Will Litecoin Make Me Rich?
Will Litecoin make me rich? That is probably the first question you ask yourself when looking to invest in Litecoin. Well, when it comes to cryptocurrencies, there are never really guarantees. So, whether or not Litecoin will make you rich depends on a number of factors such as price directions, your investment or trading strategy, general market behavior, and how much money you are willing to put into the investment.
Unlike inflationary coins like Dogecoin. Litecoin’s supply is capped at 84 million coins which is four times more than that of Bitcoin. This means that the LTC price has the potential to grow rapidly. This is good news, especially if you plan to buy now and hold for some time or several years to come.
Litecoin’s unabated race to all-time highs started in the last quarter of 2020 when the Litecoin Foundation announced plans to introduce the Mimblewimble privacy upgrade to the LTC network. The announcement coincided with the planned launch of the LTC-only Visa debit card and the inclusion of LTC on digital currencies you can buy with your PayPal account.
These created enough momentum to thrust LTC prices above the $150 resistance level and the ongoing crypto market helped push it further up and close to its all-time high of $375 set in December 2017.
Crypto experts from different price prediction websites have concluded that Litecoin will most likely reach $500 before the end of the bull run. A considerable number are also convinced that the tenth largest cryptocurrency may reach $1,000 by the end of the year.
More optimistic investors and crypto analysts have come up with more optimistic Litecoin price predictions. They are confident that Litecoin prices will have shot to between $300 and $500 within the next five years.
However, like most cryptocurrencies, Litecoin has had a turbulent past, and the price can take on a surprising twist at any time. The coin is currently trading at around $180 and has had fairly positive growth for the past year. So, if you buy now and the price keeps growing, Litecoin could make you rich, keeping in mind the factors we mentioned above.
Litecoin price has a great potential of steadily rising in the future and making its medium to long-term investors super-rich. To a large extent because, even after making it to the top 20 cryptocurrencies and amassing a market cap that exceeds $12 Billion, it is still hugely undervalued.
Will Litecoin Eventually Reach $1000?
As we mentioned, one of the ways Litecoin LTC can make you rich is if the price were to grow rapidly for the next few years; say by 2022 or even late 2021.
That is why most people, especially those who want to invest in Litecoin, keep wondering if the coin will eventually reach $1,000. This is a hefty milestone considering that the coin is currently playing around the $200 mark. However, the LTC altcoin has previously shown great potential to grow and attain new all-time highs within a short period of time.
The ltc coin’s price recently dropped following Bitcoin’s crash but is slowly recovering. And considering that its recent ATH is above $400, we think that Litecoin has a really good chance of hitting $1,000 in the next five years.
Most of Litecoin’s staunch supporters believed that LTC will reach $1,000 by the end of the year. However, that hope has slightly dwindled after Bitcoin’s recent crash that also caused other coins to drop. But all is not lost. Litecoin has already shown good signs of rebounding and might soon be shooting past its current ATH.
Of course, when it comes to predictions, we see a lot of differences. Some analysts believe that Litecoin will reach $1,000 as early as next year, while others are confident it won’t happen even in the next five years.
Leading the bullish pack is Coin Price Forecast, which predicts that LTC will reach $496 by mid-2024 and grow gradually until 2028, when it jumps to $558. Digital Coin Price, which initially predicted that Litecoin would reach $1,000 by late 2027 or early 2028, has now pushed it to 2030.
This update probably came after the recent dip that saw LTC dropping by almost half its current ATH. Wallet Investor might also be expecting Litecon to reach $1,000 by 2030, given that its predictions for the next 5 years are closely similar to those of Digital Coin Price.
Where will Litecoin be worth in 5 years?
In five years, we can expect Litecoin to be trading above $300 according to most price predictions. For a cryptocurrency, this is a long time to give an accurate prediction, especially for an asset as volatile as LTC.
