Litecoin (LTC) is a quite popular and widely accepted cryptocurrency and one of the oldest altcoins. Since its release in 2011, Litecoin has successfully become the world’s top 20 cryptocurrencies with considerable gains. If you are a new investor willing to make Litecoin (LTC) your investment option in 2022, you might find this article useful.
What is Litecoin (LTC)?
Litecoin (LTC) is a cryptocurrency which was launched on October 7th, 2011. It offers a faster, safer, and cheaper payments than Bitcoin. If we compare it to Bitcoin, Litecoin (LTC) block time is only 2.5 minutes and with reduced transaction fees.
Litecoin was created by former Google employee and Director of Engineering at Coinbase, Charlie Lee. Litecoin is one of the most prominent altcoins, and it was the first to change Bitcoin's original concept and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, compared to Bitcoin's 10 minutes.
Litecoin released its MimbleWimble (MW) protocol testnet In 2020 October. This newly created privacy protocol was created by the developers to test confidential transactions and compress the data for verification purposes through the so called "Cut Through" function.
The fundamentals of Litecoin
According to Investopedia, Litecoin cryptocurrency is an evolution to Bitcoin. It was born after its own popularity in the crypto community as an alternative or ‘altcoin’ that has emerged to allow investors to diversify their digital currency portfolio.
As discusses above, Litecoin can not only transact funds way faster than Bitcoin, but there are also a number of other very important characteristics. Litecoin has the ability to handle higher volumes of transactions in it's mempool, because of the capability of transacting quicker and if Bitcoin attempted to transact on the scale of this altcoin, a code update would be required. However, Litecoin’s blocks would be larger, but with more ‘orphaned blocks'. Litecoin reduces the risk of double spending attacks with it's faster block time theoretically, if in this case both networks have the same hashing power.
Litecoin Technical Details
Litecoin has a transaction confirmation time of 2.5 minutes on average (in comparison to Bitcoin's 10 minutes). The Litecoin network has a cap of 84 million crypto units.
Many other popular altcoins were inspired by Litecoin, because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. A very good example is Dogecoin which was originally a Litecoin fork. However it's important to be aware that by the end of 2022, Scrypt ASIC miners are likely enter mass production and the market.
Price movements of Litecoin in the last couple of years
First when introduced in 2011, only 2 years after Bitcoin's release, this altcoin rapidly gained followers and buyers in the crypto community thus reaching a price of half a dollars.
Litecoin's price jumped to more than 4 USD in mid-November 2013. Litecoin price skyrocketed to more than 100X until it reached a top of 50 USD within less than 2 weeks. However, the price quickly fell until it was worth less then 10 dollars.
Needles to say, in December 2018, Litecoin again managed to surpass it's previous all time high record when the price jumped to more than 100 american dollars. A few weeks later, the coin price bounced by 240% and hit its all-time high record at around 340$. Unfortunately, it only strengthened for a short time as the price fell again.
In the November of 2020, this altcoin was traded at around 55$. Litecoin once again became bullish and skyrocketed to hit $240 in early 2021.
Litecoin price prediction 2022
Let's see some charts first. Technically speaking, we are in a triangle phase right now, and anything can push the price to either direction, even a small news, or the general behavior of the crypto market.
From all things considered it looks like early April is going to be key play here, we may have a breakout or dip, but I am going with a dip, wishing for a steady breakout.
Mid April looks quite interesting, May is going to be a following trend it seems. At the moment it looks like end of June is where the magic should finally happen. Bear traders hit the last technical target, and I don't believe they will have enough confidence to hold leveraged short position considering it's now Russia's time to get into Cryptocurrencies.
According to the technical analysis of Litecoin forecast, in 2022 the LTC price is expected to cross an average price level of $148, we can expect a minimum price value of Litecoin by the end of 2022 to be around $140. Additionally LTC can reach it's maximum price level of $180.
