Litecoin (LTC) is a decentralized cryptocurrency based on Bitcoin. One of the first alternative cryptocurrencies has seen impressive growth over the course of the year. Litecoin now ranks 18th among all digital assets, far behind the leading cryptocurrencies. Let’s take a look at whether Litecoin is worth buying in 2022 in this cryptocurrency overview.
The rise and fall of Litecoin in the past year
. Predicting whether Litecoin will rise in the near future is very difficult. The cryptocurrency renewed its value record not so long ago – in May 2021, when the entire digital asset market was actively growing, the price of Litecoin was $386. However, since then, the cryptocurrency’s value has plummeted: on December 16, it stood at $154.6. When Litecoin was first traded on exchanges, its value was between $2 and $4. The first rise in value occurred in late 2013, when the price of Litecoin reached $44.73. This rise was followed by a decline, and by the spring of 2017, the coin’s value was less than $10. Until the end of 2017, LTC grew steadily, but in December, the price of the cryptocurrency skyrocketed from $98 to $358.34 in a matter of days. For a long time, this mark remained a record for cryptocurrency exchanges. However, as often happens, a sharp rise was followed by a sharp fall. The next time the value of Litecoin rose above 100 US dollars was in May 2019, but in July it was again below this mark. Since then, the coin’s price has settled between $40 and $70. However, in November 2020, Litecoin started to rise again, gaining 307% in four months. While LTC was trading at $76 in mid-December, it was already at $310.61 on April 16. The growth of Litecoin rate CHF did not stop there. On May 9, 2021, the cryptocurrency updated its historical record at $365.27. The very next day, LTC reached its current high of $401.82. However, by May 22, the coin’s value dropped 65% to $137.2. The decline was followed by two periods of growth in August-September and October-November. The first time, the cryptocurrency reached a high of just over $231, and the second time, the cryptocurrency reached $278. However, after that, the LTC price went down again.
Predictions for Litecoin: Is it worth buying in 2022?
Some analysts believe that investing in Litecoin can bring profits in the near future. Thus, one of the Trading Beasts crypto platform believes that LTC will grow about 58% in a year and will be worth $230,675. In five years, the site predicts the price of cryptocurrency buying will reach from $184,540 to $195,538.
Digital Coin gives an even more optimistic forecast – they believe Litecoin will reach a value of $226 by the end of 2021. By 2026, the site says, LCT’s value will reach $527. Coin Price Forecast also agrees with them. The website predicts that growth will remain about the same – by the end of December 2022, LTC will be worth $259. The portal’s forecast with a five-year horizon is less optimistic. The site says that by the end of 2026 Litecoin will be worth only $413.
In any case, keep in mind that investing carries the risk of losing the entire amount invested. And the historical price performance of an asset is not a reliable basis for predicting future price increases or decreases. So, do a thorough market research in Germany before investing in a particular cryptocurrency.