Trading cryptocurrency and earning mouthwatering rewards from it is more challenging than most people will have you believe. Indeed, people have become rich by HODLing cryptocurrency for years, but people have also lost money trying to copy the strategy.
To make money by keeping a cryptocurrency asset for years, you need to identify the coins that will be more valuable in the future. This requires more insight than a regular prediction. You need to know a lot of things about the coin as well as the best way to invest in it.
Litecoin is one of several cryptocurrencies people are considering for long-term investment. We know some people are thinking of investing in Litecoin, leaving their investment for at least ten years, and becoming super-rich as a result. But is it that simple?
Litecoin can be a wonderful investment, but you need to be certain that it will be a favourable investment to you. Here, we will discuss everything you need to know to understand whether the coin will suit your investment plans. Read carefully, and at the end, you will be able to answer the question of whether the coin can make you rich in ten years.
- What Is Litecoin?
- How Is Litecoin Different?
- The Historical Price Trend of Litecoin
- Recent Performance and Current Position of Litecoin
- Litecoin Price Prediction
- Where Will Litecoin Be In Ten Years?
- How to Invest In Litecoin
- Pros and Cons of Litecoin
- Should You Play The Long-Term Game With Litecoin?
- Invest the Smart Way
What Is Litecoin?
Litecoin is a peer-to-peer digital currency that is traded in major cryptocurrency agencies on the internet. It is the native currency of the Litecoin network, which is more of an open-source, global payment network. Like many other cryptocurrency networks, Litecoin is fully decentralized.
From the time it debuted in 2011, Litecoin has been a high-performance cryptocurrency. It is regarded as one of the most promising altcoins and ranks among the most popular cryptocurrencies. It is also seen as a leading indicator for the rest of the cryptocurrency market.
Trading under the ticker symbol LTC, Litecoin once climbed to the position of third most valuable cryptocurrency behind Bitcoin and Ethereum. In terms of market capitalization, it is just a position away from the top ten, but that doesn’t make it any less popular.
Litecoin was created by a former Google and Coinbase engineer, Charlie “Satoshi Lite” Lee and is currently run by him and the Litecoin Foundation. However, it is still a fully decentralized network with a code that is very similar to that of Bitcoin. Actually, the altcoin was forked from Bitcoin but is different in many ways.
How Is Litecoin Different?
Though Litecoin is a cryptocurrency that is bought and sold the same way other cryptos are traded on exchanges, it is different in some ways.
Unlike Bitcoin and many other cryptocurrencies, Litecoin uses a software algorithm for mining. This scrypt prevents people from making very powerful computers or rigs specifically for mining Litecoin. In a way, this helps to level the playing ground for Litecoin investors. Only a maximum of 85 million Litecoins can be created.
Litecoin is also recognized for its transaction speed. Unlike Bitcoin which takes about ten minutes to complete a transaction, Litecoin uses just a quarter of that (2.5 minutes). This faster speed time has endeared it to many for payment transactions.
Litecoin was created to fix some issues with Bitcoin. Though it is not bigger than Bitcoin in many ways, the network performs better, by many standards. Many investors choose Bitcoin as a store of value and use Litecoin for regular transactions. Litecoin is also seen as a reliable digital asset that can become a lot more valuable and useful in the future.
The Historical Price Trend Of Litecoin
To ascertain whether Litecoin can make you rich in the next ten years, you need to trace the historical price trend and understand the coin better.
Litecoin was one of the first altcoins made available to investors. When it was created in 2011, it was listed in a few marketplaces, and it didn't take long for the price to reach $0.30 per LTC. The coin had a slow but steady rise till 2013 when a unit was worth around $3.
The first big break for Litecoin came in November 2013, when the value multiplied more than 10 times to reach $50 per coin. It was an interesting time for the coin, and a lot of investors stepped in.
The bear market of 2014 hit Litecoin pretty hard. The scandal of Mt. Gox Exchange also contributed to Litecoin’s problem that year. Before January 2015, Litecoin had fallen to as low as $1. The spring of 2015 brought some hope, and the coin entered what we can call a consolidation period. The price was stabilized at about $3 per LTC.
2017 was somewhat a special year for Litecoin, just it was for a few other cryptocurrencies. From the end of March to the end of July 2017, the coin rose from $3 to $50. Within two months, LTC reached $80 per coin.
The first glory period for Litecoin was the end of 2017. The cryptocurrency bubble in November and December 2017 saw the coin reach $371.
2018 was generally a bad year for cryptocurrencies, and Litecoin was not spared. The value of the coin crashed heavily, falling back to around $25 by December 2018.
2019 was better than 2018 for Litecoin. The coin had a bullish climb, reaching $145 in June 2019. In the second half of the year, it experienced yet another crash, falling back to $50. In 2020, the coin failed to take advantage of the bullish activities on the market, but nothing negative happened to its value. In fact, it started gaining some traction in the last quarter of the year.
Read Also: Is Litecoin (LTC) A Good Buy?
Recent Performance And Current Position Of Litecoin
From the last quarter of 2020, Litecoin has been growing in popularity and value. The upward trend followed the announcement made by the Litecoin Foundation that it plans to introduce the Mimblewimble privacy upgrade to the LTC network. This also coincided with the planned launch of the LTC-only Visa Debit card.
Litecoin closed in 2020 at an impressive price of $126.23, according to Coinmarketcap. The first quarter of the year was also a decent period for the coin, though it didn’t climb in any dramatic manner.
