Will Litecoin (LTC) Price Cross $500 in 2022?
Introduction to Litecoin
As an alternative cryptocurrency to Bitcoin, Litecoin was introduced to facilitate cheaper and faster transactions. Its initial price was $4 when it started in 2011; it went through many dips and highs to reach an all-time high of $412 in 2021 and an all-time low of $1.11 in 2017. Fintech analysts are hopeful about its price in 2022, even forecasting a four-digit figure in the coming five years. Let’s know more about the history of Litecoin, some market predictions, and what it has in store for 2022.
What is Litecoin (LTC)?
Litecoin is an alternative virtual cryptocurrency just like Bitcoin, but it was invented to have better features than the latter. Invented by Charlie Lee, a former Google employee, Litecoin is built on the same source code as Bitcoin. There is only a finite supply of Litecoin available, and it works better for small transactions as its key feature is to ensure efficient transactions.
Fundamental Analysis and History of LTC
Presently one of the top cryptocurrencies in the world, the history of Litecoin (LTC) is that of almost a whole decade. In terms of its price, LTC started at a slower pace and recorded an actual price surge initially in December 2017, when it reached #375.29. Moreover, it was under $100 when it came to the first part of its inception. It went down to $70 in 2017 but surprised the market with a better price of $412 last year. LTC came to an all-time low when it was priced at just 1.11$ in 2015. However, the price history of LTC has been stable apart from these two pole points. This also means that it has been strong in the face of vulnerabilities, and even with a slower pace, it stayed steady. If we consider the year-on-year value of this cryptocurrency, it is actually performing way better.
Litecoin Market Prediction
The market prediction for Litecoin has been optimistic as it has a solid potential to reach over $500 in 2022. It has been said that it can successfully soar through vulnerabilities with its stability and bullish potential. The upcoming years will have an upward trend for Litecoin if it sustains itself through the $100+ phase with which it is presently stable.
Why is Litecoin going up?
There are many reasons why Litecoin has an upward trend right now. One of the key reasons is the 2021 bull market and its new upgrades and partnerships, which have created hype for it to become popular. Further, another reason can be its availability on PayPal to make it more accessible.
Advantages of Litecoin Investments
Here are some advantages of Litecoin investments:
- Accelerate your transactions better than bitcoin
- Best for short-term crypto day traders
- Cheaper than other cryptocurrencies
- Ideal for beginner and inexperienced investors
- Higher returns with uptrends in prices
- A reputed cryptocurrency investment that is also efficient and quicker
Disadvantages of Litecoin Investments
Other than the pros, some of the disadvantages of Litecoin investments:
- With recent ups and downs, it might turn bearish.
- Its halving isn’t as effective as Bitcoin.
Experts Talk on LTC Price Prediction
Many Fintech analysts have positively predicted that LTC can make its way to the top 5 cryptocurrencies by the market in the coming years. Digital Coin has forecasted that Litecoin might reach $145 in 2022 while facing some downtrends in the next two years after 2022. However, they also said Litecoin can reach $144 and then $148 by 2026. The Crypto Research Report found Litecoin to hit even higher in 2024 with around $1216 and $2300 by 2033. Wallet Investor is also hopeful about Litecoin’s future and expects a long-term increase of around $603.501 by 2026. Currency.com has said that Litecoin can even reach the $500 bar with it now being accepted at an international payment service like Paypal. You can also check top crypto experts’ long-term litecoin forecast by clicking here.
Hence, analysts are truly optimistic about Litecoin capping a $500 upward trend this year and boosting even more in the next five years. As a cryptocurrency investment, it is an ideal option for short-term investors and starters in crypto as it offers accessible, smaller transactions and efficient transactions to make the whole process easier, decentralized, and accessible.