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Author: Benson Toti Updated: July 28, 2022

Litecoin (LTC) was created in 2011 as a fork of the pioneer digital currency Bitcoin. When he created LTC, ex-Google engineer Charlie Lee wanted to have a cryptocurrency that complemented Bitcoin and solved some of the issues observed in BTC's blockchain network.

The Scrypt proof-of-work consensus mechanism that Litecoin adopted therefore slightly differed from that of Bitcoin’s SHA-256. As well as a large supply cap of 84 million, the protocol supported reduced block times of 2.5 minutes thus allowing for faster transaction times and greater scalability. These factors, and the very low fees found on its network, make Litecoin a great peer-to-peer payment currency.

A Brief History on the Price of Litecoin

It is important to mention that global events and fundamental developments through the years might have a huge bearing on price movements. And as you will find below, Litecoin has had some key news and events down the years.

Key News for Litecoin

On 2 April 2009, just months after the launch of Bitcoin, the G20 summit in London ended with leaders from the world's top 20 economies committing to a $5 trillion fiscal expansion, with more than $1.1 trillion meant to cushion the International Monetary Fund and major banks. The austerity measures did little to the global financial crisis that had engulfed the world a year earlier, but Bitcoin was attracting attention.

By August 2011, rating agency S&P downgraded the US credit score and the US dollar lost its hegemony. A financial revolution was happening as BTC gained traction, but former Google engineer Charlie Lee thought the pioneer cryptocurrency needed improving. He launched Litecoin, a cryptocurrency that continues to grow alongside Bitcoin.

Key news impacting Bitcoin has since also influenced the price movements of Litecoin. For example, both coins' values crashed and surged after news related to the 2020 global pandemic and, in 2021, news of the adoption of BTC as legal tender by El Salvador.

Litecoin Timeline

October 2011

LTC creator Charlie Lee releases the Litecoin code on GitHub on 7th October and days later (on 13 October) the Litecoin mainnet officially launches.

November 26, 2013

Financial analyst Max Keiser tweeted about Litecoin's 100% price jump from 18-24 November. The respected analyst and pundit predicted that the surge could see LTC reach $50. (In two days, the Litecoin price increased from $14.82 to $50.27).

5 August 2015

Litecoin undergoes its first halving event as mining rewards are cut from 50 LTC to 25 LTC. (Litecoin trades at $4.34 on halving day after a pre-halving rally from lows of $1.35 in January, which followed a bearish run the previous year)

May 2017

Litecoin becomes the first proof-of-work crypto to adopt Segwit, ahead of Bitcoin. The move sees the community begin to rally around the cryptocurrency as its profile soars with fast transactions. (Price rallies 200% in just over a week, from $15.90 on 01 May to $32.15 on 09 May)

December 2017

Litecoin creator Charlie Lee announces that he's sold all his LTC holdings. He attributes the decision to the need to remove a conflict of interest. The wider community criticises this, especially after it becomes apparent that Lee had cashed out at the peak. (LTC price tanks from its bull-market peak of $360.66 and continues lower as bears begin to exert pressure.)

February 2018

A Litecoin hard fork occurs at block 1,371,111. The event led to the creation of Litecoin Cash (LCC). (LTC price recovers from lows of $122.64 to $230.52 in ten days from 06-15 February)

October 2018

US crypto exchange Gemini announces support for Litecoin, adding to the increasing support on major exchanges across the US. (LTC trades in a tight range above $50, but begins to decline and ends the year at $29.86)

January 2019

Charlie Lee announces a proposal to have Litecoin adopt private transactions via the Mimblewimble protocol. According to Lee, the idea is to make LTC fungible through Confidential Transactions (CT) and give it the only "property of sound money missing."  (A new bull run sees LTC price increase through May, breaking above $100 again on 15 May.)

6 August 2019

Litecoin network undergoes its second halving event, cutting block rewards from mining by half from 25 to 12.5 LTC. Days later, on 10 August, over 30,000 Litecoin addresses are reported to have suffered a 'dusting attack'. (Post-halving sell-off impacts price as LTC sheds 10% in a week and continues to decline to end 2019 around $41.33)

July 2021

Newegg integrates Litecoin payments, with the BitPay payments processor on board to help the company's e-commerce platform. BitPay also announced support for LTC, accessible on the firm's app. (Price recovers above $130 after widespread sell-off in May and June).

Compare Litecoin with Fiat Currencies, Commodities and Crypto

Litecoin's performance over the years shows that the cryptocurrency can be a good investment. To get a picture of what this might be like, let's compare Litecoin to some commodities and fiat currencies.