Having said that, we see a generally positive outlook for the next five years from most price analysts. For instance, Wallet Investor predicts that Litecoin will be trading at around $731 per coin by the end of 2026. This is a fairly bullish prediction and in line with what most of the other analysts are saying.
According to Wallet Investor, Litecoin will start off 2026 at around $444 and might go as high as $678 per coin. There won’t be many fluctuations throughout the year, but the coin will come close to $600 somewhere in December.
Long Forecast ends its prediction in November 2025, where it says LTC will close the year at around $159. Judging by the current growth, this is a bit on the bearish side as Litecoin LTC has already gone above this mark.
Coin Price Forecast brings a fresh breath of hope with its Litecoin prediction of $507 by the end of 2026. According to the site, Litecoin LTC will touch the $500 milestone for the first time in mid-2024 and close 2025 at around $446.
Where Will Litecoin be in 10 years?
Litecoin’s growth trajectory is closely similar to that of Bitcoin, and there is a good chance that this might be the same case 10 years from now. So, if you are looking to HODL and wondering what Litecoin will be worth 10 years from now, the short answer is, probably much more than now.
Ten years is a pretty long day to give a close prediction. A lot of things will happen along the way that will either drop or boost Litecoins price.
Otherwise, most price analysts believe that Litecoin will probably be above $500 by 2030 and 2031. Coin Price Forecast is pretty bullish and believes that Litecoin will end 2031 at $684 after closing 2030 at $643.
Coinswitch brings this number slightly down and predicts that Litecoin LTC will be worth at least $2,000 by 2031. This is an indication that LTC might break the $1,000 milestone in the next 10 years.
All in all, Litecoin will soon look up after the current setback. So, if you buy now and hold, you can expect some good returns after 10 years.
Will Litecoin Ever Go Up?
Most crypto analysts and investors are convinced that Litecoin is massively undervalued and will soon price correct upwards. While relying on both technical and fundamental analysis tools, these analysts are optimistic that Litecoin will set a new all-time high before the end of the current price rally and push towards $1,000.
Digital Coin Price that uses technical analysis to predict crypto prices has, for instance, suggested that Litecoin may reach $289.02 before the end of the year.
Coin Price Forecast analysts are less optimistic as they expect Litecoin prices to reach $224 before the end of the year.
A Litecoin believer and long-time investor, Julio_LTC2021 (on Twitter) is even more optimistic about LTC’s future price action. He likens the current LTC price rally to the 2017 crypto market rally and predicts that the Bitcoin fork may be trading at between $2,400 and $4,000 before December 2021.
PrimeXBT, however, carries the day for the most optimistic price prediction. Crypto experts on the platform believe that Litecoin prices will rise to $750 before the end of the year, reach $1000 by 2025, and peak at $10,000 in the run.
Some of the factors that these experts believe will kick off a radical Litecoin price jump include mass adoption of LTC across the globe, the current crypto market rally, Bitcoins ineffectiveness, and high transaction fees with extended wait time.
Read Also: What Will Litecoin Be Worth in 5 Years?
Is Litecoin a Good Long-Term Investment?
Even though the price is currently volatile, Litecoin seems to be set for a bright future. We can expect a major breakout as soon as next year, and many of the current investors will enjoy enviable returns.
So, generally, Litecoin is a good investment, whether you are holding or actively trading. The coin has maintained its position among the top cryptocurrencies globally. And while it is not growing as fast as Bitcoin, it is still a go-to option if you don’t have enough money to put into Bitcoin.
Litecoin closely follows Bitcoin’s trajectory, so we can expect it to grow with the leader. With the current market cap of over $12 billion, this no doubt one of the safest investments, especially for noob investors.
Just like Bitcoin, LTC is recording quick mainstream adoption, especially when it comes to cheap cross-border transactions. There are many merchants around the world who now accept LTC for payments without forgetting big financial institutions like PayPal and Visa.
