Anyway, before we get into our Litecoin price prediction, lets first explain the differences between Bitcoin and Litecoin.
Table of Contents
- 1 Litecoin vs Bitcoin
- 2 Litecoin Historical Price Trend
- 3 Litecoin Price Predictions
- 3.1 Litecoin Prediction Using Technical Analysis
- 3.2 Litecoin Price Prediction Based on the Price of Bitcoin
- 3.3 Litecoin Forecast by Experts Such as John McAfee
- 3.4 What the Litecoin Future Looks Like from a Wall Street Perspective
- 3.5 Litecoin Price Prediction 2020
- 3.6 Other Factors That Could Affect The Litecoin Future
- 4 So, Is Litecoin Worth Investing In?
Litecoin vs BitcoinLitecoin is very similar to Bitcoin. Just like Bitcoin, it is built upon the same code. Think of it as the operating system update that you receive on your smartphone. Just like an update aims to improve some of the issues with your smartphone, Litecoin aims to fix some of the problems with Bitcoin. As I explained in the coffee example, Litecoin’s technology can process transactions faster than Bitcoin. Another key difference is the total number of coins that exist. Similar to how the world’s gold supply is limited, so is the supply of cryptocurrency coins. Only a maximum of 21 million Bitcoins can be created. The maximum number of Litecoins is 85 million. To make a payment using cryptocurrency, you are required to pay a transaction fee. That fee is much higher when transactions are sent using Bitcoin rather than using Litecoin. This means that it is not only faster to make payments using Litecoin, but it is also much cheaper. In the case of our regular currency, federal banks can print new notes to increase the supply of currency. This is not the case with cryptocurrency as there is no government that can “print” more coins. Did you know that new coins need to be “mined” in order to be used? Again, just like gold! All you need to know is that mining is the process in which people use computers to discover new Litecoin, Bitcoin and other coins. To mine Bitcoin (or other cryptocurrencies) you need a super specialized and powerful computer, unlike the normal computers you find in retail stores. However, you could mine Litecoin with a normal computer, just by adding a few graphical processing units (GPU). So, if you decide you want to own Litecoin but don’t want to buy it on an exchange, you might want to think about mining it. For this very reason, Litecoin is accessible to more people than Bitcoin. Which is why Litecoin is often referred to as the silver of cryptocurrency and Bitcoin is referred to as the gold. The differences between the technology of the two coins has a major impact on their prices. Now that you know how Litecoin’s technology is different to Bitcoin’s technology, it will be easier for you to understand our Litecoin projections.
Litecoin Historical Price TrendLitecoin has been one of the best performing cryptocurrencies in the last 12 months. If you bought Litecoin at the beginning of 2017 when its price was at $4.5, you would have made a gain of almost 8000% by the end of the year! That is almost 80X your investment. So, if you had invested $500 in January 2017, you would have made a profit of almost $45,000 when the price of Litecoin reached the highest point in December 2017. You can see the historical price trend of Litecoin in the chart below. There is no doubt that Litecoin has shown huge amounts of growth last year, making it one of the top ten cryptocurrencies by percentage growth. Another important thing that you should know before we get into our Litecoin projection is that Litecoin has a high trading volume. This means that more and more people are selling and buying Litecoin in the cryptocurrency market. Litecoin is fourth in terms of trading volume, just after Ethereum.
Litecoin Price PredictionsThere is no doubt that the cryptocurrency market moves very fast, making it very difficult for investors to decide how to choose the best investment options. In this situation, it is best to do your research to help you understand what the current market trends are. In fact, you should always contact a financial expert before making any major investments. Listed below are the top Litecoin predictions, which you can use as a starting point in your research to help you understand the market better.