Compare Litecoin with Gold

Gold ranks as one of the best investment assets in the world, often preferred for its safe-haven status and good returns over the years. In terms of comparison, the intangible Litecoin is also gaining a lot of traction as "the silver to Bitcoin's gold," and boasts an advantage over the tangible precious metal in the sense that new technology is the new frontier of investment. 

Its supply cap of 84 million also gives it potential for a spike in price and returns amid spiking adoption. A comparative look at market performance shows Litecoin's year-on-year gains stand at around 156% while the metal's returns over the same period averaged 25%.

Compare Litecoin with Bitcoin

Litecoin and Bitcoin are both cryptocurrencies that work as digital money over the blockchain. Bitcoin is the pioneer coin and therefore enjoys the trailblazer status that continues to catapult it to greater heights in the broader investment market. Litecoin, on the other hand, is a top altcoin that shares most of Bitcoin's features, including finite supply and a decentralised network through the use of PoW mining.

But while Bitcoin is increasingly being used as a store of value, Litecoin has over the last few years sought to pivot to a currency for everyday use via lightning-fast, cheap transactions. In terms of the market, BTC attracts the most institutional money; its value could rocket as it did in 2017 and again in late 2020 and early 2021. The same perspective exists for LTC investments, with products like the Grayscale Litecoin Trust ranking among the top five by AUM (assets under management). Litecoin is therefore a good potential alternative for those looking to diversify their portfolio with a coin whose value will likely rise alongside that of Bitcoin.

Compare Litecoin with the euro

The Euro is the official currency of the eurozone nations, introduced in 2002, and currently the second-most used currency in forex trading. Litecoin on the other hand is a digitally encrypted form of money not under the control of any government or central bank. In terms of use, the fiat Euro provides more liquidity and its price movements are quite subtle and stable, but the smaller changes also mean the Euro offers smaller gains for traders. LTC is more volatile, which means higher risks are associated with the huge fluctuations. 

Litecoin Future Price Predictions

Litecoin price is highly correlated to price movements in the Bitcoin market, which is likely to continue being the case in future market cycles. But while many analysts and experts point to new highs for cryptocurrencies, getting spot-on with price predictions of cryptocurrencies is practically impossible. 

It is therefore advisable for anyone looking at forecasts, including those given here, as probable and not definitive suggestions. To make informed decisions, it is prudent to do due diligence and consider factors such as prevailing sentiment, global economic and political events, fundamental growth, and technical outlook.

In the sections below, we consider predictions of how Litecoin might perform in 2022 and beyond.

Litecoin Price Predictions for 2022

The opening price for Litecoin in 2021 was $124.80 according to data from market aggregator CoinGecko. Essentially, the cryptocurrency was already in a bull market at the turn of the year after rallying more than 10% on 17 December 2020 to break above the psychological barrier at $100.

The upside continued throughout the first quarter of the year, with LTC often outperforming BTC on daily logs as its value tripled to a new all-time high of $386 in September 2021.

Litecoin remains a valuable investment asset given its ROI of over 12,000% since 14 January 2015. The community, as well as the development team, all believe in the coin's prospects as seen over the years, adding to a fundamental outlook that is likely to aid continuous adoption. Positive news such as PayPal's support for the cryptocurrency and likely rollout to over 350 million users should also continue to excite interest among retail and institutional investors.

Other than overall crypto sentiment, likely price drivers for LTC in 2021 could be renewed regulatory scrutiny and the long-term impact of China's crackdown on mining and trading.

From a technical perspective, Litecoin's latest pullback has bulls trying to defend a previous resistance-turned-support zone.

The daily RSI is in the positive zone but features a dip near 59 to suggest bears might fancy a short-term push. The current price though remains above the 50 SMA, from where LTC/USD has recorded multiple closes.

This outlook, and the fact that the price still hugs the upper curve of the Bollinger bands, indicate that the negative picture might be invalidated if support holds above the $140 line and breaks the $150 barrier.

From here, a new bull run could include a breakout to $240, with maximum near-term gains then ranging in the $300-$400 zone.

Looking at the chart and combining it with analyst views suggests Litecoin is still bullish and might yet see more gains.

For instance, some analysts predict the Litecoin price for 2021 will peak at $249, while another prediction by more bullish analysts suggests Litecoin will climb to $274 by December before closing the year at around $238, with minimum prices around $157.