The fact that Bitcoin fees are skyrocketing while its block time reduces makes Litecoin not only a faster but also cheaper option. All these upsides prove that Litecoin can be a highly profitable long-term investment, and maybe you should start taking it seriously.
With time, as the coin grows and gets adopted by more merchants and financial institutions, Litecoin could actually make you rich.
How To Buy Litecoin?
Litecoin is arguably one of the most popular cryptocurrencies today. Did you even know that it has maintained a spot on the list of the ten largest cryptocurrencies for a longer period than any other coin except for Bitcoin? The popularity has also ensured that it was adapted into different forms of trade availed by different trading platforms.
The most popular today is the purchase of actual Litecoins, which gives you control over the Litecoin private keys. Much of this trade is availed by popular cryptocurrency exchanges like Coinbase, Kraken, OKEx, Binance, and Huobi Global. In most of these Litecoin trading platforms, you will be able to buy the altcoin using fiat cash or exchange it for another supported cryptocurrency.
Here is the step-by-step process on how to buy Litecoins on a crypto exchange:
Step 1: Start by registering a crypto trader account with your preferred crypto exchange (most will require you to verify your identity, especially if you intend to buy LTC with fiat cash).
Step 2: Fund the account by depositing either fiat cash or another cryptocurrency.
Step 3: Access your user dashboard and search for or select Litecoin from the list of supported cryptocurrencies.
Step 4: Chose the buy option and proceed to customize the trade by indicating the number of Litecoins you wish to buy or the amount of cash you wish to spend on the purchase.
Step 5: Click on the buy now button to complete the trade.
Note: You can choose to have the LTC coins stored within the in-exchange wallet or an external crypto wallet of your choice.
Conclusion: Should I Buy Litecoin?
When it comes to cryptocurrencies, there are no absolutes. So, while Litecoin seems like a promising investment asset, there is no guarantee that it will make you rich.
However, if you play your cards right and understand what you are doing, you might reap big benefits. Before you buy, do your own research, work with an expert, especially if you are trading, study the market and make sure that you don’t invest more than you can afford to lose.
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Where To Buy Litecoin?
Litecoin isn’t just one of the most popular but also one of the most accessible cryptocurrencies. It is available in virtually all the popular crypto exchanges, brokerages, and peer-to-peer trading platforms. Much of the Litecoin trading takes place on these popular exchanges, but this doesn’t mean that you can only buy LTC on a crypto exchange.
Throughout the years, several crypto trading platforms have cropped up that make it possible for you to buy one form of LTC coins or another. These include:
Crypto brokerages: Online brokerages that previously specialized in Forex and stock CFD trading are increasingly turning their focus to the lucrative crypto markets. Today a host of popular brokerages, including eToro, Plus500, and Capital.com, offer Litecoin CFD trading. The primary difference between buying Litecoins at an exchange and a brokerage lies in the ownership of the crypto. While an exchange lets you own the private keys associated with the coins, brokerages will only let you bet on Litecoin’s future price action.
OTC exchanges: Grayscale Investment Holdings has also popularised crypto trusts over the past few years. The company has been involved in the registration and incorporation of digital currency trusts that are then traded to the public on over-the-counter (OTC) exchanges. The SEC-regulated Grayscale Litecoin Trust (LTCN) was, for instance, incorporated in the State of Delaware in March 2018.
Peer-to-peer trading platforms: Several app-based and localized websites that facilitate peer-to-peer crypto trading have cropped throughout the world. These match Litecoin buyers and sellers from a specific region and allow for the exchange of the altcoin for another cryptocurrency, fiat cash, or any other pre-agreed payment methods like Gift vouchers.
Litecoin ATM: According to Coinatmradar, there currently are hundreds of Litecoin ATMs spread all over the world – with a majority based in the United States. These work like the conventional cash dispensing ATMs safe for the fact that in place of cash, these issue you a private key representing your LTC digital assets. And while most are multi-dispensing crypto sale points that double up as Bitcoin ATMs, quite a few are dedicated to exclusive LTC trading.