With the vision of creating a lighter version of bitcoin, Charlie Lee invented Litecoin. Today, Litecoin has become a great alternative to investors apart from Bitcoin and Ethereum. While Bitcoin is seen as gold and is valued for long term purposes, similarly, Litecoin is seen as silver and is meant for cheaper transactions and everyday uses. Litecoin is a decentralized, peer to peer cryptocurrency based on bitcoin protocol but it has a different hashing algorithm. It uses Scrypt proof of work mining algorithm.
Present stature of Litecoin :
- Currently, Litecoin (LTC) is getting traded at USD 45.52 (UTC time 07:53)
- It is at the 5th position among the cryptocurrencies that are currently getting traded in various crypto exchange platforms.
- Its current market cap has a value worth of USD 2,761,163,512.
- At present, 60,653,186 LTC are in circulation in the crypto trading sphere.
- Compared to its yesterday’s price, the value of LTC has been deterred by -0.12%.
Price analysis of LTC on the basis of the Litecoin charts :
From this chart, it is seen that the current price of LTC is 45.55 USD or 0.01180597 BTC (UTC time 08:00). Its current market cap is currently getting traded at 2,762,845,289 USD with 1,025,380,951 USD as its 24h volume. The price of LTC nearly one month back from today was 32.49 USD, and this is obvious from the above chart only. Considering its today’s and earlier price point, we can say that the price of LTC in this one month has been hiked by 40.19%. So, during this one month, the price range of LTC has been on a bullish trend with $36.44 as a very good support level.
Future price predictions of LTC :
LTC is one of the first alt coins and is also one of the largest cryptocurrencies. According to a group of cryptoanalysts, by the end of 2019, the value of LTC can be around $3500 provided the market capitalization of global fiat currencies should remain around $5 trillion. On the basis of its current resistance level of 45.55 USD, cryptoanalysts predicted that tomorrow, its price could be around $44.91. They also think that returns on this crypto can be profitable to the investors if they are considering for long term investment on LTC. They further added that in spite of the volatility, the price of LTC would not drop significantly or even if it drops also, it will soon regain its value. After five years, the price of LTC can be around $326.766.
From the above analysis and price predictions, it is evident considering LTC for long term investment, and it is surely going to be a great idea. Its future prices will have a propensity towards higher values which indicates greater expectations from this cryptocurrency.
Summing up :
LTC being a great alternative to Bitcoin and Ethereum has caught the greater attraction of global investors. The future prices of this crypto will be on the higher side which will inspire the investors to consider LTC for long term investment.