18 Nov, 2018 at 18:36pm
Litecoin is the seventh largest cryptocurrency at the moment and is considered as Bitcoin’s sister or the Silver to Bitcoin’s Gold. As the second cryptocurrency created after Bitcoin, Litecoin's price prediction for 2018 and beyond is very important.
Litecoin (LTC) is an electronic peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee. Following the creation of Bitcoin as the first-ever cryptocurrency, Litecoin was created with the aim of correcting some of the flaws that Bitcoin has, such as scalability.
This makes Litecoin faster than Bitcoin when it comes to transaction confirmations as less computing cycles are needed to confirm a transaction. Litecoin was also created to make mining more accessible by decreasing the investment in specialized equipment. That has yet to be achieved as the crypto mining industry has become even more competitive and expensive.
There are several advantages to using Litecoin and it has evolved over the past seven years.
The general cryptocurrency market has experienced a massive drop this year following the high experienced last year. Litecoin like the others experienced that same drop in value.
One of the main reasons why Litecoin price has dropped this year is the increase in competition for the seventh largest cryptocurrency. The rise of Bitcoin's price last year has increased the exposure of the crypto market and it is slowly going mainstream.
Litecoin’s main function, which is to serve as a P2P cryptocurrency, now faces heavy competition from the likes of Dash, Ripple, and others who allow users to transfer funds at an even faster and cheaper rate.
Dash, for example, has become the primary cryptocurrency for business transactions in Venezuela as the country continues to battle hyper-inflation.
Another reason why Litecoin has dropped so far this year is the presence of the bear market. Litecoin reached its all-time high of $375 back in December 2017 but has lost 85 percent of its value since then and now trades around the $42 region.
Litecoin isn’t the only cryptocurrency affected as the market is down by roughly 80% since the start of the year.
Even though Litecoin's price is way below its all-time high, there is still optimism amongst investors and traders that Litecoin would turn things around and end the year trading at a very good price.
Here are a few reasons why LTC's price is expected to rise again in 2018.
Despite losing most of its value, Litecoin has a market cap that is still above the 2.5 billion U.S dollars mark. It is the seventh largest cryptocurrency and is traded on virtually all the major exchanges in the world, which is a sign that the cryptocurrency has what it takes to turn things around this year.
The trading volume which still lingers around the $300 million mark shows that there is still a lot of the coin that is being moved around. It is a crypto that is considered to be one of the leaders in terms of adoption.
Despite competition from the likes of Dash, Litecoin continues to make significant partnerships. The cryptocurrency partnered with projects like Coinbase and its Shift Visa Card, TokenPay, and a host of others earlier this year.
It also made some partnerships in the aviation industry which would go a long way in boosting the cryptocurrency’s adoption.
As an open-source project, Litecoin has enough room to introduce fresh ideas into the platform, and this is something that the crypto community believes would lead to further growth. It also has a very low transaction fee compared to its rival, bitcoin, which is very appealing.
We are now in the last quarter of the year and several analysts and market experts are giving their opinion about the price of cryptocurrencies by the end of the year. Here are some for Litecoin.
Analysts from this crypto site believe that Litecoin would end 2018 even lower than its current price. They expect LTC to trade at the $40 mark by the end of the year as they believe the bear market is far from over at the moment.
InvestingPr, meanwhile, has a bullish outlook for the cryptocurrency as they see it recording gains of roughly 100% before the end of the year. They believe that it would reach the $100 mark by the end of the year.
They are optimistic that Litecoin can start to create momentum on the adoption front before Bitcoin. Demand for Litecoin is expected to grow even bigger which would push the price towards the $100 mark soon.
Satis group has a bearish outlook for Litecoin, with the firm expecting it to stay around the $50 mark for the remainder of the year. According to the research firm, Litecoin is not up to par with some of the emerging and existing leading cryptos and this would see it being left behind, in terms of adoption.
