Join Our Telegram channel to stay up to date on breaking news coverage
By market capitalization, Litecoin has held the third position for a very long period. Despite being in use for nearly nine years, this cryptocurrency has managed to remain profitable for the vast majority of that time. It continues to be one of the top 30 digital currencies as of right now, according to the market cap.
Many people have been discussing how Litecoin has “dropped off” recently. These days, all in-demand tokens are either associated with a powerful brand, provide a lot in addition to serving as a store of wealth, or are just unique enough to catch the attention of millionaires. Despite having a strong technological base, Litecoin lacks all of those characteristics.
The market capitalization of Litecoin is highly likely to increase again in the future though since this crypto is still growing strong.
This article will examine the fundamentals of Litecoin and its potential as an investment in this post. Please keep in mind that our LTC price forecast is not intended to be investment advice, and you should conduct your due diligence before deciding whether or not to purchase LTC.
What is LTC?
In 2011, Charlie Lee, a former Google employee, created the decentralised peer-to-peer cryptocurrency Litecoin (LTC). The LTC platform was developed in order to address the network problems that plagued its more established brother, including as poor transaction rates, scalability problems, and high commission fees for each blockchain-based process.
One of the first cryptocurrencies that people heard about when they first started to appear on the market was Litecoin. The LTC network, which is a derivative of Bitcoin, is built on the BTC system. They share features like decentralization, mining, anonymity, and the consensus method, among others (proof-of-concept ).
In 2016, Litecoin eclipsed every other cryptocurrency in existence at the time to take over as the second-largest cryptocurrency. In addition to increasing Litecoin’s price growth, the programme aimed to position LTC as a reliable peer-to-peer trading platform.
It is not a Bitcoin Alternative
The Litecoin Project has never asserted that it would directly compete with Bitcoin. They, on the other hand, thought that Bitcoin would become the primary digital coin. Meanwhile, Litecoin was intended to subtly replace a practical substitute.
Litecoin has seen some price increases since 2016 but has also continued to steadily fall down the market cap rankings. That happened in part a consequence of the cryptocurrency market’s rapid expansion and the ensuing competitive dynamics that Litecoin encountered.
More cryptocurrency investors were drawn to digital assets like Ethereum because they were more technologically sophisticated than the Litecoin cryptocurrency. LTC is still used today for rapid and inexpensive transactions, but many Litecoin forecasts claim that the currency needs more collaborations and wider usage to succeed.
2022 – LTC Price Prediction
The lowest price of Litecoin would be $59.91, based on the technical evaluation of projected price trends in 2022. The highest price that LTC may trade at is around $65.20. The anticipated average daily trading cost is $62.24.
Price History of LTC
For the first fifty percent of its existence, Litecoin traded below $100. However, the cost reached $70 in late 2017 before skyrocketing to a record of $410.76 on May 10, 2021. Despite the market’s subsequent decline after November 2021, LTC has stayed above $50.
Factors Affecting LTC Price
Like other cryptocurrencies, Litecoin is impacted by several variables, the two most significant of which are upgrades and the price of Bitcoin. For that matter, whose cryptocurrency is independent of Bitcoin? For instance, like other digital assets, the price of Litecoin tends to be strongly correlated with the price of Bitcoin. When the price of Bitcoin increases, other currencies typically follow suit.
Let’s think about supply. With a ceiling of 85 million, Litecoin has a considerably larger possibility of becoming the more popular of the two cryptocurrencies than Bitcoin, which has a cap of 21 million. Given that BTC scarcity may lead to more price volatility, the additional supply may also mean better stability.
Litecoin also endures a halving, much like Bitcoin. As a result, the incentives granted to miners who successfully validate a block are cut in half. The price of Litecoin is anticipated to rise as a consequence, since each time this occurs, it gets a little bit rarer. Although it is hard to pinpoint exactly which price changes are attributable to the halving and which to other variables, it is reasonable to presume that it contributes to any price changes.
While Litecoin has room for growth, there are some projects in the P2E games category that can be bought right now to ensure massive returns in the upcoming weeks. They are-
RIA (Calvaria)
Calvaria is an up-and-coming project with massive potential, which RIA as its native token. This is a utility asset with a limited supply that is based on the Ethereum blockchain system. The primary currency of the project is RIA, which will be utilized to maintain economic stability across the ecosystem. Players may also get rewards in the form of eRIAs (earned RIAs), which have value yet are not deflationary.
TAMA (Tamadoge)
The native currency of Tamadoge is the TAMA token, which has a supply of 2 billion. The play-to-earn game’s developers will offer 1 billion in TAMA for sale during the Token Generation Program. A TAMA token is currently worth $0.010 USDT. Players can build, breed, and compete with other players’ pets using NFT-powered Tamapets in the Tamaverse, Tamadoge’s metaverse.
Read More:
Join Our Telegram channel to stay up to date on breaking news coverage
