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Litecoin (LTC) is a peer-to-peer cryptocurrency, and one that has been consistently ranked within the top ten tokens by market cap worldwide. The project is an open-source software altcoin, which has been released under the MIT/X11 license. 

All transfers of coins on the Litecoin blockchain are completely transparent, as it is based on an open-source cryptographic protocol. Litecoin originated as a spin-off of Bitcoin, and was initially released in October 2011. It has always been among the top crypto coins since its inception.

While other tokens have since overtaken Litecoin, it remains a prominent and credible platform.

Where to Buy Litecoin?

Litecoin is currently ranked seventh among cryptocurrencies, and it is thus widely available among digital brokerages and exchanges. These platforms are unquestionably the most common way to purchase Litecoin, and a huge number of outlets have sprung up online. This provides consumers with a host of choice, but it should be taken into consideration that diligently selecting a reputable broker is always to be recommended. Customer service, safety, and security are all extremely important in the cryptocurrency field.

A Brief History on the Price of Litecoin

Although Litecoin hasn't been in existence for as long as the market-leading Bitcoin, it is still steeped in a rich history, with much speculation surrounding its future.

Key News for Litecoin

While many different factors impact on a cryptocurrency such as Litecoin, there is absolutely no doubt that the coronavirus pandemic has overshadowed all others. The profound effect on society and the financial system of the Covid-19 crisis has inevitably resulted in wide-reaching consequences on an array of asset classes.

But whereas the coronavirus scenario has been negative for the majority of investments, this doesn't apply to the cryptocurrency niche. Many cryptocurrencies have increased in value during the coronavirus pandemic, and this has indeed applied to Litecoin as well. Litecoin has increased by around 60% in value during this crisis period, which is obviously bullish for the cryptocurrency going forward.

Elsewhere, the Litecoin Foundation has been forging partnerships with other groups, and an interesting tie-in with Atari was recently announced. Litecoin also moved to BitGo’s multi-signature wallet, which is intended to simplify the management of the foundation’s funds. These technical issues will likely have an impact on the Litecoin price as well.

Regardless of this, though, the Covid-19 situation is undoubtedly the issue most impacting on the price discovery of Litecoin currently. And this is likely to be the case for some time to come.

Litecoin Timeline

  • October 7th, 2011Litecoin was released via an open-source client on GitHub by Charlie Lee - a Google employee and former Engineering Director at Coinbase.

  • October 13th, 2011Litecoin network goes live, being based on a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time, increased maximum number of coins, different hashing algorithm, and a slightly modified GUI.

  • June 2013A big boost for Litecoin as support from Mt. Gox, the reputable altcoin exchange, is proffered. Litecoin price: $2.83

  • November 2013Litecoin was mentioned by the Economist as an alternative to Bitcoin, and it notably shot up in price. Litecoin price: $4.39

  • November 2013The aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. Litecoin price: $40.47

  • April 2014Another version of Litecoin was also launched, which amended some errors and included a fix related to the Heartbleed security bug. Litecoin price: $13.13

  • May 2017Litecoin became the first of the top five market capped cryptocurrencies to adopt Segregated Witness, often referred to as SegWit. Litecoin price: $15.92

  • May 2017The first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second. Litecoin price: $25.30

  • Dec 18, 2017Litecoin reaches its peak price thus far, exceeding $350. Litecoin price: $358.34

  • Jun 1, 2020,Litecoin increases by 60% in value during the Covid-19 crisis. Litecoin price: $48.13

Compare Litecoin With Fiat Currencies, Commodities and Crypto

Although Litecoin was primarily launched with the intention of being a digital payment platform, the escalation in value of the cryptocurrency has resulted in it also becoming an investment tool. Many investors have indeed made a huge amount of money by investing in Litecoin, and this has helped increase its economic prominence. 

Considering the bull run that Litecoin has experienced, the cryptocurrency has become a significant part of the global investment market, often being compared to other commodities and investment mechanisms. That means that it is important to compare Litecoin to a range of different assets, including other cryptocurrencies, fiat currencies, and commodities.

