Cryptocurrencies like Bitcoin are ‘apolitical’ says financial expert
Make the most of your money by signing up to our newsletter for FREE now
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Litecoin was founded in 2011 by Charlie Lee and it is considered one of the largest cryptocurrencies. But like all cryptocurrencies, Litecoin is volatile and this has been reflected in its price over the last year.
What price could Litecoin reach by end of 2021?
Making accurate price predictions for Litecoin are incredibly difficult, as all cryptocurrencies are known to be incredibly volatile.
Mathieu Hardy, Chief Product Officer at OSOM Finance, told Express.co.uk: “Our trend forecaster puts it somewhere around 110 in a year, based on the past year of price activity. Which, in light of recent development, seems a pretty fair assessment.
“Indeed, LTC has no seen overwhelming adoption as ‘store of value’ by institutions as BTC has, and hasn’t seen much adoption for payments use cases.
Litecoin price prediction: What price could Litecoin reach by end of 2021? (Image: GETTY)
Cryptocurrencies are known to be incredibility volatile (Image: GETTY)
“With the advent of the many stablecoins options, it is understandable that some of the original cryptos, with their volatile prices, have a hard time competing on that front.
“And the competition for ‘store of value’ for a digital commodity with no intrinsic utility is fierce and it’s hard to get mindshare, as it hasn’t switched to a ‘total meme’ icon either.
“LTC does have a good community so it’s reasonable to expect it to keep growing with the rest of the crypto ecosystem through to 2021.
“Making predictions in crypto four years out (when LTC is 10 years old, ETH is 6 years old) is an exercise I’ll abstain from as I have a 99.9999 percent chance of being wrong.”
Making accurate price predictions for any cryptocurrency is very difficult (Image: GETTY)
Finder’s Litecoin Price Predictions Report found Litecoin (LTC) is predicted to hit $266 by the end of the year, according to the average forecast.
But price predictions for Litecoin varied amongst panellists.
John Hawkins, a senior lecturer at the University of Canberra, had the lowest price prediction of $80.
He said that “Litecoin now has little media profile and seems to offer no advantage over Bitcoin” by way of explanation.
Joseph Raczynski, Technologist & Futurist at Thomson Reuters, said: “Since it is one of the early names in crypto, it will likely be around for years to come, but its relevance will decrease with time.
“Still as all of these assets grow, while diminished, I still see LTC lifting with the tide, just not nearly as dramatically.”
Crypto coming to PayPal as the firm embraces virtual currency [INSIGHT]
Ethereum ‘going to 10K’ by the end of 2021 experts have forecasted [FORECAST]
How to avoid HMRC when investing in and selling crypto [ANALYSIS]
Status of central bank digital currencies in Europe (Image: EXPRESS)
What price is Litecoin today?
As of August 24, Litecoin was priced at £131.50 ($180.31).
According to CoinDesk, this is a drop of -5.55 percent over 24 hours.
Litecoin also had a market cap of £8.99 billion ($12.33 billion), as per CoinDesk data.
On May 10, 2021, Litecoin reached its peak over the last year at $382.99.
According to CoinDesk, Litecoin’s all-time high stands at $413.69.
The information in this article does not equate to financial advice.
Anyone considering investing in cryptocurrency should be aware of the risks.