Litecoin (LTC), the 6th largest cryptocurrency in the market, has experienced a moved and interesting 2019. During the first six months of the year, the digital currency reached $140 per coin while other altcoins were still traded in a bear market. The main question many users and enthusiasts are now doing is which is going to be Litecoin Price in 2020.
One of the main reasons behind this price increase could be the fact that Litecoin was going to experience a new halving event, the second one in its history. This narrative around the positive effects that a 50% reduction on the miners’ reward could have on LTC’s price pushed investors to buy the rumour and sell the news.
Since June until now, Litecoin has been in a bear trend that seems to have stabilized in recent weeks. Litecoin is being traded between $39 and $45, which could be related to a moment of accumulation in the cryptocurrency space. Indeed, Bitcoin (BTC) is also currently being traded between $7,000 and $7,500, and other cryptocurrencies such as Ethereum (ETH) or XRP are behaving in a similar way.
Litecoin is considered to be a cryptocurrency to process fast and cheap payments considering it was designed to be a complement to Bitcoin rather than a competitor. This is why transactions are faster and cheaper than using the BTC network. Finally, Litecoin is one of the most liquid digital assets in the world after Bitcoin and Tether (USDT).
Introduction Litecoin Price 2020
As mentioned before, investors are starting to plan their portfolios for the coming year and the main question is whether Litecoin will have a good 2020. In order to understand which is going to be Litecoin’s performance, we also need to take into account the current market situation. It is not possible to analyze a cryptocurrency isolated from the whole ecosystem and sentiment, considering they are heavily influenced and related to each other.
When the market is in a bull trend, Litecoin follows it. The same happens during bear markets. In 2018 and 2019, Litecoin experienced a similar performance as the general market. That means that the virtual currency will tend to follow the trend and then be influenced by particular events or issues.
There are many sites that allow you to buy Litecoin instantly.
Litecoin Features 2020
This year is going to be positive for Litecoin in terms of new features. Charlie Lee, the creator of Litecoin, announced earlier in 2018 that he and the team behind Litecoin were going to be working on privacy solutions for LTC. This would help users perform transactions without having to be worried about their privacy being compromised.
Nowadays, Litecoin has an open network that can be used to perform transactions. However, all the data is available for those that want to see it. By implementing confidential transactions on MimbleWimble, Litecoin will become a more privacy-friendly cryptocurrency for users.
This could eventually have a positive effect on the price of Litecoin considering there could be more demand for this digital currency. With a lower reward for miners and a larger demand for the cryptocurrency, its price could grow faster than others during a bull market and fall less if there is a bear trend.
At the moment, developers have been working on the matter and have been trying to leave everything ready for the Mimblewimble improvement to be added to the network. January will start with developers making some enhancements and controls on the code to start finally working on the final implementation of privacy features for Litecoin.
The Lightning Network (LN) could also be a solution for the scalability issues that are affecting Bitcoin that could eventually be implemented for Litecoin. However, this is highly unlikely to take place in the first three quarters of 2020. This could be different in 2021.
Regarding atomic swaps, there were no large announcements in the last few months. Although Charlie Lee or Litecoin developers could surprise the market at any moment, we don’t believe there is going to be any news in the first half of the year regarding this issue. Nevertheless, we don’t discard it either.
Understanding Litecoin Price 2020
Litecoin has reached an all-time high of $375 at the end of 2017. The digital currency is down 88.8% from that level. Back in 2019, LTC reached a yearly high of over $140 that became $39 a few weeks ago.
In BTC terms, Litecoin experienced an average year, with two peaks in the first half of the year, something that repeated in 2013, 2014, 2015, 2017, 2018. However, it is possible to see that in 2019, the peaks were slightly higher than in 2017 and 2018. Thus, we consider there is a high chance of these peaks taking place again this year. The main question remains whether the peaks will be higher or lower than in 2019.
In terms of USD, Litecoin will have to show whether the current bear trend that started in June 2019 will end or it will continue for a longer period of time. As mentioned before, Bitcoin and the whole cryptocurrency market will have a high influence on this. If the market starts moving upwards again, is very possible for Litecoin to follow the trend and move forward as well.
Although it is very difficult to predict a price for 2020, Litecoin could eventually surpass its previous all-time high. Bitcoin’s halving event will have a lot of influence on the market. If Bitcoin starts growing and other digital assets follow, Litecoin could benefit from it. Nonetheless, if Bitcoin continues to increase its market dominance, it would be unlikely for Litecoin to surpass its previous all-time high.
At the time of writing this article, Litecoin is the sixth largest cryptocurrency in the market with a market valuation of $2.74 billion and a price per coin of $42. In order for Litecoin to reach an all-time high in 2020, it will have to grow by around 780%. Although this is not an easy task, it is certainly possible for the crypto market. In the past, many digital assets experienced larger growth rates in short periods of time and Litecoin was not the exception.
Following AltSignals To Improve LTC Trading Strategies
AltSignals, one of the most popular and recognized crypto trading signals groups on Telegram is currently offering users the possibility to start trading cryptocurrencies and improving their trading strategies.
At the moment, AltSignals is offering crypto trading signals for the BitMex and Binance exchanges. By following Binance trading signals, traders can simply check whether they Litecoin positions are potentially beneficial. At the same time, they can also check whether they enter or leave the market at the correct time.
Moreover, users can simply follow AltSignals to have a better idea of how to trade Litecoin on Binance and what to expect about it during the whole year. The team behind AltSignal releases detailed analysis for premium users that want to receive all the latest information about market trends, entry and exit points, sentiment and more.
AltSignals is also releasing detailed monthly reports about its trading signals provided to users. The results were very positive and show that they can be very useful to users that want to receive additional analysis and information regarding how to trade digital assets.
Although AltSignals provides trading signals for a large number of cryptocurrencies and altcoins on Binance, there could be clear trading signals for Litecoin trades as well. If you have a diversified portfolio, this could be a very good solution as well considering you will have a large number of trading signals for 2020.
AltSignals has also been offering profits to users even in hard market conditions. Bear markets can still become profitable for traders if they are able to enter and exit the market at the correct time.
Finally, AltSignals will provide users with technical and fundamental analysis in order to show and teach users how to trade and why specific entries are much more valuable than others. This means that individuals would not be blindly following trading signals from AltSignals but they will also be learning as well.
In this article, we tried showing Litecoin price prediction for 2020. This year is expected to be positive for cryptocurrencies, in general, considering the previous year was a period of consolidation rather than a bear market.
With the Bitcoin halving in mind and large possibilities of having a positive year ahead, Litecoin could follow the trend and potentiate the positive developments that are taking place on its network to become a clear market leader.
If you want to know more about Litecoin, the Litecoin Foundation offers very accurate information about their future plans for the market and which are the features and things the team behind this cryptocurrency are working on.