Litecoin Price Prediction
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With the popularity of Bitcoin, new cryptocurrencies took birth, exploring the huge Crypto and Blockchain space. In this crypto world, Litecoin is called the “digital silver” while Bitcoin is called the “digital gold”. Basically, Litecoin is the fastest crypto with the transactions four times faster than Bitcoin Blockchain.
Although Litecoin is a better alternative of Bitcoin, it cannot replace its parent coin. As we’re are aware of the ups and downs in the crypto market, the price fluctuations may still continue further. Are you thinking to invest in Litecoin? Let’s take a sneak peek of Litecoin (LTC) price prediction. Discover where the Litecoin cryptocurrency Price is heading this month.
Litecoin Price Today
Currently, Litecoin is on the 6th position with a market capitalization of $ 2.66 B and trading at $ 41.13 resistance levels.
Let’s walk through (LTC) Litecoin Price Prediction and Forecast!!
At present, it seems some interesting opportunities are heading towards litecoin fans. For Litecoin investors, the current momentum is very promising first and foremost. The Litecoin price is nearing the $40 mark, the token is gaining popularity among investors. However, due to the coronavirus pandemic, the increase in price is not as expected.
Fundamental Analysis
Litecoin is a peer-to-peer cryptocurrency introduced by Charlie Lee. Litecoin is based on the Bitcoin protocol but varies in terms of the hashing algorithm. The coin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Price Analysis:
LTC/USD is currently enjoying a three consecutive session run of gains, with price $ 41.14 at the time of writing.
Litecoin has built its recent relative strength, recovering the short-term $70 resistance level. Although the coin is still below the rising trendline which broke on Sunday, it is close to confirming a short-term swing low which would point to another test of last week’s swing high near $93.
Recently, Litecoin announced a partnership with Glory, a popular kickboxing league. However, partnering with production organization for a concert hosting some of the biggest names in K-Pop. All of which posses a huge following, This in turn brings much exposure to Litecoin.
Litecoin is ready to test a key zone, Analysis based on tracking within $70- $80 price range. Previously, LTC/USD last traded up at these peaks in November 2018. Aimed at formulating a long-term plan, odds continue to support the test of bear market lows, but the short-term uptrend could still continue, with the next major target zone being ahead near $95.
It quickly becomes evident that the $72 level is acting as support. Moreover, it appears this situation may remain constant for some time. Assuming traders continue to stack orders, things could get very interesting.
Recent Updates
LiteCoin Halving :
Litecoin underwent its halving on August 8, 2019. The mining reward dropped from 25 LTC to 12.5 LTC and the price was assumed to increase. The price did increase but not up to the expectations. The next Litecoin halving is estimated to take place in Aug 2023. The mining reward will further decrease from 12.5 to 6.25 coins. But that is a long way to go, 1363 days to be specific. It will be interesting to see LTC’s growth during this time.
Binance added LTC pegged asset
Binance DEX, the company’s decentralized crypto exchange, has added a new asset that’s pegged to Litecoin (LTC). It’s called LTC-BEP2 and is fully backed 1:1 with real LTC, according to Binance. The new addition is part of Binance’s move to allow traders on the exchange a way to gain exposure to the world’s leading digital assets. Coins pegged to BTC and XRP are already live.
LiteCoin Summit
The event was highly awaited by the Litecoin Community. One of Litecoin’s most active advocates, John Kim said, “Next milestone, the Litecoin Summit in Vegas October 28 & 29 at Cosmopolitan where the whole LTC community will get together to inspire and share ideas to push for adoption in a major way. The world doesn’t need more information, they need a demonstration. #LitecoinFam exist to demonstrate the power of the most reliable blockchain with zero downtime since 201, Litecoin.” Kim’s statement has some value as LTC prices have surged while the summit was going on.
Charlie Lee Funding The Litecoin Foundation
Despite the market lows in recent days, the Litecoin founder, Charlie Lee is yet committed to funding the Litecoin Foundation. He exclaims that,
“The goal, of course, is to get Litecoin Foundation to be self-sustaining from donations, partnerships and merchandise sales,” Lee said. “Until we get to that point, I have and will continue to support the Litecoin Foundation financially as necessary.”
