Litecoin is the fifth largest cryptocurrency in the world and with a market cap of over $12 billion. Charlie Lee, an ex-employee at Google founded the coin back in 2011
Historical Price Trend of Litecoin
In the last one year, Litecoin, among other cryptocurrencies has been doing greatly. If you purchased Litecoin at the start of 2017 when the price was at $4.5, by the end of the year, a gain of about 8000% (about 80 times your investment) would have been realized.
This means that, if you invested $500 in January 2017, when Litecoin attained its highest point in December 2017, you would have gained about $45,000. Litecoin had a huge growth last year which took the coin to be among the top 10 cryptocurrencies by percentage growth.
Another great feature about Litecoin is that it has a high trading volume which tells us that the number of people buying and selling Litecoin in the cryptocurrency market is increasing everyday. When we talk about trading volume, Litecoin is ranked fourth, just after Ethereum.
Price Predictions for Litecoin
Investors find it very hard to pick the most preferred investment option due to the very fast way the cryptocurrency market moves. Therefore, it is vital you do a lot of research as well as consult a financial expert in order to have a deep understanding of the current market trends.
Use of Technical Analysis to Predict Litecoin
Technical analysis deals with just the present and past price trends as well as the trading volume trends. Here, the running of the data is carried out through Mathematical functions so as to predict the price. Various analysts out there have taken away the burden of running the data mathematically, offering to carry out the analysis and make it available for the general public.
Walletinvestor.com, a website that performs technical analysis made a 1-year and 5-year price prediction for Litecoin for around $414 and $1175 respectively.
The “Monte Carlo” analysis is another type which was carried out on Litecoin. It predicts that by November 2018, the price of Litecoin will range from $6 to $507.
Wall Street Perspective on the future of Litecoin
When we talk of investing in stocks and other assets, Wall Street has a lot of experience which gives them the knowledge of what is and isn’t a good investment.
Head of BK Capital Management (LLC), Kelly, predicted for 2018 a Litecoin price of $500, which is a prediction worth considering. Due to the advantages Litecoin has over Bitcoin, Kelly has been very optimistic about Litecoin. He feels everyone is attracted to Litecoin as an investment option because of the coin’s low fees and faster transactions.
Litecoin Price Prediction 2020
Having long-term Litecoin investment entails you consider its 2020 price prediction
Longforecast.com (a website that utilizes technical analysis in giving long-term financial forecasts), predicted the 2020 price of Litecoin to fall in the range of $780 to $1374. Oracletimes.com, predicted the price to be $1000. steemit.com also made their prediction, setting it at $3500
This projection is linked to the performance of Litecoin in 2017. However, this is not based on an expert’s opinion or a technical analysis; therefore it is necessary you consider other predictions.
Is Litecoin worth investing in?
We’ve seen how difficult it is to predict the price of Litecoin. However, from what we’ve seen from the above predictions, Litecoin is moving the positive way. It possesses the required technical strengths to make the coin more famous in the crypto world.
It is therefore necessary you talk to an expert as well as work with the technical analysis, before investing in Litecoin or any other. Also, avoid investing all your cash in just one cryptocurrency and do not invest any amount you are not willing to lose.