Litecoin: All You Need to Know Before Investing

Introduction

The first alternative coin to Bitcoin, Litecoin operates on similar principles to that of Bitcoin. It is referred to as Litecoin in a way to call it a lite version of Bitcoin and works flexibly in terms of resolving the cons of Bitcoin like transaction speed, quicker block generation amongst others. It came to the world around 2011 with a starting price of around $4 and went up to the highest ATH of $410 in May, last year. There has been immense discourse on Litecoin Price Prediction in 2021. Let’s know more about the price history of Litecoin and where it’s predicted to be this year.

Price History of Litecoin

With the initial price of just $4, Litecoin’s price went to $410 within 10 years in 2021. But the analysts have commented that it is believed to be undervalued because it couldn’t cross the $500 milestone last year. Even with that, the price prediction of Litecoin this year is rather positive as analysts have said that an uptrend is expected which can boost its price to a 4-digit number. 

What Is Litecoin?

Introduced as an alternative Bitcoin, Litecoin is a cryptocurrency brought to the world in 2011 by Charlie Lee, who previously worked for Google. It is actually created on Bitcoin’s source code with the aim to resolve the shortcomings faced by Bitcoin as a cryptocurrency. It is created for cheaper and faster transactions, more efficient use, and a quicker mining process. Even though the transactions remain smaller, they are efficient, faster, and cheaper than Bitcoin.

Working of Litecoin

With workings similar to its parent crypto, Bitcoin, Litecoin formulates and then transfers digital coins using an open-source. It takes the blockchain technology in use to create a whole ledger of all transactions. The only thing that sets Litecoin apart in its workings is that it can only offer a finite coin supply which is around 84 million. Moreover, it also offers LTC tokens to its miners as rewards and has the same algorithm as Bitcoin, i.e. Proof-of-work.

How to Buy and Sell Litecoin?

Just like Bitcoin, you can buy and sell Litecoin on a cryptocurrency exchange, and you can choose from an array of alternatives like centralized, crypto-to-crypto, decentralized, and fiat-to-crypto exchanges. Most of these exchanges will require a KYC and Anti Money Laundering (AML) verification. Make sure to see all the trading options available before choosing an exchange and then register on the platform.

Expert Opinions of Market Analysts on Litecoin’s Price

Various market analysts have commented on the fate of Litecoin’s price and where it will be this year. TradingBeasts analysts have said on the Litecoin forecast that it will become a good investment in terms of crypto as it offers better returns. Further, DigitalCoinPrice also supports the idea of it reaching a better price this year. On the other hand, there are less optimistic opinions as well. Like John McAfee’s statement that “it could rise a bit, if not more than BTC.” Charlie Lee also returned to Litecoin after his work at Coinbase, which sends some relief to those investing in Litecoin.

Future of Litecoin

The future of Litecoin looks promising as it has sustained itself for the past 10 years successfully as an alternative to Bitcoin. Reaching $410 as its price in the last years from just $4 is a positive factor in itself that keeps analysts hopeful for peak price in 2022. It has been positively predicted to rise again in 2022, reaching a 1000-something price.

Conclusion

Thus, this was Litecoin Price Prediction for this year. It has been proven a strong crypto investment, and most analysts have positively said that it will rise to a better price this year.