Litecoin, like Bitcoin, is a virtual currency that has been around for a long while. Litecoin (LTC) is developed as a stable coin to bitcoin. Though it is influenced by the volatility factor in the crypto space, the digital currency is a better choice to store value more stable at the time.
If you’re conversant with the coin you’ll agree it has steady movement in price compared to others back in the days. We can’t say the same now with many such coins in their numbers that do far better, more like holding a dollar to a dollar in cryptocurrency.
In the development world, Litecoin is designed much like a supporting tool for bitcoin. The term ‘bitcoin silver’ closely shows the correlation between the two cryptocurrencies. They are both mined but Litecoin has more quantity than bitcoin, the 84 million to bitcoin’s 21 million.
LTC offers quicker transaction confirmations and uses script-based on proof-of-work mining algorithm. Charles Lee created the coin. He was an employee of Google at the time. A core group of 6 software developers, led by Charles Lee, currently supports the Litecoin project with a large and ever-growing community.
This turned Litecoin in its own right into a very powerful cryptocurrency choice. We’ll give details of the price history of Litecoin including the factors affecting it and other issues relating to the coin as we go along in this article.
Litecoin Live Price Chart
Besides the US dollar, you can assess the price of the chart in various denomination including EUR and pounds.
In May 2017, Litecoin Price ranks it among the top five with the highest market capitalization. As EOS is to Ethereum, Litecoin is to bitcoin. The speed correction issue was worked on for Litecoin and they got it well underway in the development of the Lightning Network.
The first Lightning Network transaction was completed by the network later on May 2017, moving 0.00000001 LTC in a location in Zurich to another location in San Francisco in a swift less than one second.
With this improvement the network simply got a boost to attract who is ready to spend, thereby adding more significance to the cryptocurrency.
For the notable volatility in the industry, Litecoin price rises and falls based on supply/demand laws. Virtual currency investors are buying this virtual currency for all sorts of reasons today.
And let us not forget so quickly the speculative factor. If all decide Litecoin Price is only worth $30, nobody will be willing to pay anything more to have possession of one.
Litecoin started on the market as one of the first alternative cryptocurrencies to evolve years later. As a result, thousands of retailers worldwide, together with Bitcoin, Ethereum and probably a few others, support Litecoin. It guarantees Litecoin’s inherent value, but other variables decide how much worth investors feel they have at all times.
Litecoin value may be well known, but it’s hard to distinguish between its contemporaries. What’s special about this coin and uniqueness? These are the questions people are asking.
The higher Litecoin prices are going, the more traders who believe in the digital currency stake their money on it. It’s just as simple as that. So how are we going to answer these critical questions about Litecoin?
Litecoin price has not been spared in the consistent downtrend of the virtual currency market. Right after the 2017 Bull Run days, the digital asset has been nothing short of unstable, much like the current ETC price on the market.
The stable Litecoin price is seen to now change frequently. It is difficult at this time to stay on the definition of a more stable coin to bitcoin because it appears the movement in Litecoin price is impacted by a slight move in bitcoin’s performance on the log.
In September 2019, the price of Litecoin fell to USD 55.92 per coin. The cryptocurrency can be purchased with USD, EUR denomination credit cards among other currency variations. In the last two years, the highest price for this coin was $237.57, which was in December 2017.
The crypto is exchanged and available in USD / LTC, EUR / LTC, and is now open to other pairs as well as. During the first quarter of 2019, Litecoin increased on the dollar, which is great for crypt speculators but indicates confusion.
Recent declines are likely to harm the portfolios of speculators. It is highly anticipated that its improvement will be at the current value already revealed in October.
Litecoin Historical Prices
The interest in Litecoin’s history is a little roller coaster. Just like we are surprised most traders never thought the coin could be so affected the way things have turned. This is a cryptocurrency that was first mined in 2011, two years of Bitcoin released.
In its early days, and some years later, Litecoin’s valuation was calculated in pennies. Things don’t stand that way for long as prices gradually improved.
At a time when successful data collection and price tracking for Litecoin began in 2013, potential market buyers had caught up with the crypto currency’s optimistic future and Litecoin’s prices had risen to $4.30. Litecoin hit a major milestone in late 2013 when prices first soared above $10 and peaked briefly above $49.
This price point did not last for Litecoin, and prices fell rapidly. By the last days of 2013, Litecoin sold for around $25. Yet prices for this creative commodity have not stopped falling.
Most of 2014 saw Litecoin dropping to below $10 and in 2015 nearly a low of $1. This was Litecoin’s lowest price since it began to be widely traded, with some believe that Charlie Lee’s brainchild was doomed to irrelevance.
Coinbase then announced that support for this bitcoin silver would be added to its platform. Coinbase was the largest exchange in the world for Bitcoin, and Litecoin would be its second-supported currency! The markets did not react immediately, but the price of Litecoin started to rise.
At the end of 2017, we knew what the economy was like. People said Bitcoin would reach 1 million dollars in a year to come, and it seemed impossible not to make money, regardless of which coin you are involved in.
