Litecoin was founded in 2011 by Charlie Lee and is considered one of the largest cryptocurrencies. But like all cryptocurrencies, Litecoin is volatile and this has been reflected in its price over the past year.
What price could Litecoin reach by the end of 2021?
Making accurate price predictions for Litecoin is incredibly difficult as all cryptocurrencies are known to be incredibly volatile.
Mathieu Hardy, Chief Product Officer at OSOM Finance, said Express.co.uk: “Our trend forecasters estimate around 110 per year based on the previous year of price activity. Which seems a pretty fair assessment given the recent developments.
Indeed, LTC has not seen overwhelming institutional adoption as a ‘store of value’ like BTC has, and has not seen much acceptance for payment use cases.
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“With the advent of the many stablecoins options, it is understandable that some of the original cryptos with their volatile prices are struggling to keep up on this front.
“And the competition for the ‘store of value’ for a digital good with no intrinsic use is fierce and it’s hard to share thoughts because it hasn’t become a ‘total meme’ symbol either.
“LTC has a good community, so we expect it to continue growing with the rest of the crypto ecosystem through 2021.
“Making predictions in crypto four years from now (when LTC is 10 years old, ETH is 6 years old) is an exercise I will refrain from as I have a 99.9999 percent chance of being wrong.”
Finder’s Litecoin Price Prediction Report found that Litecoin (LTC) will hit $ 266 by the end of the year, according to the average forecast.
But the price predictions for Litecoin varied among panelists.
John Hawkins, a senior lecturer at the University of Canberra, had the lowest price forecast of $ 80.
As an explanation, he said that “Litecoin now has little media profile and does not seem to offer any advantage over Bitcoin”.
Joseph Raczynski, Technologist & Futurist at Thomson Reuters, said, “As this is one of the early names in cryptocurrency, it will likely be years, but its importance will diminish over time.
“Even though all of these assets are growing, even though they have decreased, I still see LTC rising with the tide, just nowhere near as dramatic.”
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On May 10, 2021, Litecoin peaked last year at $ 382.99.
According to CoinDesk, Litecoin’s all-time high is $ 413.69.
The information in this article does not constitute financial advice.
Anyone considering investing in cryptocurrency should be aware of the risks.