Litecoin price prediction: What is next for LTC?
Its recovery looks to have stalled, but what’s next for Litecoin?
In this article, we will look at the latest Litecoin price prediction for 2022 and beyond – and examine whether any of the previous forecasts for the coin turned out to be right.
We will also tell you a bit about Litecoin itself, as well as examining its recent price history.
LTC price predictions
Litecoin was founded in 2011 by former Google programmer Charlie Lee. Lee thought that one of the problems with Bitcoin was that transactions could take longer than they should have done. In Lee’s opinion, the problem was that the proof-of-work (PoW) consensus mechanism used to mine BTC was too cumbersome.
Lee created a hard fork of Bitcoin and installed a new consensus mechanism, called scrypt proof-of-work, which at least in theory is significantly faster and means it uses less energy. Perhaps as importantly for potential investors, it is theoretically cheaper to use.
The way it works is that Litecoin splits every transaction into two parts, removing the signature from the original data. This, theoretically speaking, reduces the time to confirm payment from 10 minutes to around two-and-a-half minutes. Faster processing times can also help prevent hackers from “double-spending”, making the Litecoin system more secure, at least in theory.
To quote the whitepaper: “Litecoin is a peer-to-peer internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open-source, global payment network that is fully decentralised without any central authorities. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.”
The whitepaper continued that the aim was to take the best innovations of Bitcoin – and a number of other currencies cited in the document – in an effort “to create a coin with all of their benefits, but nearly none of their problems”.
Now, let’s have a look at the Litecoin price history. While past performance is no indicator of future results, knowing what LTC has done in the not-so-distant past can give us some useful information if we want to either interpret or make a litecoin price prediction.
In June 2020, the main point of concern with LTC price predictions centred on how what was then the world’s seventh-biggest cryptocurrency was struggling to break through the $50 barrier in any meaningful way. It remained a long way off the highs of $142 seen in June 2019.
Things started to change in late October 2020. In keeping with other cryptocurrencies, the price of Litecoin suddenly embarked on a massive surge – managing to smash through $50. This had long served as a psychological barrier for traders, but the bull run was far from over. During November that year, LTC rose from $55 to $88 – up by around 60%.
The first few months of 2021 were even more encouraging for LTC. It started to rally, hitting $236.68 on 19 February, but then slipped back down to $164.93 on 28 February 2021.
There was still time and space for Litecoin to grow, though. On 30 March 2021, Litecoin started to be accepted on PayPal. This was the real coming out party for the cryptocurrency, and its value started to rise. It was trading at $194.47 on 30 March, but by 16 April 2021 it was at $316.97 – an increase of nearly 63% in just under three weeks.
There was a slump shortly after this, with the price of Litecoin dipping to $233.63 on 25 April, but things started to get better again. Litecoin broke the $400 barrier on 10 May and, while it dipped slightly to around $385 on 12 May, seemed fairly stable. That was until the great crypto day crash of 19 May 2021, when the Litecoin price plummeted by more than 40% to $151.17 in the space of a couple of hours.
The best the Litecoin price has managed to do since last May was $294.56 on 10 November 2021, which was nearly half what it was at its peak.
Since then, things have got worse. On 16 December 2021, the Litecoin price was around $153 – the coin had lost nearly half its value compared with a month earlier, and it continued its slump to close the year at $146.51.
On 17 January 2022, crypto intelligence platform Santiment reported that, in bullish on-chain metrics, whales had been quietly accumulating Litecoin in the longest streak since 2017. According to the firm: “Whale addresses holding 10,000 to 1,000,000 LTC are in a 15-week accumulation pattern that is their longest since 2017. They have added 5% of LTC’s supply in just 15 weeks.”
The report’s findings were reflected in good news for the coin price, with LTC reaching an intraday high of $153.14 the very same day.
At around the same time, Litecoin upgraded its privacy-based decentralised protocol Mimblewimble, named after a a tongue-tying spell in the Harry Potter books, to the protocol, by way of the Mimblewimble Extension Block, or MWEB.
The effects of the upgrade are yet to be seen, but analysts at FX Street suggested Litecoin’s price had reached an inflection point, adding: “[The] Litecoin price set a higher low as it dipped inside a demand zone, indicating that the bullish outlook is intact. Going forward, investors can expect LTC to climb higher as the crypto markets flip bullish.”
Whatever plans LTC crypto whales may have had, they did not seem to have much success in pushing the price up. By the end of January 2022, Litecoin was trading at $109.59 and, while there was some recovery to an intraday high of $142.35 on 8 February, the price fell down that month, with the worst point coming when market anxiety following Russia’s invasion of Ukraine saw it drop to an intraday low of $92.61 on 24 February 2022.
There was then something of a return to form. The news that crypto whales were making larger and larger transactions involving Litecoin – with the number of deals worth more than $100,000 rising by over 100% – saw it reach a monthly high of $133.91 on 30 March 2022 before it closed the month at $123.72.
Thing initially looked good in April, with a high of $129.31 on 3 April 2022, but then things slipped down. Matters were made worse when China instigated a crypto ban, causing the price to drop to $102.25 on 12 April 2022. There was some recovery after that, with LTC hitting $114.22 on 20 April, but it fell again and was under $100 in early May. There was then another slight recovery and, on 5 May 2022, the price of Litecoin was a little under $105.
LTC was unable to escape the mayhem caused by the depegging of UST and the collapse of LUNA, though, and its price fell to $55.32 –the lowest it had been since 2020 – on 12 May 2022. By 18 May, it was worth around $69. While LTC then went on a bear run to a low of $61.29 on 27 May, it has since moved back up, and was trading at a little over $68 on the afternoon of 31 May 2022.
