What is Litecoin LTC?
Litecoin is a cryptocurrency that also doubles up as a payment network enabling peer-to-peer payments. It came into being in 2011 as a fork of the Bitcoin source code designed to improve on previous shortcomings that affected cryptocurrency uptake. It runs on an open-source blockchain that is not controlled by any central authority.
It is one of the oldest cryptocurrencies, with a block generation of 2.5 minutes lower than 10 minutes for Bitcoin. Charlie Lee is the brainchild behind the Litecoin network, designed to make it faster and secure in payments. Additionally, the network offers a low-cost way of sending and receiving money via blockchain technology.
Litecoin differs from Bitcoin as it can process more transactions faster and at the lowest cost. It does so by relying on a hashing algorithm that keeps mining fair for everyone. Scrypt is the algorithm used to mine LTC tokens which are the native tokens that power the network. The algorithm leverages artificial computation to solve cryptographic puzzles in the mining process.
The maximum number of LTC tokens that will ever be in circulation is capped at 84 million. Currently, 70.4 million LTC tokens are in circulation with a market cap of $4.5 billion. Every four years, the number of LTC coins in circulation is reduced by half in a process called halving. The halving process helps ensure scarcity of the coins, thus capping inflation.
Should I buy an LTC coin today?
Last November, LTC was valued at $302 a coin. Fast forward, the coin has shed more than 70% in market value to about $63 a coin. The coin remains engulfed in a strong sell-off wave. Major indicators have turned bearish, with the Relative Strength Indicator below 50, signaling short sellers are in control.
With the short-term outlook remaining bearish, the prospects of LTC tanking is high. Below the $74 a coin level, LTC remains vulnerable to tank in continuation of the sell-off that gathered steam as soon as the coin tanked below the $100 a coin barrier.
Conversely, now may not be the best time to buy the coin as it looks likely to edge lower. The overall cryptocurrency sector remains under pressure as investors continue to shun speculative assets amid concerns about the global economy’s health.
Until the sell-off dust in the sector settles, it might be wise to stay on the side at the moment as the prospect of LTC losing more value is high.
What is LTC price prediction for a year?
LTC’s short-term outlook remains bearish, with the coin likely to remain under pressure as the overall industry continues to correct lower. However, that could change as the year progresses, especially on the improvement of the economic outlook.
Immediate estimates on Digitalcoinprice.com indicate that Litecoin could bounce back before year-end and reach highs of $90 a coin, representing a 43% gain from current levels. Analysts at Walletinvestor.com, on the other hand, are optimistic of LTC bouncing back and averaging $97 a coin before year-end.
The bounce back is highly dependent on the overall industry bottoming out after the deep correction from record highs.
What is LTC for 2025-2030?
While the short-term outlook remains bearish, the long-term outlook remains positive. The current corrective phase from record highs will come to an end. Coins with solid use cases and growing utility should outperform the overall industry once the corrective phase ends.
Three years from now is a long period considering how volatile cryptocurrency can be. However, if a 100% plus gain last year is anything to go by, then LTC has what it takes to post significant gains from current lows in the next three years.
Consequently, it does not come as a surprise that most analysts remain optimistic about LTC’s long-term prospects. Analysts at Digitalcoinprice.com expect the coin to bounce back and power through the $100 barrier over the next three years to highs of $132 by 2032 representing a 90% plus gain from current levels. By 2030, analysts expect the coin to close in on the $300 barrier at $299 a coin.
Analysts at Walletinvetsor.com also share similar sentiments expecting LTC to bounce back and rally to highs of $220 a coin over the next five years.
Litecoin LTC FAQ
Is Litecoin coin a scam?
No, Litecoin is not a scam but a cryptocurrency that seeks to enhance how people send and receive money. It is one of the first alternative cryptocurrencies.
Will the LTC coin appreciate in a year?
Yes, Litecoin may appreciate over the next year as it has shed a significant amount of market value and appears oversold at current levels.
How much will LTC be worth in 5 years?
Immediate estimates indicate that LTC could rally past the $200 a coin level over the next five years.
Where do I buy LTC coins?
LTC can be bought in some of the biggest cryptocurrency exchanges, including Coinbase Pro, Binance, Kraken, and Huobi Global.