Litecoin (@litecoin) August 26, 2022
In the following we would like to give you some important information about Litecoin:
- Litecoin is in the crypto market since October 7th, 2011.
- While bitcoin is considered “digital gold”, the litecoin has been nicknamed “digital silver”.
- Litecoin utilizes the energy-intensive Proof-of-Work consensus mechanism and therefore has a vital thing in common with Bitcoin.
- Similarly, as in the case of Bitcoin, there is also a halving approximately every 4 years. This also makes the cryptocurrency deflationary in design.
- Like Bitcoin, Litecoin is fixed in number. The maximum number of Litecoins is 84 million.
- In general, transactions are approved faster than Bitcoin.
- As with Bitcoin, all transactions on the Litecoin blockchain can be viewed.
Can Litecoin Reach $100?
LTC/USD Daily chart – GoCharting
The Litecoin price usually behaves similarly to the Bitcoin price and responds to identical influencing elements. Litecoin has a very identical structure to Bitcoin. The number of coins is fixed and a halving takes place every 4 years. Thus, Litecoin molds in similar phases to Bitcoin.
Developments in the financial markets play an incredibly vital role for Litecoin. A positive development supports Bitcoin as well as the Litecoin price. In the long term, Litecoin, like Bitcoin, should act in the opposite direction to the classic markets. Litecoin could soon be an inflation hedge again.
In the next few years, most forecasting portals predict the Litecoin price to increase more sharply. Because if the Bitcoin price can increase again due to bullish outcomes on the market, this should also be the case with the Litecoin price. Litecoin probably has even more significant potential. Basically, Litecoin is slightly more volatile than Bitcoin.
LTC worked to run and touch the $200 price mark, the last time being in November 2021. It is safe to assume that Litecoin can recover earlier losses and reach this level again but there are numerous other levels that Litecoin prices must touch first.
If there is a bullish break in the trend line, we assume that the price will gradually work through the resistance. The Litecoin price could first climb to $61. There is the first resistance. During the rise to $61, we do not expect a notable correction either. After the price reaches the first mark, a little more considerable correction could occur. Yet, this correction could result in a recovery to $68, so corrections are not usually a poor thing. Mostly they are acceptable for the price.
A lot of people consider Litecoin as a straight replica of Bitcoin that doesn’t offer anything else, yet, that is not entirely accurate. Litecoin does have some fundamental differences compared to Bitcoin.
Litecoin is 99% dominant in Scrypt PoW with a network hashrate of 451 TH/s = Security
With billions of dollars secured for more than a decade, Litecoin’s PoW blockchain is so expansive that the cost of the computing power needed to attack it would dwarf any amount earned. pic.twitter.com/jSgKUBLmPv
— Litecoin (@litecoin) August 24, 2022
Mining is definitely the most influential distinction even though both coins utilize the Proof of Work consensus, Litecoin employs the ‘Scrypt’ algorithm rather than the standard SHA-256. This helps people mine Litecoins by utilizing uncomplicated memory cards rather than technical ASICs. The Scrypt algorithm is specifically designed to make mining general for everyone.
Conclusion
The Litecoin price is so low at the moment due to the bear market that the investment could be beneficial. Even if the Litecoin price does not increase soon or even drops slightly, the investment is beneficial in the long term.
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