Litecoin (LTC) Price

Litecoin (LTC)

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About Litecoin

Litecoin was created in the early days of the crypto industry as a fork in the Bitcoin blockchain and released under the MIT/X11 license in 2011. Originally referred by its creator as the silver to Bitcoin’s gold, Litecoin has grown over the years to become a peer-to-peer cryptocurrency and open-source software project. 

Charlie Lee, Litecoin’s creator, was a former Google engineer who wanted to improve on some of the limitations of Bitcoin and make it more difficult for large mining firms to gain the upper hand in mining. Litecoin was built based on Bitcoin’s open-source code but with major upgrades in quicker transaction confirmation times and lower fees.

Like Bitcoin, its predecessor, Litecoin was created with a fixed maximum of 84 million LTC tokens. Litecoin shares many other similarities with Bitcoin; including a proof-of-work consensus algorithm and periodical halvings to slash mining rewards in half.

As one of the earliest coins to hit the market, the price of Litecoin in its early days was generally correlated with the price of Bitcoin. Upon its release in April 2013, 1 LTC price was worth around $4.30. However, the price of Litecoin quickly went on a decline for the next five months to bottom out at $1.72 in October 2013. 

The crypto would then go through its first surge in November and the major price milestone was reaching a Litecoin price USD of $50 on November 28, 2013. For early investors, this represented massive gains and showed the potential of the altcoin. This surge and promise of potential was, however, short-lived, as the LTC price went crashing throughout the entirety of 2014. The decline continued in 2015 and 2016 and it was during this time that the price of Litecoin registered an all-time low of $1.15 in January 2015.

Interest in cryptocurrencies exploded in 2017 and Litecoin rode the wave. The Litecoin price chart indicated a strong sign of life and interesting price action. This interesting price action propelled the Litecoin price USD to new highs throughout the year. By June, the price of Litecoin had taken a foothold above $30, $185 in October, and $100 in early December. By December 18, 2017, the LTC price reached a peak of $360. This historic rally represented a whopping 9,000% gain throughout 2017. 

Unfortunately, the crypto bubble popped in 2018. Litecoin’s price plunged over 93% from its peak, bottoming out around $24. The price of Litecoin continued to trade below $100 throughout the entirety of 2018 and 2019, save for a brief cross above $100 in June 2019, which was due to the anticipation of the next halving at the time.

Litecoin started 2021 trading around $130 after a continued uptrend in the later part of 2020. The entire cryptocurrency market was heating up in the first half of the year, and LTC surged along. By May 2021, the crypto had set a new all-time high price of $410, which is Litecoin’s highest price till today. 

This short-term price pump was largely due to hype and speculation in the crypto market at the time. Litecoin had been in a multi-year downtrend, but the enthusiasm surrounding Bitcoin, major altcoins, and the popularity of meme coins like Dogecoin at the time lifted LTC. Although it corrected in the later months of 2021, the Litecoin price USD continued to trade above $100.

Like a cycle, Litecoin eventually ended this bullish run again and the LTC price started to decline along with other cryptocurrencies as the crypto industry entered into a bearish phase. This wider bearish trend was aggravated further by the collapse of crypto exchange FTX.

By February, the price of Litecoin had created a resistance at the $100 price level which it failed to maintain a momentum above for the entirety of 2023. The crypto industry now finds itself in a bullish phase in 2024 which briefly pushed the price of Litecoin above $100 again in March 2024. Since then, the price of Litecoin has declined but it has now stabilized just above the $80 price range.

Current activity amongst top top cryptocurrencies has seen Litecoin falling outside the largest 20 cryptocurrencies by market cap. Notably, the LTC network has now broken above five million long-term holders after a considerable surge in recent months. Looking ahead, LTC could continue to rise in the coming months as the crypto industry enters into the bullish market cycle. 

NewsBTC is committed to providing readers with the latest news, analysis, and LTC price predictions. We aim to keep readers up-to-date on LTC price movements, trends in the broader cryptocurrency market, and new developments surrounding Litecoin.

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