This year has been a tough sail for Litecoin since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of LTC.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Litecoin to reclaim its all-time high in 2023? Continue with the article to learn about Litecoin price analysis and prediction by Coinpaper.
Read also: Crypto whales are buying Litecoin ahead of the major upgrade
What is Litecoin?
Litecoin is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It is based on the same open-source code as Bitcoin, but with some important differences. One of the main differences between Litecoin and Bitcoin is the speed at which transactions can be processed. Litecoin transactions are typically confirmed faster than Bitcoin transactions because Litecoin uses a different mining algorithm that allows for quicker block times. Another difference is the total supply of Litecoin, which is capped at 84 million, four times the maximum supply of Bitcoin. This means that there will be more Litecoins in circulation than Bitcoins. Litecoin also uses a different hashing algorithm than Bitcoin, called scrypt, which was designed to make it more resistant to ASIC mining.
Litecoin (LTC) price
Currently, Litecoin Price is USD. LTC has a circulating supply of coins and a total supply of . If you are looking to buy or sell Litecoin, Binance is currently the most active exchange.
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Litecoin price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Litecoin 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Litecoin price at $110 to $121. On the flip side, a fading interest in the new meme coin may push the price of Litecoin to $73-$67 lows.
Litecoin price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Litecoin (LTC) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Litecoin to climb as high as $156, with the more distant prospect of reaching $161 in 2024. The bearish scenario is likely to see Litecoin (LTC) trading between $121 and $118 in 2024.
Litecoin price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Litecoin (LTC) price analysis and prediction is based on pure speculation and observation of Litecoin historical price movements.
Our Litecoin 2025 price forecast expects LTC to rally towards $174 and reach $192 by the end of the year. The bearish scenario would see Litecoin at $156 to $142.
Litecoin (LTC) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Litecoin is neutral. In 2026, we expect Litecoin to reach at least $234 before climbing higher to $267. In case of a bearish scenario, Litecoin may fall to $215.
Is Litecoin (LTC) a good investment?
As an established and popular cryptocurrency used by many individuals and businesses around the world for online purchases and investments, Litecoin can be generally considered a worthy investment. However, when it comes to investing in crypto, it’s important to take your time to do due diligence before putting your money into any token.
Bottom line
Are you ready to invest in Litecoin? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy LTC from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Litecoin?
Litecoin was created by Charlie Lee as a fork of Bitcoin in 2011 .
What was the all-time high for Litecoin (LTC) ?
The all-time high price of Litecoin is $ on 2021-05-10
