Where to buy Litecoin?
Litecoin currently ranks seventh among cryptocurrencies, and is therefore widely available among brokers and digital exchanges. These platforms are arguably the most common way to buy Litecoin, and a huge number of outlets have popped up online. This gives consumers a wide choice, but it should be borne in mind that it is always advisable to diligently select a reliable broker. Customer service, safety and security are all extremely important in the cryptocurrency field.
A brief history of Litecoin’s price
While Litecoin hasn’t been around as long as the market leader Bitcoin, it is still steeped in a rich history, with much speculation about its future.
Key news for Litecoin
While many different factors impact a cryptocurrency like Litecoin, there is absolutely no doubt that the coronavirus pandemic has overshadowed everyone else. The profound effect on society and the financial system of the Covid-19 crisis has inevitably led to far-reaching consequences across a number of asset classes.
But while the coronavirus scenario has been negative for most investments, this doesn’t apply to the cryptocurrency niche. Many cryptocurrencies increased in value during the coronavirus pandemic, and this actually applied to Litecoin as well. Litecoin has risen about 60% in value during this time of crisis, which is obviously bullish for the cryptocurrency going forward.
Elsewhere, the Litecoin Foundation has partnered with other groups, and an interesting relationship with Atari was recently announced. Litecoin also switched to BitGo’s multi-signature wallet, which aims to simplify the management of the foundation’s funds. These technical issues will likely impact Litecoin’s price as well.
Regardless, however, the Covid-19 situation is undoubtedly the issue that currently impacts the most on the discovery of Litecoin’s price. And this will likely be the case for some time to come.
Litecoin history
- 7 October 2011
Litecoin was released via an open source client on GitHub by Charlie Lee, a Google employee and former Coinbase technical director. - 13 October 2011
The Litecoin network becomes active, being based on a fork of the Bitcoin Core client, which differs mainly in the reduction of the block generation time, the increase in the maximum number of coins, the different hashing algorithm and a slightly modified GUI. - June 2013
A big boost for Litecoin as support from Mt. Gox, the reputable altcoin exchange, is offered. Litecoin Price: $ 2.83 - November 2013
Litecoin was mentioned by The Economist as an alternative to Bitcoin, and the price has significantly increased. Litecoin price: $ 4.39 - November 2013
Litecoin’s aggregate value saw massive growth that included a 100% jump within 24 hours. Litecoin Price: $ 40.47 - April 2014
Another version of Litecoin was also released, which changed some errors and included a fix related to the Heartbleed security bug. Litecoin price: $ 13.13 - May 2017
Litecoin became the first of the top five market limit cryptocurrencies to adopt Segregated Witness, often referred to as SegWit. Litecoin Price: $ 15.92 - May 2017
The first Lightning Network transaction was completed via Litecoin, moving LTC 0.00000001 from Zurich to San Francisco in less than a second. Litecoin price: $ 25.30 - 18 December 2017
Litecoin reaches its highest price so far, surpassing $ 350. Litecoin price: $ 358.34 - 1 June 2020,
Litecoin increases by 60% in value during the Covid-19 crisis. Litecoin price: $ 48.13
Compare Litecoin with fiat currencies, commodities and cryptocurrencies
Although Litecoin was launched primarily with the intention of being a digital payment platform, the escalation in value of the cryptocurrency has meant that it becomes an investment tool as well. Many investors have actually made a huge amount of money by investing in Litecoin, and this has helped to increase its economic importance.
Considering the bull run Litecoin has experienced, cryptocurrency has become a significant part of the global investment market, often compared to other commodities and investment mechanisms. This means it is important to compare Litecoin against a range of different assets, including other cryptocurrencies, fiat currencies and commodities.
Compare Litecoin to the US dollar
While the US dollar performed reasonably well during the coronavirus pandemic, essentially holding its value, this is nothing compared to Litecoin’s results. The cryptocurrency was actually extremely bullish during the Covid-19 crisis and Litecoin followed this pattern a lot, with the value of the token rising by around 60% during the coronavirus scenario.
Although the dollar performed credibly during the coronavirus pandemic, it has outperformed Litecoin in recent months.
Compare Litecoin to gold
The comparison between Litecoin and gold is natural, as the precious yellow metal is often seen as a safe haven in crisis conditions. This was very much the role of Litecoin and other cryptocurrencies during the coronavirus pandemic, so it wouldn’t be surprising to see the two commodities behave quite similarly.
