One of the top 5 cryptocurrencies in 2017 and 2018, Litecoin has been drawing investors’ attention in 2019. Recently, the Litecoin Foundation stepped into philanthropy and started collaborating with UNICEF kid power. Besides, the digital silver went through the second halving, reducing a block reward from 25 to 12.5 LTC. Today, we’ll find out the effect of these and some other important events on the Litecoin forecast 2019 and beyond.
Litecoin forecast for the end of 2019
Today, cryptomarket is not in its fully blossom. Still, Litecoin performance is rather bullish if compared to its peers. Most of the credit for it should be attributed to Charlie Lee as he announced his plans to implement Confidential Transactions (CT) aimed to solve scalability, fungibility and privacy problems by the end of 2019.
Litecoin price summary
Today, more than 80% of Litecoin has already been mined. However, LTC mining becomes more complicated, and it seems like it will be a long time until the rest 20% will be mined. The increased amount of coins, the speed of transactions, the pre-built SegWit and larger mining reward may indicate bright potential for the Litecoin future price, making it Ethereum’s rival in 2019.
Litecoin is considered rather young, but experts believe it has a chance to start a rapid growth. Still, the LTC price 2019 is expected to develop unpredictably. Before we make further assumptions, let’s make a short summary of the Litecoin price development until now:
Will Litecoin go up in value, or will Litecoin go down? Although it’s hard to build a more or less stable and reliable Litecoin forecast 2019, there are some crucial factors and events that may affect the LTC price increase or decrease until the end of the year.
Litecoin pioneering technologies
Very often Litecoin is regarded as something less important or even irrelevant, as Bitcoin has the Lightning Network and SegWit technology now. But we often forget that both technologies have been first implemented on the Litecoin network.
Litecoin is also working on atomic swaps. A new technology is aimed to allow communication between different blockchains. Atomic swaps help to exchange Bitcoin directly to Litecoin and vice versa.
Litecoin and Bitcoin shouldn't be regarded as competitors, as both cryptocurrencies may reinforce each other's position. As the Bitcoin price forecast for the upcoming years looks pretty bright, it is highly possible that Litecoin prediction will follow.
Litecoin block halving
On 5 August 2019, one of Bitcoin’s hard forked blockchains – Litecoin – underwent its first halving. The reward, earned from mining Litecoin’s tokens was cut twice from 25 LTC to 12.5 LTC to slow down the Litecoin production and help to maintain its value.
Litecoin supply is limited to 84,000,000 LTC. If the reward for mining LTC tokens remained the same, too many blocks would be mined – too many tokens would exist at the same time – and their value would reduce. When the mining reward is halved, cryptocurrency obtains more space for the value of its token to rise.
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How does Litecoin halving affect its price? According to the Litecoin’s price chart over the past month, the token climbed its monthly peak as a result of the halving. On the day of halving Litecoin moved up to $105.59. Since then the price took a deep and is fluctuating around $60-$70.
The next Litecoin halving is supposed to take place on 4 August 2023.
Litecoin software updates
Litecoin’s founder Charlie Lee has recently announced that they have started working with David Burkett, a Grin++ developer to add Mimble Wimble support to the Litecoin network.
MimbleWimble (MW) is a protocol amendment that will bring a handful of benefits, most importantly – confidential transactions (CT) and non-interactive joins. It will help to hide transaction values amid other network participants, making it more difficult for third parties to log and track user activity.
Although Litecoin is accused of not making significant progress this year, Charlie Lee mentioned that Litecoin development process has been steady. In the latest update of Litecoin Core v0.17.1, the company significantly reduced transaction fees and extended privacy features.
The minimum transaction cost was lowered from 0.001 LTC/kb to 0.0001 LTC/kb.
Litecoin price prediction 2019 and beyond
Speaking about Litecoin price forecast for the rest of 2019, many experts stay positive. If Litecoin grow with the use of Lightning Network, it could go fast. The recent block halving and software updates can have a positive effect on the LTC price. Litecoin is expected to maintain its rate between $150 and $250 and reach the peak year price in November.
2020 is forecasted to become an extremely important year for cryptomarket in general. Litecoin may also experience an upward surge. According to some estimates, it could start with $250 at the beginning of the year and increase up to $500 by the year end. To watch if the LTC price prediction 2019 will come true, Follow Litecoin price rates in real-time.