If there is one crypto site which is very optimistic about the price of Litecoin this year, then it is definitely Smartereum. Analysts here believe that the cryptocurrency has the potential to reach $600 by the end of the year. This represents a rise of roughly 1,200 percent from its current position.
They lauded its features such as low transaction fees, fast confirmation time, and increased adoption as some of the driving forces behind its expected surge this year. They are also optimistic that a bull run will take place before the end of the year.
Analysts here are very optimistic that the LTC price would end the year trading around the $400 mark as they expect it to reach its all-time high again before the year runs out. This would mean that it is set to increase by roughly 800 percent from its current price which would be an interesting development.
The technical analysis here shows that Litecoin could record around $507 by the end of December this year. Though there are doubts amongst some crypto enthusiasts about this likelihood, nothing is impossible in the world of crypto.
Analysts here are optimistic that the Bull Run that took place last year would happen again this year and they believe it would even be bigger. They have predicted that the Litecoin price would most significantly reach the $1,000 mark by the end of the year.
This is a bold prediction that is highly unlikely to happen, but the crypto market has a knack for doing the unpredictable.
Even though predicting the price of cryptocurrencies beyond a year would just be mere speculation, some analysts and market experts still predict the prices. Most of the market experts are bullish about the price of Litecoin over the next two years as they see the general market rising significantly beyond its current position.
Here are some of the predictions made by analysts.
One of the bold predictions for Litecoin was made on the popular crypto platform Steemit. Analysts here expect the price of the cryptocurrency to reach the $3,500 mark by the year 2020. This is a prediction that means the price would rise by thousands of percentages over the next two years.
For that to happen, the market cap of the crypto market will have to surpass the $1 trillion mark and move even significantly above that.
This cryptocurrency analysis platform expects the virtual currency to be in the range of $780-$1,374 in 2020. Even though it is just around half the prediction made on Steemit, it would still represent a significant rise from its current price of $42.
There are expectations that the crypto market would soon rise higher as institutional funds start to trickle in.
This is perhaps the most optimistic prediction for Litecoin as analysts believe it has the potential to hit the $10,000 mark by 2020. They talked about the reliability, speed, and low fees of the cryptocurrency as some of the main reasons why it would reach that price by 2020. They believe that Litecoin is poised for a breakout, and we should not be surprised if the bulls come kicking earlier than forecasted.
The 7-year price prediction for cryptocurrencies is even harder as there is little data for analysts to work with. However, looking at the potential of cryptocurrencies and the expected market performance, predictions have been made.
Here are some forecast made by analysts.
This crypto analysis site believes that Litecoin would continue to rise higher and would probably hit the $1,000 mark by the year 2025. This is bullish even though there are expectations that it would achieve that price before the time comes.
This research firm is very conservative about its price prediction and expects Litecoin to surpass the $150 mark by 2020. This would represent a growth of just 200 percent over the next seven years.
This analysis also means that Litecoin would not be able to attain its all-time high again over the next decade, which is disappointing for Litecoin investors.
The analysts on this crypto site are bullish on the long-term price of Litecoin as they expect it to reach close to $4,000 by 2020. The increase in the crypto market would be a big factor for this growth as many of them expect Litecoin to play a crucial role in this development.
The end of the year prediction for Litecoin is quite mixed but most of the market experts believe that the cryptocurrency would end the year on a win. It is expected to at least breach the $100 mark before the end of the year.
The use of cryptocurrencies for business transactions would continue to rise as crypto knowledge and adoption grow. Litecoin is expected to play a huge role in that market due to its reliability and low transaction fees. A vast network coupled with more users will increase Litecoin’s value tremendously.
The long-term prediction for Litecoin is also bullish as market experts expect the cryptocurrency market to overcome the current bear trend and grow even higher. It is expected to at least hit the $1,000 mark by 2020 while it would surge even higher by 2025.
The price movement for Litecoin this year and beyond would be very interesting to keep an eye on. Its position as one of the oldest and leading cryptos makes it an interesting one to watch.
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