And indeed the value of gold increased by around 20% during the coronavirus scenario, but even this appreciable performance was largely outperformed by Litecoin. With Litecoin increasing in value by around 60%, its increase was three times that of gold.
Compare Litecoin with crude oil
Crude oil has experienced one of the toughest years in its entire history, with this usually vital commodity plummeting in value. A political and diplomatic confrontation between Russia and Saudi Arabia has been central to this process, and this argument has led to the price of a barrel of oil reaching a negative figure.
Although the disagreement has now been resolved, the impact on the oil price has been profound, with the coronavirus pandemic also having a strong influence. In fact, we can say with some authority that Litecoin and oil have gone in completely opposite directions in the past few months. This trend may continue for some time to come, with the Covid-19 situation meaning that global traffic, and therefore demand for oil, will be massively reduced.
Compare Litecoin to Bitcoin
Bitcoin remains the market leading cryptocurrency and this is the obvious token for comparison with Litecoin. And perhaps it’s not particularly surprising that Bitcoin has outperformed Litecoin in recent months, eventually doubling in value while Litecoin has risen by a still staggering 60%. But Bitcoin has undoubtedly fared better than Litecoin during the recent bull run, and it will be interesting to see whether or not this continues in the weeks, months and even years to come.
Litecoin future price predictions
As cryptocurrency has become increasingly popular and prominent in the public mind, tokens like Litecoin have risen in value. This only catalyzed their public profile, which inevitably led to a huge amount of both verbal and financial speculation regarding Litecoin’s future direction. It is therefore interesting and informative to examine what we can expect from this altcoin in the future.
Litecoin price predictions for 2020
During 2020, there is no doubt that the ongoing coronavirus pandemic will have a greater impact on Litecoin’s price discovery than anything else. This was certainly the case during the first half of the calendar year, and was largely bullish sentiment for Litecoin, with the token’s value rising significantly.
While investors have been looking for alternative positions for their money in what has been a difficult trading environment, it will be interesting to see if this continues for the rest of 2020. It would certainly be expected for many companies, many aspects of the financial system and many commodities. and traditional stocks to continue to face bearish sentiments and challenges.
This would look bullish for Litecoin in the future, but the token’s potential to reach its price potential will depend on its ability to stand out from other digital currency contenders. The technical issues related to the blockchain will no doubt have some impact on Litecoin, but its price discovery will be profoundly influenced by the ongoing Covid-19 and related economic impacts.
Litecoin price predictions for 2021
While the importance of the coronavirus will undoubtedly decline over the course of 2021, it would be particularly naïve to assume that its impact will completely disappear. Covid-19 will still be around next year and we can expect the economic impact of this virus to last much longer. An austerity policy will undoubtedly be implemented in the vast majority of countries and investors will undoubtedly seek a safe haven in this climate.
With interest rates likely to be reduced to zero, it will be extremely difficult for investors to find returns in the market. This would seem bullish for Litecoin, but the trading environment could be more challenging for cryptocurrency next year than in 2020. The crisis conditions in the world economy should be bullish for cryptocurrencies and other safe-haven assets.
Beyond 2021 for Litecoin
Even beyond 2021, the Covid-19 pandemic will have some impact on trading conditions. No one knows the extent of this virus at the time of writing and whether it will still be around in 2022, and even beyond that date, as is entirely possible. But we can expect the economic impact of Covid-19 to be significant and long-lasting, with parallels like Japan’s lost decade coming to mind in particular.
However, other demographic and technical issues will also impact Litecoin in the years to come. Litecoin’s broader offering has been cited as a key reason for its lower price than market-leading Bitcoin, and this is something its founders and development team may want to consider.
Litecoin’s public profile and immediate reputation will also be important over the course of this decade, and the development team associated with cryptocurrency will need to spur large-scale industry adoption and collaboration, while also creating strong use cases. Litecoin can be a viable form of digital payment, but there are many more available, both within and outside the cryptocurrency sphere, and this competition is likely to be challenging, even for what is a prominent altcoin.
Arguably the biggest challenge Litecoin faces is getting out of the shadow of Bitcoin, which won’t necessarily be easy considering its history and the fact that it was difficult forking off Bitcoin in the first place. The question the Litecoin development team will have to answer is why would anyone opt for this payment system over that of the market leader and the most recognizable crypto token.
Conclusion on the price of Litecoin
In conclusion, we can expect Litecoin to enjoy a bullish pattern in the near future. But its ability to keep upside price discovery for a longer period of time will depend on its ability to create a distinct use case.
