Litecoin is a cryptocurrency created to provide fast, secure, and low-cost payment services by taking advantage of the unique features of blockchain technology. So, what are the predictions about its future?
Its price move reflects the weakness of a large-scale cryptocurrency market in 2022. Although, the network finished its most worthy upgrade ever earlier in the year.
It has been ranked third among all the cryptocurrencies by market capitalization for a long time. This cryptocurrency has been active for around nine years and has been a successful digital currency for a long duration. As a result, it is still ranked within the top 30 cryptocurrencies.
What is Litecoin?
LTC is a decentralized cryptocurrency founded in 2011 by Charlie Lee, a former employee of Google. Although it has the same working principle as Bitcoin, there are some differences.
It is inspired by Bitcoin's open-source software, but emerged to eliminate some errors in the Bitcoin system and has been successful in this field.
It aims to enable money transfers at lower costs and offer more storage possibilities than other cryptocurrencies.
By providing faster transactions at lower fees than the Bitcoin blockchain, Litecoin achieved great success in the first days of its existence and gained an important place among other cryptocurrencies.
Litecoin founder Charlie Lee
LTC founder Charlie Lee worked at Google when he founded Litecoin in 2011. Lee divested his entire stake in 2017 and announced the division in a Reddit post on 20 December, 2017.
Charlie Lee developed this cryptocurrency to be "a simpler version of Bitcoin", with features similar to Bitcoin in many respects, but as a lighter alternative.
Looking at Litecoin predictions for value in the short term, CoinCodex shows the LTC price dropped by 3.4% to $53.44 by 1 November, 2022. However, according to WalletInvestor, the token could be trading at $89 by year-end. By 2025, Litecoin predictions say LTC could be trading at $113.
Finally, the DigitalCoinPrice price prediction anticipates LTC will trade at over $55.94 in 2022 and, in five years, it will be up to $173.
When investors look at LTC price expectations, they should remember that the market is volatile, and that analysts' Litecoin predictions could be wrong. Just rely on your own research. The decision to trade or invest depends on your own risk appetite, experience, and goals. Don't risk what you can't replace.
Author: Fatma Mohamed
Fatma Mohamed is a freelancer translator, proofreader and content writer. She has studied oriental languages and literature, worked as a Freelancer translator with nine years of experience & translated many books.