June saw LTC, along with a lot of other cryptos, caught in a bear market following the cancellation of withdrawals on the Celsius crypto lending platform, and it slid to a low of $40.68 on 14 June. After that nadir there was some upward movement, albeit with peaks and troughs, and it closed the month at $53.65.
The first week or so of July saw LTC close to but just below this figure, until a small bull run saw it reach $54.88 on 10 July. After that, though, it dropped back down to a low of $46.66 on 13 July. There was a recovery in the weeks after this, with the coin closing the month at $59.91 before it reached around $62 on the morning of 8 August 2022.
At that point, there were a little under 70.9 million LTC in circulation, out of a total supply of 84 million. The coin had a market cap of just under $4.4bn, making it the 21st largest cryptocurrency by that metric.
With that out of the way, let’s take a look at the Litecoin price prediction. We do need to point out here that cryptocurrency forecasts are often wrong, especially in the longer term. We also need to mention that cryptocurrency price predictions are often made using an algorithm, which can change at a moment’s notice.
Litecoin price prediction 2022: What are analysts forecasting?
First, DigitalCoinPrice predicts the coin should hit $82.39 at some point in 2022. The same site says the coin should be at around $93.42 in 2023, as it continues to rise to reach $116.44 in 2025. The site makes a Litecoin price prediction for 2030 of around $289.70 and says it should be worth an average of $332.05 in 2031.
Next, WalletInvestor suggests that Litecoin should reach somewhere around £78 in August 2023, before it gets to a little under $142.50 in five years’ time.
Meanwhile, Cryptoground forecasts the coin should be worth just under $77.86 by early February 2023. The same site gives a Litecoin price prediction for 2025 of around $246.21, and predicts the coin should be worth a little under $424.20 in 2027.
Finally, TradingBeasts suggests Litecoin will close 2022 at around $61.41 before dropping to about $59.79 in December 2023. The site then suggests the coin will reach a fraction of a cent under $69.42 by the end of 2024, before the price continues to grow to a little under $86.22 in December 2025.
Always remember, a Litecoin price prediction is no subsitute for doing your own research. As cryptocurrencies can be exceedingly volatile, it’s vital to perform due diligence – and think twice before gaining exposure to digital assets when they have been trading close to record highs, especially when there has been a crash.
LTC/USD price history
|Aug 8, 2022||61.28||0.18||0.29%||61.10||61.45||60.76|
|Aug 7, 2022||61.09||0.29||0.48%||60.80||61.98||59.78|
|Aug 6, 2022||60.80||-1.64||-2.63%||62.44||62.55||60.44|
|Aug 5, 2022||62.42||2.84||4.77%||59.58||62.53||59.55|
|Aug 4, 2022||59.60||1.87||3.24%||57.73||60.80||57.58|
|Aug 3, 2022||57.76||-0.29||-0.50%||58.05||60.13||56.67|
|Aug 2, 2022||58.03||-1.43||-2.40%||59.46||59.83||56.60|
|Aug 1, 2022||59.44||-0.27||-0.45%||59.71||60.69||58.15|
|Jul 31, 2022||59.71||-0.71||-1.18%||60.42||62.99||59.58|
|Jul 30, 2022||60.42||-0.23||-0.38%||60.65||64.06||60.28|
|Jul 29, 2022||60.64||-2.73||-4.31%||63.37||64.57||59.71|
|Jul 28, 2022||63.37||4.39||7.44%||58.98||64.19||57.89|
|Jul 27, 2022||58.98||5.13||9.53%||53.85||59.05||52.96|
|Jul 26, 2022||53.85||-0.14||-0.26%||53.99||54.12||51.90|
|Jul 25, 2022||53.99||-4.34||-7.44%||58.33||58.94||53.85|
|Jul 24, 2022||58.33||2.02||3.59%||56.31||59.76||56.30|
|Jul 23, 2022||56.30||0.27||0.48%||56.03||57.22||54.44|
|Jul 22, 2022||56.03||-1.95||-3.36%||57.98||59.17||55.46|
|Jul 21, 2022||57.98||0.83||1.45%||57.15||58.64||55.05|
|Jul 20, 2022||57.14||-0.71||-1.23%||57.85||61.66||56.33|
Potentially. The cryptocurrency market has been in a bit of a downturn lately, exacerbated by the collapse of LUNA and TerraUSD’s depegging, but there is no reason why that can’t change at some point.
The positive forecasts above, coupled with the fact that there is some way to go before it reaches an all-time high, suggest that LTC has some potential for growth, even if there is every possibility that things will get worse before they get better.
However, there is also the potential for stagnation or, worse, a crash. Remember that cryptocurrencies are highly volatile, and that prices can go down as well as up.
Cryptoground suggests the price of Litecoin by 2025 should be around $246.21, but TradingBeasts thinks the Litecoin price will average just under $86.22 by the end of that year.
This is certainly possible, but if Litecoin ever does reach $10,000, it may not be for a while yet. DigitalCoinPrice’s furthest prediction is for it to reach a maximum of $332.05 in 2031, while CryptoGround says it could reach $424.20 by the end of 2027.
That’s not to say Litecoin won’t ever reach $10,000 – but it feels safe to say it won’t happen in the near term.
Possibly. Even though LTC has been on a bit of a downward spiral overall lately, it is still worth more than it was for most of 2020.
Litecoin predictions remain cautiously optimistic but, nevertheless, you will need to do your own research and never invest more money than you can afford to lose.
Litecoin can be bought on many crypto exchanges, and is also available on Currency.com.
Always do your own research and remember that your decision to trade depends on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you feel about losing money.