Litecoin marked a price increase of more than 40% over the last month, following an incremental uptrend leading investors to believe that the token could be headed for outstanding highs. How true are these estimations, let’s find out.
LTC is currently trading at $87.9, from $75 last week and this price increase can be attributed to the current market spike in the overall crypto ecosystem. The market has registered over a 7% increase and is quite close to its once-celebrated market cap of 1 Trillion.
The Litecoin token ranks number 13 currently, with a market cap of over $6.3 billion and a 24-hour trading volume scaling well beyond $1.3 billion. Now that the token is near to reaching its total supply in circulation, investors are keen on the price of the token. But before we see what the token has on hold for investors, let’s first understand where it comes from and the fundamentals from which the project derives its value.
Where Does Litecoin Come From?
Litecoin, referred to as a digital peer-to-peer currency, is an open-source software. It shares a similar structure to the Bitcoin, using an open-source encryption protocol for production and transmission with no central control.
Transactions, balances, and expenses are managed by a peer-to-peer network, and Litecoin is generated through cryptological hash functions. It can be exchanged for both Bitcoin and fiat currency through online exchanges.
Created by a former Google employee, Charlie Lee, in 2011, Litecoin is similar to Bitcoin but uses a different hash algorithm, has different hard caps, and faster block transaction times. The goal was to create a more efficient version of Bitcoin and it’s often referred to as the “silver to Bitcoin’s gold.” The confirmation rate for transactions is faster at 2.5 minutes per block, but in practice, it may take up to 30 minutes due to network congestion.
The Litecoin network has recently activated the MimbleWimble (MWEB) upgrade, which enhances privacy and lowers transaction fees for the network. The Litecoin Foundation has also partnered with Antpool to develop a new research laboratory called LTC Labs for digital currencies. Furthermore, Litecoin has been accepted by well-known brands such as Gucci as a means of payment, and the Litecoin foundation has also announced the rollout of its VISA debit card.
What Is Litecoin?
Litecoin, represented by the ticker LTC, is a cryptocurrency that was created in 2011 to provide quick and inexpensive transaction processing. It was developed using a similar source code to Bitcoin and is considered one of the first alternatives to Bitcoin, referred to as altcoins.
In the past, it was designated as the second-largest cryptocurrency. Its resemblance to Bitcoin makes it a popular option for those looking for a more affordable alternative. Litecoin does not rely on any central financial institution and uses blockchain technology to process and record transactions, with new blocks of information continually added to the Litecoin blockchain.
The main speculative risk of investing in Litecoin is that it may become worthless, as it lacks a clear use case and has a reputation as a less sophisticated version of Bitcoin. Additionally, its founder, Charlie Lee, sold all of his Litecoin during a bull market in 2017, which raised concerns about its long-term success.
Judging from these factors, here are a few predictions on where the token could land along with a couple of alternatives investors can consider.
Litecoin Price Predictions for 2023 & 2025
Litecoin Price Predictions For 2023
Recently, Litecoin has been able to maintain its position above the resistance level of $75, showing a growth of 17% over the last week. This is a notable achievement, especially considering the coin’s performance in November. However, it is still far from it’s all-time high of $410 set on May 10th, 2021.
Some analysts believe that Litecoin may reach $100 again by August, but it largely depends on the performance of Bitcoin. Litecoin is likely to follow the trend of Bitcoin if it experiences a bullish run. At the same time, every other technical indicator for LTE except the average directional index suggests a sell signal- which might raise some concern.
Litecoin Price Predictions For 2025
2025 is expected to be a significant year for Litecoin as more merchants start to adopt it, resulting in increased demand for the coin. The increased smart contract capabilities of Litecoin may also attract more developers to build on its platform, leading to increased activity.
By early 2025, Litecoin is predicted to reach an average price of $202.35, representing a 192% increase from the beginning of 2022. The maximum predicted price for Litecoin is $313, and the minimum is $189. By the end of 2025, Litecoin is expected to be worth $275. However, these predictions are open for speculation.
Alternative Cryptocurrency That Outcompetes Litecoin- FightOut, C+Charge
Fight Out- Innovative Project to Change The Fitness Landscape
Fight Out is an innovative move-to-earn platform that aims to motivate users to pursue an active and healthy lifestyle. It features many unique features that benefit investors and differentiates itself from other M2E platforms.
The platform has gamified the ecosystem to make fitness more interactive, entertaining, and rewarding. It has also made it more accessible by simplifying the use of Web 3.0 technology and not requiring users to invest in expensive NFTs. Fight Out tracks movement and key effort indicators to ensure data points feed into a reward algorithm. Users can access the platform through a mobile app and also attend live classes and make use of facilities in key cities worldwide.
FightOut’s $FGHT tokens are currently available in presale at $0.0166. The presale ends on March 31st, and tokens will be listed on centralized exchanges on April 4th, 2023, for $0.0333. Investors who purchase tokens during the presale will see a 100% return, making FightOut a great token for investment right now.
Become an early mover by joining this unique M2E project at fightout.com.
C+Charge- High Utility Revolutionary Crypto Project Involving Carbon Credits and EVs
C+Charge is a peer-to-peer payment system that supports the rollout of EV charging stations and opens up carbon credits to EV drivers. Users earn tokens when they charge their EV vehicles using the platform.
The project’s native token CCHG is all about utility and exploiting the real-world use case of blockchain technology. Each token currently costs $0.01300 as it is in stage one of its presale and will rise in price over 4 stages, ending at $0.02350.
40% of the total supply of 1 billion tokens is on sale to the public. Stage 1 investors will make a paper profit of 80% by the time the presale ends. Visit the official website to participate in this presale.
- Best Altcoins to Buy
- Best Utility Cryptos to Buy
FightOut (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses
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