The Bitcoin alternative has become increasingly popular recently.
The Litecoin Blockchain came to the market as a facilitator of payments over the internet. Others, like Bitcoin, served the same purpose, but Litecoin had some added advantages. It reduced the confirmation time, increased the speed of the transaction, and brought other additional features to facilitate the handling of transactions.
Litecoin (LTC) developed two years after Bitcoin and was long considered a major competitor to the top cryptocurrency. However, it has become much quieter around LTC in recent years.
Many contemporary altcoins have taken over the market and have tried to push Litecoin out of the top ten over time. Can Litecoin regain second place behind Bitcoin in a few years? Will LTC become a millionaire maker in 2023?
How Has the Litecoin Price Moved in the Last Months?
Litecoin, like almost all other cryptocurrencies, has suffered recent losses. The bear market caused the price of Litecoin to fall from $150 at the beginning of the 2021/2022 year, to only $70 at the beginning of the 2022/2023 year. As a result, Litecoin’s losses were just over half those of many other cryptocurrencies.
Losses were especially bad in the first half of the year. There was even a slight rise in Litecoin for several months in the second half of the year. This was not observed with almost all other currencies. This also moved LTC back into the top 15 cryptocurrencies in terms of market capitalization.
Why Could Many Altcoins Fail in the Next Years?
The first big altcoin hype happened between 2016 and 2018. At that time, Ethereum had risen to second place in the market, behind only Bitcoin. New projects like Cardano, XRP, and IOTA have received a lot of attention. Some of these projects are still considered among the top cryptocurrencies today. However, the altcoin market may experience a significant decline in the coming years.
Litecoin Price Prediction in 2023
According to CaptainAltcoin, which takes market sentiment into account and reacts accordingly, the high inflation and extremely uncertain macro situation were strongly reflected in the price of Bitcoin in 2023.
If the internal problems of cryptocurrencies with big players like FTX, Celsius, Voyager, and Luna are taken into account, 2023 does not look too good for bulls. There will probably be a lot of boring sideways price action, with a tendency to slide lower with every minor shake in the market.
Other experts forecast a different situation, as they foresee a significant increase in the second half of the year, possibly reaching $126.30.
As with other cryptocurrencies, they expect the rise to be gradual, without considerable falls. The average $117.88 price is pretty ambitious, but it can be reached in the near future, given anticipated collaborations and breakthroughs. LTC, according to this view, is expected to have a minimum value of $101.04.
By Audy Castaneda
