Litecoin is currently priced at 3651.1 INR. It is considered as one of the more stable cryptocurrencies. Although it dipped slightly, it has been rising gradually since then. The current pandemic has had a say in the market fluctuations as well. Although Litecoin was first developed in 2011, its value went up immensely in November 2013. With the current Litecoin Price In India at 3651.1 INR, experts forecast a steady increase by 2021. In fact, they even expect a tenfold increase by the year 2025.
A Briefing on Litecoin
Litecoin was developed by Charlie Lee in 2011. It was designed as a more scalable and fast alternative to Bitcoin. Although similar to Bitcoin, Litecoin is different in many ways. The way it is constructed makes it a lighter and faster alternative to Bitcoin.
When compared to Bitcoin, Litecoin has a reduced block generation time of 2.5 minutes. It also has an increased number of total supply coins than Bitcoin. Litecoin’s modified graphic user interface has made it a favorite among investors. It uses a different hashing algorithm known as Scrypt.
Analysis and Price History of Litecoin
After the immense increase of Litecoin price in November 2013, it displayed a descending trend in 2018. Although Litecoin has established itself in the market, the overall descending economy played a role in its depreciating price. The year 2018 saw a slight upward change in the price only a few times in February and April. However, Litecoin was able to find a stable position since autumn and even went on to increase from December 2018 to January 2019
The first half of 2019 was witness to a bullish trend on Litecoin prices. In fact, the prices increased four times in the period from January to June in 2019. This price increase is due to the halving, which occurred on August 5, 2019.
Investors expected the prices to go up after the halving, which led to an increased interest in Litecoin. This drove up the price considerably. However, the prices went down by almost 50% after the halving in August 2019. The price continued to fall until February 2020. Then it went on to reach $81.72 on 14 February 2020. However, the price has become almost high since then.
Price Prediction for Litecoin
The experts in the industry forecast that people who have already invested in Litecoin can expect a good profit in the future. They expect LTC to grow actively in the coming months. In fact, Wallet Investor source forecasts LTC price to reach $169.8 in 2021 and $1693.7 in 2025. With the forecast o Litecoin price being primarily bullish, it is a good time to invest in them. LTC is not going to lose its popularity anytime soon.
In case the Bitcoin network comes across further difficulties since the issue of scaling still remains unresolved, it will give Litecoin a boost in trading. Interestingly, Litecoin is considered to be Bitcoin’s main successor.
Litecoin Price in India
India had to take a two-year break from cryptocurrency due to the blanket ban by RBI. However, this changed in March 2020 when the Supreme Court overruled the ban. This allowed Indian investors to start trading in cryptocurrencies. This has paved the path for startups in the cryptocurrency arena in the country as well.
With other countries embracing cryptocurrencies from the get-go, India has a bit of catching up to do. However, trading has gone up immensely since the Supreme Court judgment, making industry experts hopeful about the future of cryptocurrency in the country.
The RBI has been ordered by the Supreme Court to come out with a framework for regulating and monitoring cryptocurrency trading. This will help protect gullible investors from falling victim to scams and trading failures. In fact, the number of people who have lost money in trading cryptocurrency due to a lack of knowledge or by using unreliable wallets has been on the rise globally.
Know more about litecoin wallet with CoinsSwitch
Once the framework has been established by the RBI, the Litecoin Price In India is sure to increase steadily as more people get ready to invest in LTC.
Interestingly, the pandemic situation across the globe has actually encouraged Indian investors to start investing in LTC. This may be because they have more time on their hands due to the lockdown. But the bottom line is that trading in LTC has definitely seen an impressive increase.
So although the lockdown had a dampening effect on the economy, trading in cryptocurrencies has increased significantly. This is also due to the Supreme Court ruling in March 2020 that made trading in crypto legal in the country. The current Litecoin Price In India at 3651.1 INR. However, experts forecast a steady increase by 2021. In fact, they even expect a tenfold increase by the year 2025.
[su_note] KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing. [/su_note]
Do you want to buy Litecoins in India seamlessly? Do it on CoinSwitch!
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Table of content
Subscribe to Our Newsletter with exclusive content.