Many investors have wondered if Litecoin will ever reach its ten thousand dollar price point. The recent Bitcoin Investment market crash has burned many investors. Some investors have lost their entire investment, including some Terra investors. With the halving process now complete, many investors are cautious about putting their money into cryptocurrency. The current market volatility has many wondering if Litecoin will ever hit that mark.
Litecoin’s (LTH) future
The Long Forecast, a cryptocurrency analysis tool, has made some interesting predictions regarding Litecoin’s price. Statistical and mathematical indicators, the program predicts that LTC will end 2020 at about $121. In 2021, the currency will range from $140 to $91 before settling around the mid-90s. In 2022, the currency will drop to the low-40s before bouncing back to the $100s in 2024.
The Litecoin Foundation is taking on social responsibility. As a nonprofit organization, it promotes state-of-the-art blockchain technologies and aims to advance Litecoin to resolve social issues. Initially, Litecoin did not have a corporate social responsibility as it was a fork of Bitcoin. However, this has now changed. Litecoin’s future depends on the work and dedication of the Foundation.
Litecoin’s (LTH) halving process
Historically, Bitcoin’s halving process is associated with massive price surges. The first bitcoin halving occurred in November 2012, and it caused Bitcoin to skyrocket from $12 to $1,150 in less than a year. By December 2017, Bitcoin had almost doubled in price, reaching nearly $20,000.
Bitcoin’s halving process is designed to keep the price from going too high. The halving process works by reducing the number of new bitcoins created by miners. The decrease in mining rewards minimizes the number of new bitcoins in the market, rising demand for the currency. The first two Bitcoin halvings caused the price of Bitcoin to appreciate rapidly. A few weeks later, They revised Bitcoin’s halving process once again. The reward per block went from 25 to 12.5 bitcoins.
Bitcoin’s price has soared from a few dollars in 2012 to almost ten thousand dollars by 2020, and many rivals are vying for Bitcoin’s supremacy. Understanding the halving process is crucial to success with cryptocurrency. If there were no limit on the number of bitcoins in circulation, Bitcoin would be worth very little and be of low popularity. Therefore, Bitcoin’s halving process ensures that the number of bitcoins in circulation will increase steadily, never exceeding 21 million.
Litecoin’s (LTH) future price
The Litecoin price is trying to move above its 50-day Moving Average and the 100-day Moving Average, both bearish levels. After breaking out of the Bollinger Bands, the price of Litecoin took on a bullish outlook. However, the coin is forming a bearish retracement after the bullish trend ended. Currently, there are no major upcoming events in the market, and the price of Litecoin is likely to bounce from its underlying support point. If Litecoin breaks above the trend line, it could rise by at least 11%.
Many novice investors focus on returns and ignore the risk involved in investing in a digital asset. While the cryptocurrency industry has a lot of hype, you should always do your due diligence before investing your money. Considering the cryptocurrency market’s volatility, you should think twice before investing. It is advisable to avoid investing in digital assets if the price is close to its record highs or lows.
Litecoin’s (LTH) volatility
While Bitcoin and Litecoin’s volatility is not the highest in the cryptocurrency world, it is still relatively low compared to other popular cryptocurrencies. A look at the hourly average between the high and low prices on May 12th shows a deviation of 3.68%. That’s not the highest number, but it’s much lower than what was observed on May 20th. If you’re looking for a good investment opportunity, consider a long-term strategy.
Final Words
Litecoin is still worth investigating as a potential investment, especially if you think the price of Bitcoin may decline soon. Investing in cryptocurrencies is tricky that is why many successful investors use bitcoin trading software. While Litecoin may not be the most profitable investment, it may still outperform other cryptocurrencies in the long run. So if you’re looking for a way to get into cryptocurrency without breaking the bank, Litecoin may be a good option.