The digital asset traders benefited from this upward pressure and Litecoin prices peaked at almost $400 in December 2017.
Sadly, this good standing did not stay too long with Litecoin asset holders. From here on, Litecoin’s rates are started experiencing a downward trend. Prices dropped down to USD 100, but regained and were almost USD 300, and then fell again.
In these changes, various traders bought and sold. Some make a lot of money and others lost as well. Nevertheless, Litecoin’s price remains at nearly 10% of its current highest.
Will the price of this digital asset rise from the ashes? Our predictions for Litecoin price give you answers.
Is it a good cryptocurrency? Will the Litecoin price be good for investors this year and years ahead?
We’re sorry to say we have some doubts about what the digital asset is bringing to the table in 2019, but we’re at least not ready to fully underestimate the cryptocurrency. Here are our Litecoin forecasts for the years ahead.
In 2019, just like the ETC price, prices of Litecoin remain unstable. Without money to spend, Litecoin’s growth will slow down and that’s exactly what we see from the virtual currency’s Github activity. All seem to be stagnant.
Since September 2017, Litecoin has only received two Github commitments. It’s not good enough. Though without further development, Litecoin works well as it can.
And that was enough to get it into the new Spend App, making it available to 40 million retailers worldwide for spending. We believe that for Litecoin’s future, whether or not it is experiencing technological changes, it will survive and maybe thrive.
Many cryptocurrencies have managed to stay afloat without receiving any new technological improvements. Ethereum Classic may well be one with recent ETC price which is not favorable, the currency still maintains good standing with users.
Litecoin gets a pass from us for now. As crypto markets rebound, the position of Litecoin will be one of the main beneficiaries. What does the year ahead hold for Litecoin?
Litecoin in 2020
We expect that by 2020 the once-promising digital currency will live up to its creation purpose and reclaim its rightful place. Litecoin is easy and cost-effective to use because many people don’t use it. When traffic rises, the coin’s network is expected to start slowing down as Bitcoin did in 2017.
In such situations, people would start to realize that Litecoin was a great innovation for 2015, but is not up to the new competition level by 2020. Litecoin will be a historical object in 2020 markets with many evolving cryptocurrencies, some using new security and consensus methods.
However, it can still enjoy better prices, given the higher demand for sales on the broader market. In our view, the price of Litecoin is expected to be $90 per LTC by the end of 2020.
Litecoin in 2021
The Litecoin price is expected to improve significantly in 2021 and beyond. We don’t think it is a bad crypto-currency, but we don’t think it’ll build on what has already in the years to come.
All of this new attention will be directed at new coins, and Bitcoin BTC, leaving Litecoin in the dust. The tech guru, Charlie Lee, can, of course, find new funding and modernize his old cryptocurrency. By the end of 2021, the cost of Litecoin will have fallen to $30 per LTC.
Factors Affecting Litecoin Price
The price of digital assets is constantly changing. Litecoin is one of the cryptocurrencies making some noise this year and it’s worth has recently reached an elusive milestone, following their ever-high level. In the end, what defines Litecoin’s worth is no different from other parameters.
Here are some prevailing factors:
1. Supply and Demand
The supply and demand forces for cryptocurrencies are no exception with Litecoin price. In essence, this definition defines it’s price the most. This economic factor was the protocol’s strong driver.
The demand for Litecoin this year has increased, taking the digital asset price to over $60 in August. More than 50 million of the 84 million volumes of the digital currency are already being mined.
With many of the coins available, supply will be on a high and Litecoin price will expectedly fall once again.
2. Market News
Market news also affects the movement of Litecoin prices apart from the supply and demand concept. When the media continues to say positive things about the market, more people swing into action and participate in virtual currency purchases.
That, in turn, increases demand for digital assets. If the law that says the higher the demand the higher the price holds, then, Litecoin price will rise afterward.
3. Government Policy
Digital currencies are heavily weighed by financial laws and regulations. It is not only for Litecoin here. Other digital assets get affected. When a ban on cryptocurrencies was declared by the Peoples Republic of China, prices dropped sharply, including Litecoin prices.
Despite independent monetary policy sort that can be said to exist in the digital currency world, Litecoin’s position is still influenced by government policies. Restrictions and regulations will either increase or reduce prices in the market.
While the coin is already being used electronically, there is a heated debate over its ability to conduct transactions cheaply and easily, causing some stakeholders to avoid the network. Added to this is the problem of cryptocurrency mining. Mining difficulty will increase in Litecoin price.
5. Public Perception
The public view is an important factor in determining the Litecoin price. Today, people around the world have mixed technology-based reactions. Some people praised Litecoin for being silver to Bitcoin’s gold, while others opined negatively because some confusion can be associated with it.
LTC is an ‘ancient’ cryptocurrency. It would go down without finding new ways of infusing modern blockchain methods to it. This may not happen in the coming year. Litecoin can gain momentum with partnerships and new applications.
However, LTC will not be strengthened and unable to meet the requirements of a new bull market that drove the all-time highs of 2017. We can’t say specifically, and Litecoin may not, but we don’t bet on LTC to see any possibility so quickly.
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