Litecoin Price 2020
The current price of Litecoin (LTC) fluctuates around $40,60; the total market capitalization is $2,586,860,489, which makes LTC the 6th most popular digital currency as of December 2019. The circulating supply is 63,709,532 LTC.
The all-time high of Litecoin, $375,29, was reached in December 2017. The estimated ROI (return on investment) of LTC is 843,64%, which means that $100 worth of LTC bought at the time of the Litecoin launch would yield $844 today.
Even though Litecoin is one of the oldest cryptocurrencies out there, it only received limited interest, particularly within the crypto-community, up until 2017. That was when the overall bullish trend dominated the market and established the all-time high values for many digital currencies, including Litecoin. Afterward followed a descending trend. A rapid but short-lived increase in LTC price up to $138 took place in June 2019 due to the upcoming halving, when a block reward was decreased from 25 LTC to 12.5 LTC. Since then, an overall decreasing trend has once again dominated the currency.
Nevertheless, Litecoin (LTC) is still considered a good investment due to its relative stability on the market. With a total market capitalization of $2,8 billion, Litecoin is the fourth most popular digital currency. Litecoin is not expected to lose its relevance and top position over the next 4-5 years; its price is likely to grow proportional to the rate of adoption.
It is important to note that, even though the crypto-world is not experiencing a bullish trend right now, Litecoin is performing quite well as compared to other cryptocurrencies. With the latest news about the upcoming updates, Litecoin has had a lot of attention, even from the general public. Recently, an ATM that supports Bitcoin and Litecoin exchange for fiat was installed in Singapore. Given the recent hype, the rate of adoption of Litecoin is very likely to increase, hence the overall optimistic predictions from crypto-experts.
Litecoin is unlikely to ever catch up with the price of Bitcoin; however, WalletIvestor predicts the possibility of LTC price reaching $169.8 in 2020. Furthermore, Litecoin is perceived as a direct successor of Bitcoin in case the latter continues to experience problems with scalability – which would further strengthen LTC. Despite the high level of Ethereum (ETH) security and the convenience of using Ripple (XRP), it is indeed Litecoin that is perceived as the closest alternative to Bitcoin. Check the Price predictions for 2020-2025 here.
What is Litecoin?
Litecoin (LTC) is a P2P digital currency and one of the first Bitcoin forks. Being much more accessible to the people than Bitcoin, it has been called the “silver” of the cryptocurrency world.
Launched in 2011 by Charlee Lee, a former Google and Coinbase employee, and largely based on Bitcoin, Litecoin was the second cryptocurrency to emerge and remained one of the most popular. Every block in the Litecoin networks is generated within 2.5 minutes – 4 times faster than Bitcoin, which leads to faster transaction confirmations. Proportional to the mining speed, the total LTC supply (84 Million) is also four times higher than that of BTC.
Just like Bitcoin, Litecoin is a fully decentralized, open-source global payment network. The idea behind its conception was to improve the existing shortcomings of Bitcoin. It is also implemented in the C++ programming language but uses a different cryptographic function (Scrypt) in its Proof-of-Work (PoW) algorithm. Scrypt requires the use of specific mining hardware, which requires significantly more processing power and is more expensive to produce.
A couple of months back, Charlie Lee announced the introduction of confidential transactions in the Litecoin network. It is a big forward in an attempt to tackle the fungibility problem and diverge from the standards of Bitcoin. The incorporation of the MibleWimble Protocol will also improve on the privacy and scalability of Litecoin. The update is expected to be activated in Autumn 2020.
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