Dusting Attack on Litecoin
Recently a few reports emerged, which stated that the Litecoin wallets were hit by the dusting attack. Basically, a dusting attack refers to a malicious act, wherein hackers and scammers are able to break the Bitcoin and cryptocurrency privacy. This takes place when tiny amount of coins are sent to their personal wallets.
Litecoin Hashrate Peaks
Increasing hashrate on a Litecoin network may be a sign that a new rig has been released. Also, it is operational without disclosure. The hashrate kept rising in the recent weeks, and recently peaked above 370 TH/s. Probably this is boosted by the expectations of the upcoming halving of the block reward in August.
Kraken Supports Bech32 Withdrawals via Litecoin
Kraken announces its support of bech32 withdrawals for Litecoin via a tweet on May 31, 2019. The tweet read,
Kraken Litecoin (LTC) withdrawals now support all address formats – Bech32 (native SegWit starting with “ltc1”), M (P2SH starting with “M”), and L (non-P2SH starting with “L”). Existing addresses aren’t affected, only new addresses will need to use the new formats.
Litecoin Now On WhatsApp
WhatsApp users can now send and receive Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), using the Lite.IM bot, developed by Swiss blockchain startup Zulu Republic. Users can also earn cryptocurrency via a referral program. Lite.IM users can interact with the Litecoin blockchain, sending and receiving funds from anywhere in the world where a cellular signal can be found.
Litecoin Added To Spedn App
Spedn allows consumers shop at major stores including Nordstrom and Lowe’s and pay with crypto across bitcoin, ether, Bitcoin Cash, and Gemini Dollar.
ETNs For XRP, Litecoin On Boerse Stuttgart
The second-largest stock exchange of Germany, Boerse Stuttgart, launched trading for exchange-traded notes (ETNs) based on two cryptocurrencies – XRP and litecoin (LTC).
Ellipal And Litecoin Foundation Partnership
Litecoin Foundation has listed a new hardware wallet in collaboration with Ellipal. Ellipal is one of the new entrants in the crypto market. The company builds a hardware wallet which is compatible with smartphones.
Litecoin Transaction Fee Reduced By 10x
On May 7, Litecoin.org announced the release of new client software version: Litecoin Core v0.17.1. The update brings a few user interface changes, a new wallet format, extended privacy features, and a significant network fee policy change. All this effectively reduces the minimum transaction cost from 0.001 LTC/kb to 0.0001 LTC/kb.
Litecoin Improvements May Enhance Its Value Double
- Litecoin (LTC) seems to be advancing and becoming a better digital currency. Since it was experiencing lowest point for more than a year, at the end of 2018, Litecoin doubled its value. In December 2018, Litecoin was traded around $23, now it is close to touch $60.
- It gained upto 200% this year and has proved to be a market leader. The cryptocurrency, which is like younger brother to bitcoin, reached an annual high of $96.54 on April 4. By going so high, litecoin has outperformed bitcoin, bitcoin cash, ether and XRP so far in 2019.
Litecoin’s Founder, Charlie Lee, stated that he wants to make Litecoin more relevant.
He said that Fungibility is the only property of sound money that is missing from Bitcoin and also from Litecoin. Thus, as the scaling debate is already something that is being developed, privacy and fungibility are topics that must receive answers.
- The use of LTC in Venezuela is one of the reasons behind the growth, but it isn’t the only reason. The coin has been making a huge progress on the developmental front. The team behind it has sealed many high-profile partnerships and made privacy updates.
- Lee maintained that the bear market gave the network an opportunity to build more and push products out. According to Lee, the network is looking at the ways to “add more fungibility into the Litecoin protocol.”
Verdict on Litecoin Price prediction
All things considered, the majority of crypto markets seem to be in a good place right now. Litecoin is rising up a lot quicker than all of its market cap competitors. An expert to $49 seems likely, reaching $100 will cause a very different set of challenges.
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