Did you know that Litecoin was the first-ever Bitcoin fork? It was created by an acclaimed computer Scientist and former Coinbase engineer – Charlie Lee – with the intention of providing the crypto community with a “Silver to Bitcoin’s gold.”
Litecoin was designed to solve the scalability, processing speed, and transaction cost challenges facing the Bitcoin blockchain. According to Charlie, Litecoin was supposed to rival Bitcoin. Rather, it was designed to complement Bitcoin as an inflation-proof digital payment method that could also be used to facilitate international cash transfers. Today, however – and like most other cryptocurrencies – Litecoin has gained more popularity as a speculative trading instrument.
Litecoin has recorded a 265% price jump in 2021, reaching its all-time high at $412 in May 2021. These hugely positive gains come at the backdrop of the massive lifetime ROI of 2,983.19%+ ROI posted by the 26th largest cryptocurrency to date.
But how far up can Litecoin prices go? Will Litecoin prices ever reach $500 or $1,000, and is it a good long-term investment? We look at different Litecoin price predictions and tell you if it is a viable investment below.
Litecoin is predicted to grow in value. It is estimated that Litecoin could reach the value of $500 by the end of 2021, according to some experts and market analysts.
Will Litecoin Eventually Reach $500?
Litecoin has a huge potential growth due to increased demand both as an investment product as well as a digital currency. Analysts are optimistic that it will pierce above the coveted $500 price level by the end of the year.
Some crypto analysts like the anonymous trader and one of Litecoin’s biggest fanatics, Julio_LTC, expect the altcoin to continue the bull run trade within the $3,000 and $5,000 range by the end of the year.
Julio’s sentiments are echoed by several crypto analysts who believe that Litecoin is massively undervalued. Most also believe that with Bitcoin prices out of reach, most traders will turn to Litecoin – further fuelling the ongoing rally and pushing the cryptocurrency well above the $500 mark in the next few months.
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Will Litecoin Eventually Reach $1,000?
Despite the numerous bubble cycles Litecoin has been involved in and the close to two-year bear run preceding the current LTC bull run, the Bitcoin fork has always been uptrending. Crypto analysts and LTC investors are, therefore, confident that the Litecoin altcoin will reclaim the positive trend and soon break above the $1,000 price level.
Skerdian Meta, a lead analyst with FXLeaders.com, for instance, uses both technical and fundamental analysis to explain why Litecoin may break above $500 in less than a year and rise to between $1,000 and $2,000 within the next three years.
Dan Gambardello, the Crypto Capital Venture founder and YouTuber, is also bullish on Litecoin’s next price action and expects the LTC price’s persistent uptrend to push the altcoin prices well above $1000 in the long term.
Some of the factors that these analysts believe will drive the Litecoin prices up include the altcoin’s massive adoption – seeing that it is used in 20,000+ stores worldwide and is the official sponsor of the UFC sporting event. Others include its low price correlation with Bitcoins and the ongoing crypto industry rally.
According to Blockchain.com, Litecoin’s price correlation with Bitcoin’s price is at its lowest, 0.33, indicating that even if BTC prices were to stagnate, it would have little effect on LTC’s bull-run. Similarly, the ongoing crypto market rally trend is expected to draw in more speculative investors whose FOMO is likely to further fuel the LTC prices towards an all-time record high.
Read More: Could Litecoin be a Millionaire-Maker?
What Will Litecoin Be Worth In 5 Years?
In the last five years, Litecoin price has shot up by more than 12,000%. While an equally momentous price jump (to reach $43,200) in the next five years (to hit a market cap of $36.3 Trillion) would be practically impossible, analysts are optimistic that Litecoin will set a highly attractive price records in the next five years.
Within the next five years, LTC analysts at Coinpedia expect the Litecoin altcoin to have made its way back to the top 5 largest cryptocurrencies – by market capitalization. And they expect it to achieve this after more-than-doubling its current price and settling at around $980.
Coinswitch is even more optimistic as they expect Litecoin to “shine ahead of its peers” and grow into one the most used cryptocurrency within the next five years. They also expect this to push LTC prices well above $1,200.
To reach this price level, analysts expect Litecoin to be fuelled by such factors as the upcoming halving event in 2023. They also expect Litecoin adoption by merchant stores, service providers, and financial institutions to peak around this time as the crypto industry matures and appreciates the SegWit and lightning network protocol integrated into the LTC network.
Recently, PayPal and several international online banks like Revolut started supporting Litecoin LTC transactions, and analysts are banking on these and similar adoptions to drive LTC prices up within the next five years.
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What Will Litecoin Be Worth In 10 Years?
Crypto Research Report Group expects the ongoing Litecoin LTC price rally to persist and push the altcoin’s prices to $1,200 in the next five years and as high as $2,250 in 10 years.
Crypto experts at PrimeXBT have the most optimistic view of LTC’s future price performance. According to their technical analysis, the Litecoin asset may be stuck in a consolidation bear trend in 2022 before breaking out and embarking on a long-term rally that pushes its prices above $10,000 within the next ten years.
By then, these crypto analysts bank on Litecoin’s popularity as the preferred payment and cash transfer method to have eclipsed the expensive Bitcoin and Ethereum. They also expect the third having in 2023 and the fourth in 2027 to play a key role in these record-breaking price jumps.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Is Litecoin A Good Long-term Investment?
In addition to the overwhelming optimism exhibited by both LTC investors and crypto analysts, several other factors indicate that Litecoin may be a good long-term investment. These include its dedication to bettering the network through upgrades that help it outcompete its rivals as the preferred digital currency for payment processing and cash transfers.
The network has also welcomed strategic partners in the recent past whose affiliation with the brand will help boost its value in the future. For instance, the partnership with UFC (Ultimate Fighting Championship) is tapped to help improve LTCs visibility and draw in both traders and altcoin users.
Check Out: Should You Buy Litecoin?
Should I Buy Litecoin?
Litecoin has had a long and uptrending performance history that makes it the right asset for your crypto portfolio.
Analysts are also confident that Litecoin can weather future bubble cycles and record positive ROIs. To help you make a decision on whether to invest in Litecoin or not, we look at the two primary factors that make Litecoin a viable buy:
Bitcoin has become too expensive: As Bitcoin’s popularity and adoption broaden, its scalability issues become clearer. Today, it has some of the highest transaction fees and the slowest transaction processing speeds. Therefore, merchants and financial institutions looking for Bitcoin-grade security but more efficient services will be most likely to Bitcoin forks like Litecoin.
Litecoin has room for price expansion: At the current, Litecoin is still lowly priced, which explains why most LTC whales are HODLing as well as the overwhelming BUY market sentiments from the crypto community. They all believe that with the level of effectiveness guaranteed by the LTC network, the altcoin is massively undervalued and bound to price-correct soon.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Key Points
- Litecoin price is expected to break above $500 in the next five years and reach $1,000 within the next ten years.
- Litecoin was the first Bitcoin fork, launched by Charlie Lee in October 2011.
- Both the crypto analysts and LTC investors believe that the altcoin is massively undervalued and has room for future price expansion.
- The 2023 and 2027 halving events, as well as the anticipated mass adoption, are expected to play a key role in influencing LTC prices in the next ten years.
- Litecoin has reported an ROI of 2983.19%+ since its launch in 2011.