Litecoin, which was founded in 2011 as an alternative to Bitcoin (BTC), is one of the longest-serving altcoins. The crypto has earned itself a following. Although it rarely makes the headlines, it can be seen as a strong and reliable crypto performer.
Interest in Litecoin has risen in 2023 as it built towards its latest halving. On August 2, the amount of LTC available to its miners went down by 50% in a bid to keep the price up.
But what is Litecoin (LTC)? How does Litecoin work? Let’s see what we can find out, and also take a look at some of the Litecoin Price Predictions that were being made as of September 19 2023.
Let’s examine some of the Litecoin price predictions being made on September 19 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term Litecoin price prediction that said the coin would fall to $63.34 by September 24 before continuing to drop, reaching $52.81 by October 19. The site’s technical analysis was, unsurprisingly, bearish, with 17 indicators sending discouraging signals and 13 making bullish ones.
CaptainAltCoin was also bearish, saying LTC would drop to $48.76 by December this year. PricePrediction.net said it would get to $96.27. DigitalCoinPrice forecast Litecoin to trade at $135.91 in 2023.
DigitalCoinPrice said Litecoin would trade at $229.03 in 2025. CaptainAltCoin said it would be worth $137.30, while PricePrediction.net had it at $205.20 in two years time.
Moving forward to a more long-term Litecoin price prediction, PricePrediction.net said LTC would trade at $1,341.64 in 2030. DigitalCoinPrice thought the coin would be worth $686.65 that year. CaptainAltCoin had an LTC price prediction that saw the crypto reaching $343.26 by the start of the next decade.
Litecoin underwent a halving on August 2 2023. This meant the amount of Litecoin people could mine dropped from 12.5 LTC per block to 6.25 LTC per block.
Data from on-chain analytics company Santiment found that larger LTC holders had been accumulating Litecoin in the run-up to the halving.
Furthermore, the number of new Litecoin wallets went up in anticipation of August 2’s event.
Since then market conditions have seen the price of LTC take a hit. Nevertheless, the news that LTC had improved its PayPal utility and had seen the amount of transactions on the BitPay crypto payment processor will have encouraged investors.
Now, let’s examine some of the highlights and lowlights of the Litecoin price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Litecoin price prediction.
For the first few years of its existence, LTC hovered between $1 and $5. The cryptobubble of late 2017 and early 2018 gave it a boost, and it rocketed to more than $300 in December 2017.
It dropped after that as the market experienced a so-called crypto winter, but in early 2021 the market picked up again. LTC responded well and it reached its all-time high of $412.96 on May 10. After that, though, it slipped down. LTC closed 2021 at $144.56.
2022 was a bad year for crypto, and LTC fell significantly. In the wider context of the overall crypto market, though, it was one of the better performers. A series of market crashes saw it drop below $45 in the middle of June and, although there was a small recovery, it was worth $67.79.
This meant that it fell by nearly 55% across the year. However, when we consider that the market dropped by almost 65% in 2022, LTC was an overperforming crypto.
In 2023, the market has got better, but Litecoin’s price has fallen. It broke past $100 early in the year. LTC experienced peaks and troughs, falling below $70 following the collapse of the Silvergate bank in March.
There was a quick recovery, but the coin fell to a low of $72.02 on June 14 when the market struggled following the announcement that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase crypto exchanges.
LTC made a recovery, reaching a high of $114.50 on July 3. After that, though, it dropped again. By August 16, it was worth $79.46. The following day saw the market collapse after Elon Musk’s SpaceX offloaded millions of dollars worth of Bitcoin and US government bond yields rose. As a result, Litecoin dropped to $61.76. More of a downturn was to come, with LTC dropping to $58.04 by September 11. The coin then became one of crypto’s best performers over the following week or so and, on September 19 2023, it was worth about $67.65.
At that time, there were 73.6 million LTC in circulation out of a total supply of 84 million. This gave the coin a market cap of about $4.9 billion, making it the 15th-largest crypto by that metric.
Litecoin was in an uptrend from June last year to early July 2023.
After that, it fell by nearly 50%, until it reached a low on September 11. Although it has climbed back up since then, we still don’t know what will happen next.
There are two things that might happen now. On one hand, the recent drop could have been a corrective move from an unsustainable upswing. This means LTC could rise, breaking past $90 and potentially hitting as high as $280 in the near future.
On the other hand, the last time it rose might have been a price correction. This would indicate that we are still in a downtrend, with the price of Litecoin set to fall as low as $35 fairly soon.
It is difficult to tell. While Litecoin has always seemed to perform comparatively consistently – and even outperformed the market last year – it isn’t exactly a glamorous coin. It has not performed well since its halving, but overall market conditions will not have helped there.
We will also have to see if LTC can get some more real world uses which could help bring it to the attention of a new generation of potential holders.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in LTC.
No one can really tell right now. While the Litecoin crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Litecoin, you will have to do your own research, not only on LTC, but on other, related, coins and tokens such as Bitcoin Cash (BCH) and Bitcoin SV (BSV). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
In its technical documentation, or whitepaper , Litecoin describes itself as the “silver to Bitcoin’s gold” and as a “real alternative” to BTC.
It says: “Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances.
“Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.”
Bitcoin is the original cryptocurrency. However, Satoshi Nakamoto’s brainchild is not without its disadvantages. For instance, the Bitcoin blockchain can be slow and unwieldy. This means people not only have to wait longer for their transactions to be carried out, but it also costs them more money.
Litecoin, which was founded in 2011 by computer scientist Charlie Lee, aims to be a faster, easier, and cheaper, version of Bitcoin.
The platform exists primarily to support its native coin, which is known by the ticker handle LTC.
In May 2023, however, Litecoin launched its LTC-20 tokens, cryptocurrencies based on the Litecoin blockchain, as an experiment. LTC-20s could, potentially, be the system’s equivalent of non-fungible tokens (NFTs).
Litecoin, like Bitcoin, uses a Proof-of-Work consensus mechanism. This means that people add blocks to the blockchain, verify transactions, and earn rewards, by solving increasingly complex mathematical equations.
What makes Litecoin a little different to Bitcoin is that Litecoin uses a mining protocol called Scrypt. This means that transactions are split into two parts. This makes them a bit easier – or lighter – and quicker.
As well as rewarding miners, holders can use their LTC to buy some real-world products. People can buy, sell, and trade it on exchanges.
On September 19 2023, there were 73.6 million LTC in circulation out of a total supply of 84 million. It might do but, if it does, it won’t get there for some time yet. PricePrediction.net says it could reach four figures in 2029, while DigitalCoinPrice says it will get there in 2032. It is worth remembering that Litecoin has never traded at $1,000. Its highest ever price, which it reached in May 2021, is $412.96. LTC is used to reward miners on the Litecoin blockchain. It has a number of real-world uses, and can also be bought, sold, and traded on exchanges.
How many Litecoin are there?
Will Litecoin reach $1,000?
What is Litecoin used for?
On September 19 2023, there were 73.6 million LTC in circulation out of a total supply of 84 million.
It might do but, if it does, it won’t get there for some time yet. PricePrediction.net says it could reach four figures in 2029, while DigitalCoinPrice says it will get there in 2032.
It is worth remembering that Litecoin has never traded at $1,000. Its highest ever price, which it reached in May 2021, is $412.96.
LTC is used to reward miners on the Litecoin blockchain. It has a number of real-world uses, and can also be bought, sold, and traded on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.