Is It Worth Investing in LTC?

Often hailed as the silver to Bitcoin’s gold, Litecoin was meant to address some of the efficiency gaps in the original Bitcoin protocol. The premise of building on top of the existing Bitcoin infrastructure and improving it helped Litecoin sell fast to investors. 

In under a decade, LTC went from literally nothing to one of the best altcoins with a market cap of $25B at its peak in 2021 with the unit LTC retailing at $380, although the numbers have since dropped. 

Read on to find out about LTC performance in 2022 and price prediction for the coin.  Hopefully, that will help you decide if it is a good investment or not. 

How Is LTC Performing in 2022?

Thanks to the 2021 cryptocurrency crash, which wiped more than $1 trillion off the market, Litecoin’s performance in 2022 has been abysmal. Since November 2021, Litecoin has been on a consistent bearish run losing close to $15B in market cap in under a year. 

Entering the year, Litecoin’s price was $150 which marked a 25% drop from $208 in the previous month. This bearish trend continued through 2022 until Litecoin hit its lowest price of $43 in mid-June. At this point, the market cap of the coin had dropped to a paltry $3.05B leaving investors wondering if they should trade LTC to BTC or other altcoins. 

While Litecoin has since gone on a bullish run for the last months with its price appreciating 32% to its current $55, there are still many doubts about the future of the coin. 

Before taking a look at the projections of LTC’s price, here is a look at the pros and cons of Litecoin.

Pros and Cons of Litecoin

These are some of the advantages and setbacks that have shaped the progress and performance of Litecoin so far in the cryptocurrency market. Understanding these advantages  and disadvantages will help you make better projections on the future of LTC: 

Advantages of LTC

  • Transactions are much faster than Bitcoin. Litecoin processes transactions four times as fast as Bitcoin does. This translates to a higher volume of transactions LTC can handle hence more activity on the network. 
  • Litecoin has extremely low fees. LTC’s transactions are very cheap costing about $0.007 per trade, which is only a fraction of BTC’s $1 per transaction. 
  • Litecoin has proven itself to be reliable and a survivor. LTC’s secure protocol makes it reliable and resistant to breaches that have affected other cryptocurrency networks. Litecoin has also survived market price crashes and continues to feature among the top altcoins. 
  • Litecoin has had explosive returns in the past. If you invested in Litecoin in the early 2010s, then you definitely reaped big because, at its peak, the coin had an astounding ROI. Litecoin saw many people become overnight millionaires, and it has the potential to repeat this feat albeit slimmer than before. 

LTC Limitations

  • Monopoly by crypto whales. Litecoin’s founder Charlie Lee who held massive amounts of LTC once sold massive amounts of the coins, which created an oversupply in the market negatively affecting the performance of the coin. The existence of such whales within the LTC community reduces investor confidence. 
  • Crypto crash. Litecoin is not immune to the recent negative sentiments on crypto that have affected the entire market. 
  • Halving doesn’t impact price. While Litecoin has a halving period where the blocks available for mining are reduced by half, the impact of the halving wasn’t quite as foreseen. 

Now that you know the pros and cons of Litecoin, what are the expectations of LTC for the long term? Here are the expert predictions and price projections. 

Expert Expectations and Litecoin Price Predictions

According to renowned crypto market predictors, the future looks bright for Litecoin. Based on the current price, experts are projecting LTC to hit $63 by end of October, which extrapolates to about $75 by the end of the year. 

By the end of 2023, LTC price prediction projects LTC to be trading at an average price of $105, which has the potential of hitting heights of $125. Looking farther into the future, experts project LTC’s price to average $530 by 2027, which will then triple to $1,530 by 2030. 

LTC Investment: Is It Worth It?

While Litecoin has seen better days than its current state, it remains one of the strongest altcoins in the market. Based on the price predictions above, if you are looking for a long-term investment, then Litecoin is worth it by all means. 

Related Articles

Back to top button