Compare Litecoin With the US Dollar

While the US dollar has performed reasonably well during the coronavirus pandemic, essentially retaining its value, this is nothing compared to the achievements of Litecoin. Cryptocurrency has actually been extremely bullish during the Covid-19 crisis, and Litecoin has very much followed this pattern, with the token increasing in value by around 60% during the coronavirus scenario.

Although the dollar has performed creditably during the coronavirus pandemic, it has been outperformed by Litecoin in recent months.

Compare Litecoin With Gold

The comparison between Litecoin and gold is a natural one, as the precious yellow metal is frequently viewed as a safe haven in crisis conditions. This has been very much the role of Litecoin and other cryptocurrencies during the coronavirus pandemic, so it wouldn’t be surprising to see the two commodities performing fairly similarly.

And indeed the value of gold has increased by around 20% during the coronavirus scenario, but even this creditable performance has been outdone quite considerably by Litecoin. With Litecoin elevating in value by approximately 60%, its increase has been three-fold that of gold.

Compare Litecoin With Crude Oil

Crude oil has enjoyed one of the most challenging years in its entire history, with this usually vital commodity having plummeted in value. A political and diplomatic stand-off between Russia and Saudi Arabia has been central to this process, and this argument resulted in the price for a barrel of oil actually reaching a negative figure.

Although the disagreement has now been resolved, the impact on the price of oil has been profound, with the coronavirus pandemic also having a massive influence. In fact, we can say with some authority that Litecoin and oil have headed in completely opposite directions over the last few months. This trend may continue for some time to come, with the Covid-19 situation meaning that global traffic, and thus oil demand, will be massively reduced.

Compare Litecoin With Bitcoin

Bitcoin remains the market-leading cryptocurrency, and this is the obvious token for comparison with Litecoin. And it’s perhaps not particularly surprising that Bitcoin has outperformed Litecoin in recent months, eventually doubling in value while Litecoin increased by a still incredible 60%. But Bitcoin has undoubtedly fared better than Litecoin during the recent bull run, and it will be interesting to see whether or not this continues in the weeks, months, and even years ahead.

Litecoin Future Price Predictions

As cryptocurrency has become increasingly popular and prominent in the public mind, tokens such Litecoin have increased in value. This has only catalysed their public profile, which has inevitably led to a huge amount both verbal and financial speculation regarding the future direction of Litecoin. It is therefore interesting and informative to examine what we can expect from this altcoin in the future.

Litecoin Price Predictions for 2020

During 2020, there is no doubt that the ongoing coronavirus pandemic will have a greater impact on the price discovery of Litecoin than anything else. This has certainly been the case during the first half of the calendar year, and it has largely been a bullish sentiment for Litecoin, with the token significantly increasing in value.

While investors have sought alternative locations for their money in what has been a difficult trading environment, it will be interesting to see whether this continues for the remainder of 2020. It would certainly be expected for many businesses, many aspects of the financial system, and many traditional commodities and equities to continue to face challenges and bearish sentiments.

This would seem to be bullish for Litecoin going forward, but the potential of the token to achieve its price potential will be predicated on its ability to stand out from other digital currency contenders. Technical issues related to the blockchain will also no doubt have some impact on Litecoin, but its price discovery will be most profoundly influenced by the ongoing Covid-19 and its related economic impacts.

Litecoin Price Predictions for 2021 

While the importance of the coronavirus will undoubtedly diminish during 2021, it would be particularly naive to assume that its impact will disappear completely. Covid-19 will still be around next year, and we can expect the economic impact of this virus to last much longer. A policy of austerity will no doubt be implemented in the vast majority of countries, and investors will unquestionably be seeking a safe-haven asset in this climate.

With interest rates likely to be slashed to zero, it will be extremely difficult for investors to find returns in the market. This would seem to be bullish for Litecoin, but the trading environment could be more challenging for the cryptocurrency next year than has been the case in 2020. The crisis conditions of the world economy should be bullish for cryptocurrencies and other safe-haven assets.

