When looking at the most popular and fast-rising cryptocurrencies right now, Litecoin is among the top ten. At the beginning of 2019, Litecoin started at $30 and gradually increased by 200%, peaking at over 375% in June of that year. This trendy cryptocurrency allows instant payments to anyone worldwide, with little to no costs placed on transactions.
Litecoin uses an open-source, peer-to-peer digital cash system, which is similar to what Bitcoin uses. There are many reasons and some impressive price analyses to look out for if you plan to invest in Litecoin soon.
Why Is Litecoin a Good Investment?
- Market Cap: Litecoin has remained one of the top-ten largest cryptocurrencies globally in terms of market cap. It is also supported by many regulatory entities worldwide and used by traders and retail investors.
- Low Processing Fees: The cryptocurrency’s payment process incurs far fewer fees than standard payments and credit card fees.
- High Adoption Rate: It is widely accepted, can be found in many major exchange platforms, and is easily purchased with other currencies like ETH LTC.
- It Has Advantages Over Bitcoin: It’s better than Bitcoin in that it offers faster transaction speeds, lower fees, and a more efficient mining algorithm.
Price Analysis of Litecoin
Litecoin is currently considered one of the best altcoins to invest in. Since many crypto investors want to take the plunge into well-established currencies, they are turning to Litecoin. But it will take a while to meet the records set in 2018 and 2019.
Litecoin Price Movement History and Potential
Litecoin has tried to recover since the widespread sell-off in February/March that caused financial assets to reach record-low levels. During that time, investors hoarded cash to placate the uncertainty of covering the financial markets due to the pandemic.
It experienced growth in September after PayPal announced that it is one of the cryptocurrencies they will list for their customers to sell, hold, and buy. Litecoin increased by more than 12%, reaching $55.71 per coin in October 2020.
Litecoin has a lot of growth potential, mainly because it attracts more investors through the privacy protocol it plans to implement, Mimblewimble, and the fact that it’s one of the currencies supported by PayPal.
Litecoin Price Prediction 2021-2022
With the upcoming integrations and partnership, the future of Litecoin’s value is looking encouraging. It’s expected that the cryptocurrency will keep on increasing since its shoot-up in September and become a competitive currency among others on the market. The enthusiasm of those in the Litecoin community will also contribute to its expected increase in value.
One of the reasons Litecoin is expected to increase is the fact that it is going to be supported by PayPal, encouraging investors to go for it alongside Bitcoin and Ethereum. Another reason is the movement from traditional investments to crypto investments. Many investors are investing in cryptocurrencies now after the disappointment they felt in March 2020, as it has proven itself a good hedge against economic crises.
With Bitcoin increasing in value, many investors who already have a large stake in this will be looking to diversify their portfolios by investing in altcoins, and it’s no surprise that Litecoin will be one of the top choices. These factors will contribute to the increase in value and great price potential of this currency.
From our analysis, it is expected that by the end of 2021 Litecoin will reach more than seven times its current price, which means there are expectations for impressive growth in 2022.
Invest in Litecoin with Godex
Litecoin is impressing investors and doing very well compared to similar cryptocurrencies, even if the crypto market is not bullish currently. Remember that it’s crucial to analyze all trends thoroughly and follow them daily before deciding to invest.
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