Litecoin, one of the early blockchain projects, gained popularity in the crypto space thanks to its integration with payment service providers for seamless transactions. The platform’s cheaper transactions and an expanding number of users have increased the adoption of LTC as a payment solution among merchants globally. Although the price of this crypto has been on a decline lately, the token is expected to be profitable in the long term as adoption increases.
What is Litecoin?
Its network has often been used as a testament for new protocol changes before being deployed on Bitcoin. It is a cryptocurrency for instant peer-to-peer transactions. The coin was developed from the BTC codebase with faster block times and a larger supply. The crypto was forked as a lighter and quicker BTC version. It has a two-and-a-half block generation speed compared to Bitcoin’s ten.
Litecoin uses a scarce tokenomics model to maintain the value of its tokens. The model has been set to make it more challenging to mine the tokens as the supply nears zero. Same as BTC, it uses a block reward halving to reduce the speed of newly-minted coins.
The crypto uses the scrypt hashing algorithm in its proof-of-work consensus model. The project team also makes inroads into decentralized finance by integrating smart contracts based on the OmniLite layer-two scaling network.
Litecoin was founded by Charlie Lee, a former Google and Coinbase engineer, and released to the market in 2011. Lee first released LTC on Github two years after the launch of Bitcoin. The project is managed under the Litecoin foundation, a not-for-profit entity.
Look no further if you’re looking for LTC price predictions for 2022-2025. We’ll look at its recent pricing to see what to expect from future changes.
Litecoin: should you invest in LTC today?
Litecoin may not offer quick returns at the moment because the token remains subdued. LTC is facing bearish momentum since reaching around $300 in November 2021. The token has been consolidating at the $105 support zone lately.
Moreover, this crypto is trading below the 100 moving average (MA) and the 200 MA, which could offer resistance to the upside. The token also remains below the $143 resistance level, which rejected higher prices towards the end of February. The momentum oscillator RSI is at 46, meaning that LTC is bound to trade lower in the near term. If the token rises above the resistance level, a change of sentiment and a bullish momentum could take the token higher.
Over the past few years, it has gained a reputation among institutional and retail investors. The growing adoption of this crypto as a payment solution and an elaborate network security position the token for long-term profitability. The all-time price outlook shows that the token is trading below the previous highs and could be an opportunity for a long-term investor to take advantage of the low price in return for long-term gains.
Will LTC reach 200 USD in 2022?
- Our technical and fundamental analysis shows that this crypto is expected to reach $153 in the second quarter of 2022 and $126 at a minimum. The token is projected to trade at an average of $110.
- In 2023, it will reach a maximum price of $175, with the minimum price in the period being $165. The average trading price throughout 2023 will be $105.
- Our price forecast puts LTC at a maximum of $195 in 2024. At a minimum, it will rise to around $175 in the same period and trade at an average price of $120.
- Based on in-depth analysis, Litecoin will surge to a maximum price of $205 in 2025, and the minimum it can overflow to is $190. Throughout the year, the token is anticipated to trade at an average price of $140.
LTC past price analysis
It is currently ranked as number 21 by CoinMarketCap, with a market capitalization of $7,205,057,847. There are 69,817,243.78 circulating LTC tokens from a total supply of 84 million and a matching hard cap. The latest price outlook shows that LTC is trading at $103.24, a 2.03% jump in the past day. The weekly price outlook shows a 4% decline from $107.
LTC has been steadily declining in the past month, losing about 25% of its value. The token has remained under an extensive bearish momentum, with a price declining approximately 34.6% in the past three months. From the all-time price outlook, the token is trading at 72% lower than its all-time high of $386 recorded in September 2021.
Want to buy LTC?
It is listed in major cryptocurrency exchanges, including Binance, Coinbase, FTX, Huobi Global and Bybit.
To buy it on Binance exchange, follow these steps:
Step 1. Register an account.
Step 2. Buy BTC directly from your crypto wallet.
Step 3. Go to the spot market and select LTC/BTC pair.
Step 4. Exchange BTC for LTC.