Have you ever wondered what would be Litecoin’s worth in the coming years, especially in 2020? If you want to have some insight of Litecoin forecast 2020, then you should definitely give this post a read.
Litecoin is a digital currency that attracts users who demand faster and quickest solutions involving cryptocurrency as well as the blockchain technology. Owing to Litecoin’s popularity, the team behind this cryptocurrency do not want to miss out on the revolution.
After Bitcoin, which still enjoys being the most popular cryptocurrency tag right now, Litecoin is the digital currency users can vouch for as it may require less thoughtful research as compared to the other altcoins.
Litecoin: A Potential Cryptocurrency
Litecoin has remained in the top ten list of cryptocurrencies on the coin market cap and due to the same reason, it has got a lot of public eye and attention from everyone be it investors, businessmen, crypto enthusiasts, etc. As of 11th December 2018, Litecoin stands at the 9th spot on the coin market cap.
There is no doubt about the fact that Bitcoin remains the most successful and talked about cryptocurrency till date but that does not necessarily mean the other altcoins are being overshadowed by its presence. In fact, among the altcoins, Litecoin remains the most preferred option for the investors interested in the crypto market.
Litecoin abbreviated LTC, or Ł, can be best described as a peer-to-peer cryptocurrency and an open-source platform. Functioning under the MIT/X11 license, it was created and developed by Charlie Lee.
Like most of the altcoins and Bitcoin, Litecoin is also a decentralized entity, which means it does not need a central authority or a governmental agency to function. The system is such that it allows the creation and transfer of tokens based on an open-source cryptographic protocol. It follows proof-of-work as its consensus system.
There is a block reward of 25 LTC, nearly until 2019, halved roughly every four years. 2.5 minutes is the average block time which is faster than that of Bitcoin.
Litecoin Forecast 2020
A lot of debate has been going around whether Litecoin’s value will see a surge in the coming years or not. People have been talking about Litecoin and its major competitors including Bitcoin, Ripple, Ethereum, Dash, and Monero.
Our major concern is whether Litecoin’s value will increase in 2020 or will it go down. Let us find out what future holds for Litecoin and if it is possible for Litecoin to continue growing.
Some crypto enthusiasts have been making predictions regarding Litecoin’s value and according to them the price will increase and take its current value to the $500-600 range, which is basically an incredible percentage growth if it sustains.
Forbes believes that there are at least five reasons why Litecoin will see a good time in the coming years. One of the strong reasons is that Bitcoin has seen a growth in its value. It is safe to say that whenever Bitcoin’s value will be spiked, it will directly benefit the altcoins, especially Litecoin. And we do not say that because of the trick down effect. We say it because once Bitcoin network experiences added traffic, it instantly drives up the transaction fees and also blocks the overall system, causing users to migrate towards Litecoin.
Another reason why Litecoin might see a good time in 2020 is that there is a huge influx of users on Coinbase, which is one of the best cryptocurrency exchanges right now. For now, Coinbase is supporting three cryptocurrencies and Litecoin is among them. This cryptocurrency exchange is adding 100,000 new users every day which is another great sign for Litecoin’s progress in 2020.