DotBig: Forecast for Litecoin
Litecoin was created 11 years ago. Throughout this period, the project has managed to achieve great results and greatly improved its performance. We can say that this 11-year-long run was successful, even though it lost a big portion of the market cap.
Litecoin differs from the majority of digital instruments in as it isn’t related to a mainstream brand, and it doesn’t offer something unique to the game. Despite that, the product managed to attract investors. Today, we are going to predict whether its value will go up based on the fundamentals of the coin.
Introduction to LTC
Charlie Lee is an individual who came up with the idea of Litecoin in 2011. This project didn’t aim to solve some sophisticated technological issues — it focused on common problems, such as the time for transactions and commissions.
This is one of the most well-established coins in the modern industry. LTC doesn’t have its own protocol, it runs on the BTC protocol. That is the reason why it has several similar features, including anonymity and the proof-of-work model. You can also mine LTC if you have special equipment.
Just two years after the LTC token had been released, it got to second place in the list of the biggest cryptos by market cap. As a result, the coin became the biggest altcoin traded.
Despite its past popularity, in 2022, Litecoin isn’t the most attractive option for investment. There are many new altcoins that are more innovative and have the prospects to show better performances. Nonetheless, LTC remains a good instrument for fast transactions at low costs.
Is it bullish or bearish in 2022?
As of September 1, Litecoin is valued at $54.55, and its market cap is around $3.8 billion. Yet, it’s in the 21st place in the rating of coins by market cap.
After LTC reached second place in this rating in 2016, its price performed several upward movements. It started going down because of the industry growth and the introduction of new competitive and promising projects.
What about its modern prospects? We studied the data and made forecasts for several years.
- In December this year, Litecoin’s value can grow up to $75.60. However, it won’t stay at this point for a long time. We expect that by the end of 2022, its average cost will vary in the range of $67–70.
- In 2023, Litecoin’s cost is likely to show a big surge. We take into account the previous performance and assume that it will be valued at $101–120 in 2023.
- If nothing rocks the industry by 2025, Litecoin is predicted to gain an average value exceeding $220.
All these forecasts are based on technical analyses of the coin and its fundamentals. They say that right now, it’s a good idea to invest in Litecoin because it has promising futures in terms of ROI.
You shouldn’t consider this review as an investment recommendation. We just analyze the coin based on its previous performance. Remember that conditions in the crypto space can change anytime. Follow the news with us and make safe investments.