Shining the Light on Litecoin
Since its inception, the price of Litecoin has fluctuated wildly. Its value began around $3 per LTC and has gone through several bubble cycles or “alt seasons.” However, the coin’s current acceptance rate is high. Furthermore, the project has an active community and many supporters who see a bright future. This article will shine a light on Litecoin and give a glimpse into its future. However, we’re firm believers that to know where you are going; you must know where you have come from. So, we will start from the top and look at the history of Litecoin.
History of Litecoin
Litecoin (LTC) was one of the earliest altcoins, founded in 2011 by Charles Lee. It immediately gained listings on other exchanges and achieved an LTC exchange price of 30 cents. Its price ranged from a few dozen cents to $3 between 2011 and 2013. However, beginning in November 2013, Litecoin’s price had its first frenzied bull run in a couple of days. The price was increased by more than a factor of ten to almost $50. With the 2014 bear market and the Mt. Gox exchange debacle, the cost of Litecoin fell to roughly $1 in January 2015. After a brief surge in the spring of 2015, the price of Litecoin remained stable for the next two years, hovering around $3.
However, in late March 2017, Litecoin began its second ascent. It increased from $3 at the end of March to $50 by July 2017 and then to $80 in September. Litecoin was a member of the cryptocurrency bubble in the final two months of 2017, and its price skyrocketed. It reached an all-time high of roughly $371 on December 19, 2017, representing a 500% rise in two months. Litecoin, like the rest of the crypto-verse, collapsed in 2018, with its price falling to $25 on December 15. The following year, Litecoin resumed its upward trend, reaching $145 in June 2019 before sliding to $50 in the second part of 2019. Today, it sits at around $90. Next, we will look at the factors that make Litecoin fluctuate. From this, we can then predict its future.
Factors that Influence Litecoin
Litecoin, like all cryptocurrencies, is influenced by various factors, the most important of which are upgrades and the price of Bitcoin. Litecoin correlates with Bitcoin’s price closely, as do other digital assets. When the price of Bitcoin rises, the cost of other coins usually climbs with it. Consider the supply. Litecoin has a cap of 85 million, far more than Bitcoin’s maximum of 21 million, boosting the likelihood of LTC becoming the more widely used currency of the two. Greater supply may imply excellent stability, as BTC scarcity may increase price volatility.
The value of cryptocurrency is governed by supply and demand. When demand grows faster than supply, prices rise. Demand can also increase as a currency acquires popularity or utility, particularly if it becomes an investment. It’s also worth remembering that there are thousands of different types of cryptocurrencies, with more being introduced all the time. While they are simple to launch, they are difficult to make viable because they require creating a network of users for that cryptocurrency. If the currency has a practical application on the blockchain, it can quickly create a network, significantly if it improves a competitor’s limitation. If a new competitor acquires traction, it diminishes the value of an existing rival, driving down its value while increasing the value of the new currency.
The Future of Litecoin
While Litecoin’s early phase did not gain widespread acceptance, it needed time for LTC to build that trust and strive towards it. It undoubtedly emerged as a leader and now commands a price of $90 at the time of publication. Many cryptocurrency specialists believe that Litecoin has enormous potential. Based on historical statistics, we anticipate that the average price of Litecoin will rise to at least $120 in 2024. According to the LTC price forecast, the minimum and maximum prices could be about $105 and $130, respectively. Beyond that, we anticipate that Litecoin could reach around $200 by 2030, meaning the light is shining bright in the future of Litecoin.