There is no doubt that the cryptocurrency market moves very fast, making it very difficult for investors to decide how to choose the best investment options.
In this situation, it is best to do your research to help you understand what the current market trends are. In fact, you should always contact a financial expert before making any major investments.
Listed below are the top Litecoin predictions, which you can use as a starting point in your research to help you understand the market better.
Litecoin Prediction Using Technical Analysis
First, let us explain technical analysis so that you have a clear understanding of the basis of this prediction.
The technical analysis considers only the facts of the past and present price trends, and trading volume trends. It does not consider things such as how good the technology behind a cryptocurrency is etc.
Technical analysts run the data through mathematical functions to come up with price predictions. What is good for us is that we do not need to worry about the mathematical part as there are many analysts who perform the analysis and share it on the internet.
Walletinvestor.com, a website that performs technical analysis, has made a 1-year Litecoin price prediction of around $0,000001. They predict that Litecoin could be a tragic investment option in the long run.
Another technical analysis website believes that if Litecoin crosses the $220 mark, it will be the starting point of a further price rise. Their Litecoin projections, for the short term, is set at $300.
Another kind of analysis, called the “Monte Carlo” analysis, has been performed on Litecoin. What it predicts is a price range of $6 to $507 for Litecoin up to November 2019.
Yes, I know what you’re thinking — That is such a huge price range to predict! Right?
Well, what we can take away from this analysis is that the price of Litecoin, like other cryptocurrencies, may change a lot this year. See, it is not completely useless!
Litecoin Price Prediction Based on the Price of Bitcoin
There are many predictions that say Litecoin’s growth will be higher than that of Bitcoin. Nobody really knows what will happen, but here are some good reasons as to why there are predictions like these.
Litecoin has shown better growth in the last year than Bitcoin
Litecoin improved the technology that Bitcoin uses (Remember, it is 4 times faster!)
At present, Litecoin is showing better recovery than Bitcoin
According to oracletime.com, the advantages of Litecoin over Bitcoin will interest many new investors. Their Litecoin forecasts for the end of 2019 is $1000, but there are predictions that it could even rise up to $2000!
There is another projection by investingpr.com that expects the price of Litecoin to reach up to $1000. They expect that more investors will start to invest in Litecoin as they look out for options other than Bitcoin, and to cut down their risk.
Just how Bitcoin is often compared to gold and Litecoin is often compared to silver…what do we do with gold in real life? Store it. Similarly, Bitcoin will be used for storing value, while Litecoin will be used for transacting.
Yes, it is true that Litecoin has advantages over Bitcoin. However, it is also true that Litecoin might be losing some of its advantages which relate to mining and costs.
