Conceptualized in 2011 by Charlie Lee; Litecoin is currently # 6 with a market cap of $8,256,187,982.
As with all cryptos Litecoin's followers see the moon constantly within reach. And, as one of the major crypto currencies, Liteoin's price is firmly locked to the fluctuations of BTC.
However, even with a realistic price of $146.08, Litecoin preditions can sometimes be seemingly unrealistic; as we in the cryptosphere have seen, $500/LTC is very possible; though perhaps not possible, within the next couple of years.
For those who are classically educated in fiat finance a look at charts, graphs and market caps might indicate some hidden trends. However, most of us in the cryptosphere are not inclined to use, or understand such tools with much success. The rest of us rely on indicators such as widespread adoption, new projects, government regulation announcements and possibilities.
Regardless of your own method of prediction, the results are the same; a steady climb, with occasional dips along the way in what has been called the cryptocoaster.
The Notable Predictions
While we ride this amazing race the predictions from our "experts" come regularly. Last year we heard that LTC would replace BTC as the "king of the cryptos". At that time Litecoin was ranked # 5; now it is # 6. So, that prediction has not come to pass. However, the faster transfer time of LTC poses some interesting possibilities for increased adoption.
But, that speed barrier could be negated by the release of the BTC Lightning Network, which will certainly further distance BTC from its potential competitors; LTC included.
Another of the biggest predictions of 2017 was that the price of LTC would finally break the $ 100 barrier (some even said $ 200). That did not only come true, it was shattered as LTC crossed the $ 300 mark when our friends from Wall Street came to play in the cryptosphere in December of last year.
The other most notable prediction of 2017 was that inventor Charlie Lee would lead Litecoin to the moon. Unfortunately, although Mr. Lee has said he firmly believes in the future of his creation; he took advantage of the aforementioned December 2017 boom and liquidated his LTC holdings last year. So now, months later, Litecoin, as with all its crypto brethren, is controlled and guided by its users; without such a figurehead.
Do predictions really matter?
There is one thing I have learned in my crypto journey; and that is that no one, regardless of background, who can successfully predict what will happen in the future of this wonderful ride on our beloved cryptocoaster. Prices will continue to fluctuate wildly as the rest of the world is introduced to our currencies and tokens.
FUD (fear, uncertainty and doubt) thrown about by government officials, traditional fiat investment gurus, and other public figures will always cause a plummet until we have managed to educate the world to the truth of cryptos.
Government regulation a currencies and tokens are integrated into the laws. Since bitcoin, the first crypto currency, was created to give us, the people, control over our own money, without excess regulation; this has become the biggest hurdle to the battle we fight each day. And, while cryptos mean financial freedom; there are regulations regarding buying, selling and trading of cryptocurrencies; and more laws are added to that list every week.
Then, on the upside of the cryptocoaster ride are the times when we receive good news; such a the previously discussed influx of Wall Street money last year. Positive government regulation ha also caused spikes in the crypto prices as well.
All of these ups and downs are impossible to predict.
However, as the main cryptos almost unanimously rise and fall together, Litecoin included; what is good news for one is good news for all; and vice versa for negativity.Does this mean that a government or investment guru can destroy one of the cryptos, or all of them? Of course not. Why? Because cryptos have a secret.
What is the secret of cryptos?
Litecoin has a total supply of 84 million LTC built into its own algorithm; just like Bitcoin has a total supply of 21 million BTC. That limited supply insure the logevity of LTC due to the simple concept of supply and demand. As more people join in the cryptosphere, they will each make a choice a to a main crypto. Logically, especially with the inception of the Litepay platform, a certain percentage of those newcomers, will choose LTC as their own personal crypto.
And, with more users of that limited supply the price must rise.
So, as with its predecessor Bitcoin; Litecoin's price, as it is designed, must rise from the Genesis Event (the mining of the first block of LTC) though the Event Horizon (the mining of the final block of LTC). Once the Event Horizon occurs for Litecoin the price will stabilize. Until that time, regardless of periodic dips, the price of LTC will continue its (mainly) steady climb.
While we all want those magic predictions; someone who will tell us the future so we know when to buy and sell; LTC is not something we can predict with any certainty. And, since an LTC transfer is something that is irreversible, it is essential to remember that NO ONE can make accurate predictions. There are billions of dollars at stake in Litecoin. Be sure your portion of that stays safe by remembering the truth. You know as much as anyone else in this newly formed world. There is no such thing as a crypto "guru". Litecoin, and all cryptos, were designed to give us complete control of our own money at all times. So, do not pay for predictions. Watch the market and keep track of the current events in the crypto sphere. But never, ever, for any reason believe in "prediction"; no matter the source.
Thanks for joining us in exploring these new ideas.
Good luck on your crypto journey. Happy HODLing!!!
As always, you can reach me to discuss this subject in depth via Telegram @revcozmo.
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