In the May bull market in 2021, Litecoin reached its current all-time high of $412.96 on May 10.
At the time of writing this piece, Litecoin price is $134. In the preceding 24 hours, the volume traded stood at $1.54 million and it had a 24-hour low of $132.10 and a high 24-hour high of $149.40. The market capitalization of the coin, according to Coindesk, is $9.33B, which makes it the 24th biggest cryptocurrency in the world by market capitalization.
Litecoin Price Prediction
We all know that the cryptocurrency market moves so fast that it is very difficult for experts to predict the future of a coin. It is important, however, that you consider relevant predictions before investing in the market. Again, Litecoin is volatile like other cryptocurrencies. It is a highly speculative market, so you shouldn’t take the predictions as perfect.
If we are to go with the predictions of individuals, then John MacAfee is one of the first persons to take seriously. According to the crypto investor, Litecoin has not lived up to its potentials and may still have the chance to do so.
George Tung is another person whose Litecoin prediction we can take seriously. The cryptocurrency expert has always been positive about Litecoin. He once predicted that the coin will reach $1500 in 2018. While that prediction didn't come true, he is still positive about the coin and believes that it will continue to improve in the future.
Moving to Wall Street traders and investors, some of those who are deeply interested in cryptos have positive outlooks for Litecoin. Kelly, the respected head of BK Capital Management (LLC) believes that Litecoin will trade for $87 - $107 in the next 12 months. However, he is confident that the coin will rise to about $347 by the end of 2024. He strongly believes that the advantages of the coin over Bitcoin will continue to push the price higher.
Don't Miss: What Will Litecoin Be Worth In 10 Years?
Where Will Litecoin Be In Ten Years?
While Litecoin may not rise in any magical manner in the near future, there is a good chance that the coin will become a lot more valuable in the coming years. The coin’s growth trajectory is believed to be closely similar to that of Bitcoin. If we are to go with that, then the coin is likely to become a lot more valuable in ten years.
Ten years is quite a long time and we know a lot can happen in the dynamic cryptocurrency universe. Nevertheless, Litecoin is likely to gain a lot in terms of value. If you intend to buy the coin and HODL for that long, you are likely to make a significant profit when you sell in 2031.
Judging by what we’ve seen so far, Litecoin has some bullish periods ahead. We can’t confidently state how much the coin will be worth in the next ten years, but we believe it can reach the $1000 mark in the next decade. Some trusted websites have predicted that the coin will be worth well over that mark.
Coinswitch, for instance, has predicted that Litecoin will be worth as much as $2,000 by the end of 2031. Coin Price Forecast is a little more bearish – it predicts that the coin can reach $604 by the end of 2031.
Litecoin has seen as many setbacks as other volatile cryptocurrencies, but there is no tangible reason to believe that it will not gain reasonable value in the distant future. In the next ten years, at least, the coin is likely to reach new heights. If you just want to know whether the coin will ever go up, then you have the answer right in front of you. It is already going up, and most industry insiders believe it will continue to go up, even though a few setbacks may occur in the future.
Pros And Cons Of Litecoin
Risk is one of the major characteristics of investments. Cryptocurrency investing and trading is a little riskier than many other types of investing, but the rewards can be a lot heartwarming in many instances. One of the most important things is to understand the pros and cons of investing in any particular digital coin.
In the case of Litecoin, some of the pros include:
- Transaction time of Litecoin is much faster than that of Bitcoin and other coins, and this attracts more traders and investors
- Transaction fees in Litecoin are far lower than what is obtainable with other cryptocurrencies
- Litecoin has been around for a while and is considered to be pretty reliable
- Traders and investors can expect explosive returns during Litecoin uptrends.
There are a few cons you need to be aware of when investing in Litecoin. The prominent ones include:
- The coin’s reputation suffered a hit when the founder sold his asset
- The coin’s value has suffered some setbacks in the past
- Litecoin halving doesn’t seem to have the same effect as that of Bitcoin.
Check Out: 15 Reasons Why You Should Invest in Litecoin
Should You Play The Long-Term Game With Litecoin?
If you are hoping to become rich in the next ten years by investing in Litecoin, then you have to play the long-term game with the coin. But is this advisable, based on the history of the coin and predictions.
Again, we have to state that Litecoin is a cryptocurrency, which means it is a volatile asset. But that alone doesn’t make it a bad long-term investment. Bitcoin, which is the mother of all cryptocurrencies (Litecoin was actually forked from Bitcoin) is also a volatile asset. However, it has made several people millionaires.
There is nothing wrong with playing the long-term game with a reliable cryptocurrency. From all indications, Litecoin is a reliable cryptocurrency. Like others, it has experienced some bad periods and may experience more in the future, but it is still one of the most reliable cryptocurrencies.
If you are comfortable with HODLing a cryptocurrency, Litecoin is one of the ones you can bank on. The coin is likely to gain more value in the future. Litecoin’s long term predictions from most experts and crypto websites are positive. The value of the coin is likely to grow significantly in years to come, so playing the long-term game with it can be a very rewarding venture.
Invest The Smart Way
Investing in cryptocurrencies is a risky, yet rewarding endeavour. Litecoin happens to be one of the most reliable Bitcoin Forks. It has seen many good days and some bad days, but it still favoured by most industry insiders. Judging by its history, current performances, and realistic predictions, the coin is a good investment.
In addition to knowing the right coin to invest in, you need to invest the right way to stand a chance of making a reasonable profit. Many people can trade and invest in cryptos on their own, but it is always better to work with reliable brokerages.