Winter might be here again. The current cryptocurrency market situation is a complete turnaround of what we started the year with. For some, crypto winter is here again, dashing the hopes of many who had anticipated an uptrend rally around this time of the year. There has been so much buzz around an expected bull run early this year, especially with Bitcoin halving in view. However, it appears as though the bull is in slumber as the crypto market takes another unexpected nosedive.
Being one of the top altcoins and very much affected by everything going on, Litecoin is the cryptocurrency of our interest today. In this article, we will be assessing the probable price actions of Litecoin in 2020, discussing:
- What is Litecoin
- Litecoin price, what does it depend on?
- Litecoin price prediction 2020
- Litecoin long term price prediction
- Where to buy Litecoin
What is Litecoin?
Litecoin is a peer-to-peer cryptocurrency built to “mimic” Bitcoin in blockchain but provides a faster payment network across the world with a very low transaction fee. Bitcoin was developed as a means to combat lingering financial inconsistencies in cross-border transactions by providing a safe, secure and transparent medium for peer-to-peer transactions. As considered by many, the main flaw in Bitcoin blockchain is perhaps its comparatively high cost of transaction and speed. The discovery of Litecoin (LTC) as a fork* of Bitcoin helps to address these issues as its blockchain offers faster transactions with reduced transaction costs and an improved storage efficiency compared to that of BTC.
Litecoin Price – what drives it?
As at the time of this writing, one LTC trades for $39,51 USD gaining approximately 1.42% in the last 24 hours. The total market capitalization of $2.54B (which makes it the 7th largest digital asset), with a circulating supply of $64.3 million out of $84 million total supply.
The price of Litecoin is basically dependent on the interplay of the forces of demand and supply of the coin within the ecosystem. As more merchants accept Litecoin as preferred currency and medium of exchange, it paves the way for global coin adoption which has the potential to significantly influence the price of LTC.
As earlier mentioned, Litecoin was developed to provide seamless transaction experience by reducing the cost of the transaction while at the same time offering faster transaction speed. As Litecoin transaction fees decrease, it becomes more valuable as a medium of exchange which can potentially lead to an increase in its price.
Speaking of the piece de resistance, the most notable factor that will possibly influence the price of Litecoin is its halving. Just like Bitcoin, Litecoin also undergoes halving. An automatic embedded in LTC’s blockchain algorithm which is aimed at reducing the number of new LTC brought into circulation by half. It is programmed to occur after every 840,000 blocks until the last of 84 million supply of LTC is mined. But how does this affect the price of Litecoin? Good question!
Remember the fundamental principle of demand and supply? “As the supply of a commodity reduces, price increases due to an interplay of the force of demand”. Well, this is applicable here, too. As halving reduces the quantity of LTC added to the circulation, it has the potential to send the price to the moon and beyond.
Litecoin Price Prediction 2020
Currently, LTC/USD = 39.51$. At this price, Litecoin is miles away from its All-time High – the highest currency value reached in the history – of about $336 in December 2017. Investors and retail traders alike are skeptical about whether Litecoin will ever reach its All-Time High again. Well, this is just like wondering if BTC will ever get up to $19,800 again.
There have been various speculations around the likely price of Litecoin in 2020 with most predictions being bullish on the silver coin rather than bearish.
Digitalcoinprice predicted that Litecoin will likely trade between $50-$60 in 2020 with coin price forecast looking at a much better performance at around $80.32 expecting its price to move in sync with BTC. Wallestinvestor has a different opinion about LTC price and predicted a bearish season expecting the coin to fall as low as 4$ in November 2020 with a pullback to around $45.98 by December.
Litecoin Long Term Price Prediction
Beyond 2020, analysts believe that LTC will enjoy a smooth bull ride to break its all-time high. Most crypto enthusiasts predicted the coin will trade between $82-$347 between 2020 – 2024. Coinswitch predicted LTC to trade well above $1500 in 2030.
Whatever metrics were used by the various analysts to arrive at the future price speculations for LTC, their general analysis points toward one thing – a bullish trend with most indicators pointing that the coin still might be good to buy even at the current price.
Where to Buy Litecoin?
Adding Bitcoin Cash to your portfolio isn’t a difficult task, and you don’t need to go far. ChangeNOW offers you the necessary tools to buy it in 4 simple steps.
Step 1. On the ChangeNOW home page, choose a currency and enter the amount you would like to deposit. The service will automatically calculate the amount of BCH you will get, picking the best rates available at the market. Then click on the Exchange button.
Below is an example of buying LTC with BTC.
Step 2. Enter the LTC wallet address where you would like to receive your coins.
Step 3. Check all the information carefully and if everything is correct, click Confirm. Remember that all operations are irreversible.
Step 4. After you have confirmed the transaction, send your funds to the generated address you see on the screen. Your LTC will drop into your wallet very soon.
*Fork – a software upgrade that brings new technical features to a blockchain network.
We hope this short guide into LTC price prediction 2020 and on was useful for you. If you’d like to learn more about Litecoin, please check out the following article we’ve prepared for you.
To learn more about Litecoin, please visit the following LTC review in our blog.
Disclaimer: this article reflects its author’s opinion only and is not financial advice. We take no responsibility for the results of any trader’s decision or action.