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Time to HODL Litecoin

By PVM | 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.


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.


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.


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. 


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,, 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. 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!

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Tezos and Horizen (ZEN) cryptocurrency faucet


Litecoin related articles:

Litecoin official website

Litecoin price predicion 2020

Litecoin price prediction 2020 to 2030

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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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