So, is Litecoin a good investment in 2022? The technical outlook and sampled projections suggest so, but as noted before, the market is cyclic and volatility could yet see prices swing as high as $400, or decline to $100 and lower.

Litecoin Price Predictions for 2022

Litecoin price forecast for 2022 will likely see a new market cycle push prices lower. Most analysts have factored in the possibility of such a bearish flip, with price direction likely to pivot on market sentiment, global appreciation of crypto, post-pandemic recovery, and general news and events.

In any case, Litecoin will likely experience an upswing with several pullbacks, including a downturn that could take LTC to pre-bull market levels of 2020.

WalletInvestor gives Litecoin (LTC) a positive outlook in 2022 though, with prices predicted to increase to a high of $547 and a minimum of $399.

Analysts predict a rosy outlook for LTC with a price forecast to reach the current ATH of $410 and even test $600. That's more than triple current price levels, though it's good to note that the prediction includes a potential flip to lows of $211 if there's a rejection at the previous peak.

Others project that Litecoin price will end 2022 around $177, slightly pessimistic when compared to other forecasts. The analysts at the platform also have the most pessimistic prediction for a minimum price of $118 by end of the year.

Worth noting though is that algorithms calculate the potential prices based on several factors every few minutes or hours and that may see predictions change as markets react to various factors. The advice, therefore, is to do due diligence before buying or opening trading positions.

Beyond 2022 for Litecoin

Beyond 2022, Litecoin’s price could follow the trajectory of Bitcoin and reach a new peak. Remember that no predictions for Litecoin for 2023 and beyond can be 100% spot on – at least not in the burgeoning crypto space that is still so volatile.

Analysts have identified a potential technical breakout for Litecoin. In their "long-term view" of the altcoin's price, there is a potential Adam and Eve pattern and this could lead to LTC/USD breaking the $400 level. The bullish view even suggests Litecoin could rally past $1500 to target $3k.

In other long-term price forecasts for Litecoin, some expect LTC to increase year on year. The minimum projection given over five years is $415 here. Others are currently less optimistic on LTC long term, with a 2024 projection of a modest $225.

As noted, various factors will contribute to a spike or decline in the value of this digital asset.  Key price drivers for Litecoin in the next three, four, five years remain as increased adoption, fundamental growth, and economic recovery across the globe post coronavirus.

Overall, stringent monetary policies and crackdowns could provide bears with an opportunity to push prices lower.

The Litecoin block reward halving set for 5 August 2023 that will cut block rewards to 6.25 LTC is an important event that could form part of a pre-halving rally for LTC/USD. 

For a more in-depth guide, read our Litecoin price prediction page.

Litecoin Price Conclusion

Litecoin's price today is around $109, down from recent highs as crypto remains relatively volatile. The cryptocurrency's price has gone up and fallen over the years, with the price swings often succeeded by periods of consolidation and accumulation from the speculative market.

As with other cryptocurrencies, the value of Litecoin has fluctuated alongside several factors. There's the growing regulatory focus on the sector in various countries and jurisdictions, global geopolitical and economic events, and a frequently changing news environment that have all contributed to a sharp rise or fall in the crypto's price.

But if you consider how Litecoin has performed from its lows of $1.15 to highs above $380, it's clear the cryptocurrency still has potential at current price levels. For traders, the outlook provides a great chance to profit from long or short positions.

If you are looking to take advantage of current prices to trade Litecoin or add to your portfolio for long-term gains, find out how to buy LTC here.

Frequently Asked Questions

  1. In many instances, Litecoin is used in trading where holders buy and sell LTC for profits. However, there is a growing community around the use of Litecoin as digital money for paying online.
  2. In 2020, COVID-19 enforced global lockdowns saw Litecoin's price crash to lows of $30 on 13 March.
  3. LTC price does not have an established exchange rate but its value follows supply and demand.
  4. You can buy Litecoin at any time, but exactly when depends on your investment goals. The best approach is to know why you want to buy the coins: is it for short-term speculation or is it for long-term holding?
  5. No. Litecoin's current peak is $410.26, which is the highest price level for LTC since it started trading.
  6. No. Litecoin, like Bitcoin, is a proof-of-work cryptocurrency that relies on mining to create new coins and keep the network secure.
  7. Yes. You can easily convert Litecoin to BTC by trading the former for bitcoins on an exchange or broker platform. You need to have an account to undertake this exchange.
  8. In January and in June, Flare Networks and Wanchain respectively announced plans to make LTC compatible with smart contracts. The projects are set to achieve this via cross-chain infrastructure.
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