Designed to offer secure, fast, and cost-effective digital payments, Litecoin is among the most popular names in the cryptocurrency market. Here, we’ll briefly discuss the most significant aspects of Litecoin before exploring its price, in the past and currently, with a focus on the prediction for 2025.
What Is Litecoin?
Before delving into the performance of this altcoin and its price forecast, let’s cover the basics.
Abbreviated LTC, Litecoin is an alternative cryptocurrency created in 2011 by Charlie Lee, a former engineer at Google. Based on an open-source global payment network, it uses Scrypt as a proof of work algorithm. With 84 million coins, its rewards are halved every 840,000 blocks. Its ease of acquisition and fast processing speed give it an edge over even Bitcoin, among other cryptocurrencies.
Price Today
According to CoinMarketCap, the price of LTC on 4th November 2021 is $207.91. Ranking 17 in the market, it has a 24-hour trading volume of $2,573,141,190. Furthermore, as of November 2021, Bitcoin has a market capitalization of $14.3 billion. These figures point to the strong standing of this altcoin in the cryptocurrency world.
Past Performance
Reports by Statista depict a very interesting journey that LTC has had till now. It had a small uptrend in November 2013, after which its price stayed virtually stagnant till 2017. In December 2017, it had a huge bullish movement, with its price surging to $255.42, an increase of nearly 5,800% year-to-date. This price soon dropped, after which it somewhat recovered in June 2019. This fluctuating trend has continued till recently, with the spike in April 2021, taking its price to $353.51.
Price Prediction for 2025
Since it has been around since 2011, it is one of the original cryptocurrencies to enter the market. This makes it well-established and trusted – factors considered for a reliable and attractive investment option. Due to these reasons, the outlook for LTC in 2025 is quite positive.
It is predicted that there are very high chances of it crossing the $500 mark in 2025. In fact, some highly optimistic forecasts even suggest numbers as astonishing as $800-$1,000. However, with ample data gathered over the years available for analysis, most predictions suggest that by 2025, LTC would have appreciated quite well.
What Will LTC Be Worth in 2030?
With more merchants adopting cryptocurrencies as a safe and secure payment option and it being a very fast and inexpensive coin to make transfers, the forecasts for 2030 optimistically place the value of LTC at around $1,000.
Does it Have a Future?
As the second most popular pure cryptocurrency, LTC is expected to appreciate in the future. Its main competitive advantage is derived from its speed and cost-effectiveness, due to which some forecasts even put it close to the $10,000 mark in the long-term. If this seems far-fetched, at its peak, has been the 3rd largest cryptocurrency in the world by market capitalization.
Is it a Good Investment in 2021?
LongForecast expects that LTC will keep increasing in price for the remainder of 2021. It is forecasted to go up to $250 by the end of 2021, making this year a good time to invest in LTC. You can now even buy Litecoin with a credit card to get started.