Time to HODL Litecoin

Time to HODL Litecoin

By PVMihalache | Mind Puzzle | 25 Apr 2020


Litecoin was my third investment in cryptocurrencies, after the Bitcoin fiasco and a fair profit with Ethereum.

I done my research and I considered Litecoin a worthy investment, and a free from censorship coin. Private, secure and border-less payments sounded like a good asset. I invested a part of my profit from Ethereum and in May 2017 I bought 7 LTC at £17.80 per unit, £125.56. The LTC value kept growing reaching £34 per unit in September 2017 when I invested £50 to top up the portofolio with 1.46 LTC. The total investment was £182.50 ( 175.50 for 8.46 LTC + £7.00 fees). I decided to HODL them for few years at least.

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Meanwhile I started to use CoinPot to gather Litecoin faucet and every few months I send small amounts to the main wallet. Since 2017 I collected 0.6 LTC from faucet only, approximately £26 at today's price.

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In Jan 2018, I used 1 LTC to buy various small coins on Eobot, and made the exchange when the price per unit was over £200 so at that point I covered the initial investment reinvesting in several other cryptocoins and holding 7.6 LTC in my wallet.

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The maximum price was £280 per unit in December 2017, a potential £2000 profit to my investment but back then my knowledge and experience in the crypto market was growing so I didn't sell any LTC. 

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At today's price of £36.47, I hold 8.056 LTC, with the total value of £292. I am  holding 60% more than the initial investment of £182 and exchanged 1 LTC at £200 for various coins such as NEO, IOTA, Cardano (ADA) and Ripple (XRP) . NEO is also producing his share of GAS. They are currently valued at less than £100 but they hold potential. Considering all the above aspect, I consider already the Litecoin investment a good deal.

However, the Litecoin price predictions are encouraging me to hold them for even longer then I was planning. According to the Litecoin Foundation, Steve Burkett is working to implement MimbleWible in the Litecoin protocol so LTC  could move away from Bitcoin, creating a unique selling point. 

Based on technical analysis, TradingBeasts.com, predicted that by the end of 2020, LTC price will be around $46.23; and only a bit higher in 2021 – up to $67.23. By December 2022, Litecoin is expected to grow to an average of $82.68.

Cryptoground.com forecast was based on an internal deep learning algorithm, and is predicting that LTC will reach $88.30 in one year, rising almost 109.81 per cent. It is expected that the growth will continue, with the coin trading at $347.8 by the end of 2024.

Coinswhich goes even further with the forecast, and following the halving in 2023, the value could reach $1200 per unit by 2025. By 2030, after the 4th halving process, the value of LTC could thrive and it is predicted to become one of the top 3 cryptocurrencies, and might soar high above $1500.

All the above predictions were done before the Covid-19 pandemic. After weeks of decline, the market looks stable again, but only time will tell how badly the crypto-market was affected by the Coronavirus outbreak. 

 

My popular cryptocurrency posts:

Why is important to hold your cryptocurrencies!

When to sell your cryptocurrencies?

Tezos and Horizen (ZEN) cryptocurrency faucet

 

Litecoin related articles:

Litecoin official website

Litecoin price predicion 2020

Litecoin price prediction 2020 to 2030


PVMihalache
PVMihalache

Self-Published Author, Football Referee, Football Coach, Early Crypto Investor, Personal Trainer, Well-Being Guru, Open-Minded, Traveller, Social Media Enthusiast, and many more...


Mind Puzzle
Mind Puzzle

Think! ... it's still free! An amalgam of cryptocurrency, science, arts, news and other manifestations of human intellectual will be published on this blog. Sometimes I will add my personal opinions or midnight revelations

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