What is the price of Litecoin?

Litecoin is a cryptocurrency created in 2011 by Charlie Lee. The digital currency Litecoin (LTC) has a transaction block time of 2.5 minutes. This allows Litecoin to achieve much faster transactions compared to Bitcoin’s 10 minute block time. The peer-to-peer system also enables users to send money at very low costs. Litecoin uses ‘Scrypt’, a consensus mechanism that differs from Bitcoin’s SHA-256.   Litecoin is coded to have its maximum coin supply at 84 million LTC.

Since its introduction, Litecoin has experienced steady growth to become a top 10 cryptocurrency. The value of Litecoin today (Jan 27th, 2020) is $59, the 7th largest cryptocurrency with a market cap of $4.3 billion at the time of writing.

Litecoinlogo

(LTC)

Litecoin

Price

£35.98

24H Change

-0.93

7 Days Change

5.47

Market Cap

£2.32B

Where to Buy Litecoin (LTC)

Buy Litecoin (LTC) from any of the several cryptocurrency exchanges and brokerages that allow for the buying, selling or trading of LTC. The best exchanges and platforms to use are those that are regulatory compliant. Such reputable platforms help protect your funds through stringent security measures. 

 

A Brief History on the Price of Litecoin (LTC)

Key News for Litecoin

In May 2018, the U.S. pulled from the U.S -Iran nuclear deal and re-imposed stiffer sanctions. In November 2018, the U.S. removed Iran’s Central Bank from the SWIFT network, effectively barring Iran from any usual business with its trading partners and allies. 

Iran and Russia reportedly initiated plans for a cryptocurrency that would enable Iran to process its international payments. And in 2019, Iran held negotiations with several countries on modalities of using cryptocurrencies to facilitate financial transactions. Countries that took part included Russia, Switzerland, France, Germany, South Africa, England, Austria, and Bosnia-Herzegovina.  

It helped shine spotlight on crypto and its many positives, an aspect that helped turn crypto bullish. Litecoin prices rallied between mid-May and July, rising from around $85 to a high of $146 on June 22

Litecoin Timeline

  • October 7, 2011: Charlie Lee releases Litecoin code on GitHub
  • October 13, 2011: Litecoin mainnet launch
  • 2013: Litecoin price experienced massive increases; a 100% price jump in 24 hours in November. (LTC spikes from $0.70 in January to $23 in December)
  • April 2014: Litecoin version 0.8.7.1 launched; introduces a fix to a security bug (LTC price in a range around $10)
  • August 25, 2015: Litecoin’s first halvening (prices peak at $8.75 before the halvening and then descend into a tight range around $5)
  • May 2017: Litecoin first to activate SegWit, with the very first Lightning Network transaction occurring later the same month. Coinbase also lists LTC. (LTC price increase 100% from $15 to $31)
  • December 19, 2017: Litecoin price peaks at an all-time high(LTC hits $375)
  • December  20, 2017: Charlie Lee sold his entire LTC holdings (LTC drops below to low of $187 before recovering to close at $264)
  • 2018: Litecoin price tumbles to new lows (In a bearish year, LTC prices fall to $30 by December 31)
  • August 5, 2019: Litecoin halvening event occurs and reduces block rewards to 12.5 LTC. (LTC hits $105 on halving day, but a downtrend sends prices back to $64 by September 7)
  • January 2020: Charlie Lee proposes that miners donate 1% of their rewards towards Litecoin development. (LTC prices are up 40% over January from $42 to $59)

 

Compare Litecoin (LTC) with Fiat Currencies, Commodities, and Crypto

Litecoin price predictions suggest Litecoin’s best days are yet to come. Even if the coin has failed to recapture its value since the 2017 peak, it retains investor confidence as one of the top crypto assets to buy in 2020. But how does Litecoin compare with Silver, GBP and Bitcoin

Compare Litecoin (LTC) with Silver

Litecoin (LTC) is often referred to as ‘the silver to bitcoin’s gold’. And for a long time, the cryptocurrency had the second largest market cap behind Bitcoin. 

But how does LTC compare to Silver?  Spot prices for silver have touched $18.34 per ounce but currently trade at $17.78. XAGUSD is up 0.28% and 8.75% over the past one and six months respectively. The current price is 13% up on its price a year ago and 227% up since the turn of the millenium

In 2019, Litecoin prices traded at $30 on January 1 but touched $61 by March 31 to represent a 100% gain in two months. The Litecoin price graph continued on an upward trend, reaching $140 in June.  But by August 15, prices had slumped to $73 and then to $43 by January 3, 2020. Prices have picked up in the last two weeks and are currently around $60 (Jan 27th, 2020).

Litecoin price historical charts show that LTC’s all-time low is $1.11 was reached on January 14, 2015. Litecoin price today is 1,279% higher than when it first traded at $4 in 2013.

Compare Litecoin (LTC) with GBP 

The price of Litecoin today (Jan 27th, 2020) in GBP is £45.90. You need £45 GBP to buy 1 LTC token.  Live charts for LTC in Pound Sterling show the pair has touched a high of £46.98 and low of £43, +5.04% in the past 24 hours. Crypto prices dropped massively after the 2017 market boom, but Litecoin price forecast indicates a possible rally to 52-week highs of around £112

LTC/GBP is 38% up on the pair’s exchange value at the end of 2019 and 84% higher than it was a year ago. Let’s compare this LTC price performance with GBP.

The GBP/USD historical charts show that the highest rate GBP/USD touched in recent years is 1.72 in 2014. In 2017, the Pound ended the year with 9.51% in the green against the U.S. Dollar. The worst yearly performance was in 2016: GBP touched a low of 1.21 and high of 1.47 but closed -16.05% lower at 1.23. YTD, GBP is struggling again with highs of 1.33 showing its -1.94%.   

Compare Litecoin (LTC) with Bitcoin (BTC) 

Bitcoin is the largest cryptocurrency with a market cap of over $164 billion. Litecoin is the 7th largest today and has a market cap of $4.3 billion. Bitcoin’s creator is the pseudonymous Satoshi Nakamoto, while Litecoin was created by Charlie Lee.

In terms of technology, both Bitcoin and Litecoin use blockchain but differ on the type of algorithms used to secure the network. Litecoin transactions are cheaper and faster than Bitcoin’s, although the latter still carries the most transactions to date.

Bitcoin price reached its highest value of almost $20k on December 17, 2017. Two days later, Litecoin price peaked at $375 on December 19, 2017. Bitcoin’s price at the time of writing is $9,055 while Litecoin has dropped to $59. 

Bitcoin’s upcoming halvening is likely to see prices push towards a new high and the top crypto comes out as a better buy. However, increased adoption and other non-price metrics like network hashrate suggest that Litecoin has the potential to spike 100% over the course of the year. 

 

Litecoin Price Conclusion

Litecoin’s strength as a top cryptocurrency and adoption levels are key to LTC future prices. Litecoin price prediction for 2020 is positive for this popular cryptocurrency. Even though prices have failed to rally as expected, recent advances and bumps suggest anything is possible. Apart from sentiment and increased crypto inflows, the other likely driver of Litecoin’s near- to medium-term potential is Bitcoin’s overall rally within the market. 

With the halvening taking place in May, crypto prices are likely to achieve new highs before and/or after this highly anticipated event. Litecoin is also nicely priced at the moment, providing a brief opportunity to buy low.

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