Beyond 2021 for Litecoin

Even beyond 2021, the Covid-19 pandemic will have some impact on Litecoin trading conditions. No-one knows the extent of this virus at the time of writing, and whether or not it will still be around in 2022, and even beyond this date, as is entirely possible. But we can expect the economic impact of Covid-19 to be significant and long-lasting, with parallels such as the Japanese lost decade particularly coming to mind.

However, other demographic and technical issues will also impact on Litecoin in the years to come. The wider supply of Litecoin has been cited as a key reason for its lower price than the market-leading Bitcoin, and this is something that its founders and development team may wish to consider.

The public profile and immediate reputation of Litecoin will also be important as this decade unfolds, and the development team associated with the cryptocurrency will need to instigate widespread industry adoption and collaboration, while also making strong use cases. Litecoin may be a valid form of digital payment, but there are many others available, both within and outside of the cryptocurrency sphere, and this competition will likely be challenging, even for what is a prominent altcoin.

Probably the biggest challenge Litecoin faces is to come out of the shadow of Bitcoin, which won't necessarily be easy considering its history, and the fact that it was hard forked from Bitcoin in the first place. The question that the development team at Litecoin will need to answer is why anyone would opt for this payment system over that of the market leader and most recognisable crypto token.

Litecoin Price Conclusion

In conclusion, we can expect Litecoin to enjoy a bullish pattern in the foreseeable future. But its ability to maintain upward price discovery over a longer period of time will be predicated on its ability to create a distinct use case.

Alternative Cryptocurrencies

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Frequently Asked Questions

  1. The blockchain was first created by the pioneering cryptocurrency Bitcoin, and has since been adopted by other cryptocurrency projects. The concept of the blockchain is that it provides a public ledger which ensures that cryptocurrencies can be operated with fairness and transparency. The blockchain records all transactions related to Litecoin, storing all private keys, and making them publicly available for scrutiny.

  2. Litecoin is certainly money. Litecoin can be exchanged for goods and services, and is an active digital payment system. Both online and retail outlets accept Litecoin, while the token is also compatible with some ATM machines. The adoption of Litecoin has not been as widespread as Bitcoin, but it certainly means the definition of money.

  3. Litecoin involves the creation and transfer of digital coins via a cryptographic protocol. This cryptography protects the transactions, and ensures that they cannot be intercepted. The blockchain associated with Litecoin then records a decentralised and public ledger of all transactions. Litecoin has been praised for its efficiency and transparency, while its Bitcoin-based foundation means that it is truly decentralised.

  4. Personal circumstances will certainly play a major role in answering this question. But one of the most compelling reasons that many people opt for Litecoin, and indeed other cryptocurrencies, is that they are faster and cheaper than other comparable methods of digital payment. This has meant that cryptocurrencies have appealed greatly to merchants, but that they are also well-suited to cross-border and international payments. Aside from this primary purpose, Litecoin and other cryptocurrencies are also valuable tools of investment, with many people having made a lot of money from investing in the platforms. Litecoin also makes it possible to conduct transactions with people who are not adequately served by the conventional banking system. There are other potential reasons for wishing to use Litecoin, but these are some of the most obvious advantages over traditional money.

  5. Mining is a central process in the cryptocurrency concept, enabling users to acquire tokens by solving algorithmic equations. The reason that the term mining is used is to draw an allegorical comparison with existing commodities such as gold; effectively lending a form of credibility to the cryptocurrency concept.

  6. Litecoin is not inherently anonymous, but the Litecoin mixer serves to increase privacy while using and transacting the cryptocurrency. Using LTC mixer makes it almost impossible for third-parties to trace your Litecoin address.

  7. There are many similarities between Bitcoin and Litecoin, which is hardly surprising considering the latter was derived from the former. But there are also some subtle differences between the two. Litecoin delivers more sophisticated technology than Bitcoin, and this has helped generate transactions fees that are four times faster than the market-leading cryptocurrency. Litecoin also has 84 million tokens available, which is four times that of Bitcoin. It should also be noted that the market capitalisation of Litecoin is much smaller than Bitcoin, even though it remains one of the most traded cryptocurrencies in the world. And algorithms associated with the two projects are also technically different.

  8. There are currently 65 million Litecoin tokens in circulation, which represents just over 80% of the 84 million that could theoretically be released.

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