Litecoin Prediction Using Technical AnalysisFirst, let us explain technical analysis so that you have a clear understanding about the basis of this prediction. The technical analysis considers only the facts of the past and present price trends, and trading volume trends. It does not consider things such as how good the technology behind a cryptocurrency is etc. Technical analysts run the data through mathematical functions to come up with price predictions. What is good for us is that we do not need to worry about the mathematical part as there are many analysts who perform the analysis and share it on the internet. Walletinvestor.com, a website that performs technical analysis, has made a 1-year Litecoin price prediction of around $0,000001. They predict that Litecoin could be a tragic investment option in the long run. Another technical analysis website believes that if Litecoin crosses the $220 mark, it will be the starting point of a further price rise. Their Litecoin price prediction, for the short term, is set at $300. Another kind of analysis, called the “Monte Carlo” analysis, has been performed on Litecoin. What it predicts is a price range of $6 to $507 for Litecoin up to November 2019. Yes, I know what you’re thinking — That is such a huge price range to predict! Right? Well, what we can take away from this analysis is that the price of Litecoin, like other cryptocurrencies, may change a lot this year. See, it is not completely useless!
Litecoin Price Prediction Based on the Price of BitcoinThere are many predictions that say Litecoin’s growth will be higher than that of Bitcoin. Nobody really knows what will happen, but here are some good reasons as to why there are predictions like these.
- Litecoin has shown better growth in the last year than Bitcoin
- Litecoin improved the technology that Bitcoin uses (Remember, it is 4 times faster!)
- At present, Litecoin is showing better recovery than Bitcoin
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Litecoin Forecast by Experts Such as John McAfeeYou might be asking yourself, who is John McAfee? Even if you are just slightly serious about investing in cryptocurrencies, then it is time for you to recognize the name. John McAfee is a big-time crypto investor and a very active promoter of cryptocurrencies. His price projections can have a real impact on the prices of cryptocurrencies. So, what are his views on the future of Litecoin? John McAfee believes that Litecoin has not risen in value as much as it should have. He said that Litecoin can rise just as much, if not more, than Bitcoin. If we believe that John McAfee’s prediction for Bitcoin is correct, then who is to say that he is wrong about Litecoin. George Tung, a cryptocurrency analyst, had his say on the Litecoin price prediction. He said that the price of Litecoin rise as high as $1500 in 2019. He is not alone as there are many experts and analysts that believe the price of Litecoin price will continue to rise in 2019. How much can it rise to, though? Well, I guess only time will tell. But at least you now know what the experts are making of it. One of the reasons why many believe that Litecoin will perform well this year is because of the return of Charlie Lee, the founder of Litecoin. He left Litecoin and decided to join Coinbase, but has very recently become an active member of the Litecoin team again. Charlie Lee has said that 2019 will be a good year for Litecoin. However, he has refused to give his projected price of the cryptocurrency.
What the Litecoin Future Looks Like from a Wall Street PerspectiveCryptocurrencies have started to get attention from Wall Street traders and investors too. Just like us, they couldn’t stop themselves from taking an interest in cryptocurrencies. Wall Street has lots of experience when it comes to making investments in stocks and other assets. Which means they should have a good idea of what is, and what isn’t a good investment. Kelly, the head of BK Capital Management (LLC), is a Wall Street trader whose job is to keep a track of the cryptocurrency market. BK Capital Management is a company whose focus is to make investments in cryptocurrencies. Kelly gave a Litecoin price prediction of $500 for 2019, so that might be a prediction worth listening to. Kelly is positive about Litecoin because of the advantages it has over Bitcoin. He thinks that the quicker transactions and low fees are what makes Litecoin an attractive investment option for everyone. Try thinking of Litecoin as iPhone X and Bitcoin as iPhone 8. The only difference is that iPhone X is cheaper in this case.
Litecoin Price Prediction 2020If you are planning on investing in Litecoin for the long term, then it is a good idea to look at Litecoin price predictions for 2020. Longforecast.com is a website that specializes in giving long-term financial forecasts using technical analysis. Longforecast.com’s Litecoin price prediction 2020 is in the range of $780 to $1374. Oracletimes.com is another website which expects the Litecoin price to be $1000 by 2020. This projection is based on Litecoin’s 2017 performance —which was better than Bitcoin’s 2017 performance. However, it is not based on technical analysis or an expert opinion. That is why you might want to focus more on other predictions. Another Litecoin forecast for 2020 has been done by steemit.com. They have set their Litecoin price prediction 2020 at $3500 for the following reasons:
- Excellent growth of Litecoin in 2017
- Better technology than Bitcoin
- The overall growth of the cryptocurrency market