How the Litecoin price was changing
Litecoin (LTC) is a peer-to-peer blockchain-based cryptocurrency that works similarly to Ethereum and Bitcoin. It allows anyone in the World to receive payments instantly. Litecoin was launched in 2011. The Bitcoin code was taken as the basis. However, Bitcoin has several disadvantages, which the developers of Litecoin tried to eliminate. The idea of creating Litecoin came to Charles Lee, one of the programmers at Google. Already in 2013, this cryptocurrency was considered as the main analogue of Bitcoin. In 2016, Litecoin became the second most capitalized coin among all cryptocurrenсies. This coin is called “digital silver”.
Let’s look at what happened to the LTC coin since its creation. In 2012, the LTC rate did not exceed $0.1. Less than 2 years later, in the spring of 2013, the LTC exchange rate rose to $4, and the Litecoin market capitalization increased sharply, bringing it to the top 10 cryptocurrencies at that time. Capitalization increased from $40 million to $750 million.
Already in 2014, there was a slight decrease: the number of coins issued for the extracted block fell from 50 to 25 LTC. According to the capitalization characteristic in the market, Litecoin went down from the 2nd place to the 4th position at the top.
The growth of the cryptocurrency began in 2017 after the announcement of the SegWit protocol. Segregated Witness or SegWit was created to optimize the block size. It solved the issues of scalability of the Bitcoin network, block overflow with transactions, and transaction confirmation speed. In other words, it allowed to increase the efficiency of the blockchain without increasing the block size. The mechanism here is as follows: the transaction is “cut” into two parts. One of them includes scripts and signatures of the transaction. It is moved to a special separate “witness” structure and doesn’t need extra space in the block. Thanks to the special “witness” structure it is possible to save on the block size. It allowed to significantly speed up the transactions, and made cryptocurrencies (including LTC) more attractive for people.
In September, the Litecoin price on the stock exchanges exceeded $90, then there was a slight downward correction. Towards the end of the year, the price of LTC coin began to grow. Together with the overall growth of the cryptocurrency market in December 2017, the LTC price rose sharply and reached $400. At that point, there were competitors such as Bitcoin Cash, XRP, Ethereum, and Dash.
In the first quarter of 2018, the exchange rate fell, and the Litecoin chart was descending again. For all the time of its existence, the cryptocurrency has experienced a lot of ups and downs and by the middle of April, Litecoin price was $120.
In 2019, there was a three-fold increase in the price of LTC coin. The cryptocurrency’s value has increased in anticipation of the block reward reduction. This happens every 4 years not only with LTC but also with Bitcoin. Litecoin price managed to rise to $144 per token. At the moment, this cryptocurrency occupies the 7th place in the rating, the Litecoin price is $47 now.
To make a correct and considered Litecoin price prediction 2020, one needs to pay attention to its recent past. The year 2019 ended proved to be extremely successful for LTC cryptocurrency, as its value has increased significantly. The main factors contributing to the growth were:
- Timely made SegWit, which allowed us to significantly speed up the system;
- The openness of developers and their willingness to make contact with others;
- Currency support by some major companies (Ellenet-supplier of IT products, Cheapair.com, Uber, etc.).
Today, Litecoin has lost 90% of its maximum exchange rate. The sharp drop happened due to the collapse of the Bitcoin price, which had an influence on other cryptocurrencies.
Now, let’s speak about LTC price prediction 2020
Charlie Lee (creator of Litecoin) believes that the LTC price will surge during 2020. To all the skeptics who argued about Litecoin market capitalization and forecasted the bankruptcy to his company, he answered on his Twitter seven months ago: “It’s not near bankruptcy. Don’t listen to stupid fud and lies. We have enough money to last 2 years.”
Willy Woo (crypto analyst) made his Litecoin price prediction by commenting on the Litecoin Difficulty Ribbon metric. He wrote on his Twitter: “Litecoin Difficulty Ribbon now in recovery. Should setup a bullish breakout of the bearish channel. I wouldn’t be surprised if LTC to leads a bullish breakout of BTC.”
There are some doubts that in the near future Litecoin can bypass Bitcoin. According to the WalletInvestor resource, “Our Ai cryptocurrency analyst implies that there will be a negative trend in the future and the LTC are not a good investment for making money.”
Litecoin price prediction 2020 from Longforecast: “This year, the average price of LTC will be $30. In two years, the rate may fall by 25%.”
TradingBeasts LTС price prediction for 2020 and 2022: “In 2020, the exchange rate will gain strength and the price will be $78.4. According to TradingBeasts, the coin will repeat the success of 2019, but the mark of $150–160 will pass only in 2023.”
Thus, summarizing the above information about LTC price predictions for 2020, we may guess that the coin will not lose its popularity and will not leave the first lines of the cryptocurrency rating. The numbers can be quite controversial, as Litecoin founder Charlie Lee once said: “We don’t talk about prices on our slack. So whoever is the source is either not part of the Litecoin Foundation or just making sh*t up. Even if we did talk about price, $3000 is ridiculously high.”
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Originally published at https://simpleswap.io on May 19, 2020.