- Litecoin currently seats at $227.74 with a market capitalization of $6.8 billion
- In 2019, Litecoin experienced its strongest boom during its halving, gaining over 600% before slumping
- In 2021, it looks to make a major comeback with analysts making positive predictions as to its value
Litecoin has had a turbulent history in recent years from making gains of over 200% to crashing and almost losing relevance as a competitive altcoin. In 2019, Litecoin underwent its halving sequence and things looked positive for the coin that is popularly referred to as the silver to Bitcoin’s gold.
In that year, it gained over 600% before prices came tumbling down to unprecedented lows. Already 2021 seems to be a great year for the cryptocurrency with the coin already up by over 30% and valued at 229.49.
Litecoin’s Projection in 2021
In 2021, Litecoin has gotten off to a tremendous start and has seen prices break from the symmetrical triangle pattern to set a new price record since its 2019 peak. This is a strong indicator that Litecoin could reach projections of up to $13,000 in the long term, placing it right behind Bitcoin in the long run.
Doomsday predictors believe that before these highs can be reached, we should expect lows of up to $18 for the asset. Due to the high volatility of the crypto-currencies, this is a real possibility.
Gleaning from Litecoin’s historical antecedents from low prices of $3 to prices of over $400, it shows that statistically, Litecoin is a strong performing investment. The current volatility it enjoys makes it possible for seasoned investors to benefit from long and short positions.
On The Flipside
- Dogecoin’s drastic price fall shows no signs of ending as it reaches new lows following its impressive gains of over 1,000% at the start of the year
- Bitcoin exceeds $52k in latest price rally, CoinMarketCap
- BNB, up by over 100 percent in the last 7 days which spells the beginning of a good run of form
Litecoin: The Silver To Bitcoin’s Gold
Litecoin is a peer-to-peer crypto-currency that bears striking similarities to Bitcoin. It has often been referred to as the Silver to Bitcoin’s Gold. The amount of Litecoin that can be in circulation has been capped at 84,000,000 LTC.
Presently, it has 62,424,175 LTC in circulation. While Litecoin shares many similarities with Bitcoin, including the average transaction time. Bitcoin uses 10 minutes to perform a transaction while Litecoin only utilizes 2.5 minutes to transact.
Bitcoin uses SHA-256 as its mining algorithm while Litecoin uses Script to carry out its mining. In Bitcoin, the block reward halves every 210,000 blocks while in Litecoin block rewards halves every 840,000 blocks.
Litecoin has gained the attention of many sports leagues and franchises and is the official cryptocurrency sponsor of the UFC which is good for publicity. Litecoin’s greatest assets have always been its strong development community and are often used as a testbed for other digital currency projects, due to how much developer activity the crypto asset has, and due to how simple it is to work with.
With the slew of positive news from Litecoin, it isn’t hard to see why these several analysts have predicted 2021 to be the year that the coin booms again.