Litecoin (LTC) Price Prediction • Bull & Bear • Benzinga

Decided you want in on the action? You can buy LTC on Robinhood and eToro.

Litecoin has been widely accepted as a useful asset for general payments and microtransactions, making it much easier for individuals to send payments without high fees. Litecoin transactions have the ability to be 4 times faster than a Bitcoin transaction, making Litecoin a widely used cryptocurrency around the world for point-of-sale payments. Plus, transaction fees on Litecoin are as little as 1/100th of the cost of a Bitcoin transaction and 1/500th of the cost of using Ethereum!

What is Litecoin?

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments for microtransactions –– primarily point-of-sale payments. Launched in 2011 by former Google employee Charlie Lee, Litecoin quickly became recognized as a useful crypto for peer-to-peer payments. 

Similar to Bitcoin, Litecoin was built as an open-source blockchain protocol. This means that there is no central control of the coin –– all transactions are managed by a peer-to-peer network. What makes Litecoin special is how fast payments can take with such small fees. This is because of the block verification time, the amount of time it takes to verify a transaction. The Litecoin network can confirm a block in 2.5 minutes, where Bitcoin blocks are mined about every 10 minutes. 

Litecoin is run by the proof-of-work (PoW) consensus mechanism, which uses computing power to verify transactions. Many new projects have been moving away from PoW and implementing proof-of-stake (PoS). This mechanism is much more environmentally friendly and allows for improved scaling. 

Litecoin Market Position

The market cap of LTC as of September 2022 is around $4 billion with a circulating supply of 66,000,000. The crypto crash earlier in 2022 was one of multiple factors that brought Litecoin down significantly. One Litecoin now costs less than $100 一 losing its spot in the top 20 cryptos by market cap.

From 2020’s year high of $64 in September of that year, Litecoin is now negative (if only slightly). However, Litecoin is still a large crypto with plenty of users. It seems that growth has slowed significantly. This could very well be due to structure of the network like its lack of support for smart contracts and its proof of work consensus mechanism. Proof of stake networks that support smart contracts like Cardano could very well be a better option, and investors seem to agree, valuing ADA at a market cap of over $70 billion as the 4th largest cryptocurrency.

Jane Kane’s Bullish Litecoin Price Prediction

Jane Kane is the editor-in-chief at Liteforex, who also provides coverage on emerging crypto markets. Kane discusses an interesting point about how the Litecoin Foundation has a 9.9% share in the German WEG bank, which was given to the foundation as a donation from the Swiss blockchain company TokenPay. 

This means that together they have a 20% share in the conservative German bank, mainly invested in by real estate investors. Kane states that Litecoin can thus be recognized in the long term as a possible cryptocurrency for buying real estate in Germany.

If this news comes to fruition –– and it’s not fake –– then LTC may see huge gains in the next 12 months. This is as long as the cryptocurrency markets remain bullish, however, as altcoins typically follow the price action of Bitcoin. This Litecoin price prediction is far from specific but it touches on important fundamental aspects of the token.

Luke Conway’s Bearish Litecoin Price Prediction

Luke Conway is a blockchain analyst and reporter who discussed the recent fake press release from Global Newswire that claimed Walmart (NYSE: WMT) had a partnership with the Litecoin Foundation. This fake press release was followed by a tweet from the official Litecoin Twitter account that was deleted just a few minutes later. This led the price of Litecoin to climb as much as 26% as news spread across social media, which then fell sharply back to the previous range. Another fake press release of this magnitude could diminish the reputation Litecoin has worked so hard to build.

Where to Buy Litecoin

If you were convinced by Kane’s Litecoin price prediction and want to invest, you are in luck. You can buy LTC currently on fantastic trading platforms such as Robinhood (NASDAQ: HOOD) and eToro. A centralized exchange like Coinbase or Gemini is a great way for individuals to start buying cryptocurrency on their computer or mobile device. Make sure to always do your own research before buying cryptocurrency. 

How Long Will it Take for Litecoin to Reach $300?

To reach $300, Litecoin would have to increase its market cap by almost 6x, which would require a continuous growth of partnerships as well as not becoming outdated by using PoW consensus. With recent market movement, we can expect some price consolidation as the price enters a previous resistance/support zone. If Litecoin sees another 250% annual increase that it had in 2021, it could reach $300 within 2 years or less.

Where to Store Litecoin Safely

When thinking about how to store your cryptocurrency there are two paths to choose from: software wallets and hardware wallets. 

• A software wallet is an application on your computer or mobile device. 
• A hardware wallet is a special type of wallet that stores the user’s private keys in a secure hardware device — keeping your private key information off your computer and onto the external device. 

Best Hardware Wallet: Ledger

Ledger is the most recognized and most credited hardware wallet currently available. The device is primarily an offline hardware wallet. Ledger also connects to Bluetooth and USB depending on if you want to use your computer or mobile device. Ledger’s application also makes it much easier to secure, store and manage your assets.