Litecoin is a cryptocurrency that was up by more than 140% the previous year. But now when we take a look at LTC, it is one of the fastest-growing coins until May this year, but with the external factors colliding the situation has drastically changed. Litecoin prices have been highly volatile. Like other cryptocurrencies, one of the big reasons for the fall of this cryptocurrency is the overall weakness of Bitcoin.
In general, as similar cryptocurrencies hold great correlations, it can be seen as it had fast growth, the coin may have witnessed a decline. The other major concern can also be the United States for higher capital gains taxes might have played a role in the financial industry. The Litecoin price predictions suggest that it has potential, but will it be able to survive? Let’s find our answers here!
Where is Litecoin Heading?
Litecoin is a superior and a strong alternative to fiat money when compared to the second-largest cryptocurrency, Ethereum. Since ETH is not developed as money, we can still use it. ETH is a much more complex concept than Litecoin. LTC is just a digital p2p money with a built-in scarcity that can work faster when used for transactions. So, the adoption of Litecoin has been easy. So as the BTC increases, the transaction costs will rise and be cheaper making the transactions easier, thereby increasing the prices of LTC.
Litecoin has been advancing and has been included as a means of payment in Venezuela’s mainstream international payments systems. Using the Remesas remittance platform, foreigners can send Litecoin to family members or even friends in the region. And the interesting part is that the Litecoin Foundation has a 9.9% share in the German WEG bank. The coin can be recognized in the long-term as a possible cryptocurrency to buy or invest in real estate in Germany.
The experts have predicted that Litecoin has a bright future in 2021 due to all integrations and partnerships that it has made. The Litecoin community is also very active with all the new and upcoming developments. It is clear that this cryptocurrency has great potential and will rise further being a tough competitor for all the currencies in the crypto market. Even so, the price of the cryptocurrency is below US$300 and is less likely to hit its all-time high of US$412.96, which it achieved on May 10th, 2021. 2022 is going to be crucial for Litecoin to stay in the race in the highly volatile crypto market.
The Litecoin predictions are based on the fact that it is one of the most appreciated cryptocurrencies across the globe. Even with low transaction costs and confirmations, Litecoin is emerging as the new form of payment standard for consumers and businesses worldwide. This cryptocurrency also reassures traders that costs are likely lower than what they believed. But the processing fees are less than those that are incurred by credit cards or any other types of payments even with integration is free. If the cryptocurrency can break above its current price and hold on in the long run, then the forecast says it will retest it’s all-time high.
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