Litecoin Price Predictions – Is Now a Good Time to Buy LTC?
2020 Litecoin Price Predictions | Is 2019 a Good Time to Buy Litecoin?
Litecoin is one of the hottest performing altcoins of 2019. Litecoin price predictions, therefore, abound online. Some suggest that the Litecoin price will surpass $1,000 by the end of the year. Others are suggesting that prices will correct sharply by mid-2020. Here we’ll, therefore, look at what you need to know if you intend to buy Litecoin in anticipation of 2020.
Why are Litecoin Price Predictions for 2020 a Big Deal in 2019?
2020 promises to be a big year for Litecoin and all other top market cap cryptocurrencies. This is predominantly due to the fact that a Bitcoin halving event in May 2020, will increase the scarcity of BTC. Forbes has even referred to Bitcoin halving as a pending BTC liquidity crisis.
Because past Bitcoin halving events have resulted in bullish cryptocurrency market conditions, some believe that this pattern will repeat in 2020. If this is the case, Litecoin could increase significantly in value as a result.
Will Litecoin Value Increase as a Result of Bitcoin Halving?
Past Bitcoin halving events have propelled the Bitcoin price upward, by over 1,000%. At face value, Bitcoin halving may not have a direct effect on the price of Litecoin. However, some cryptocurrency market commentators believe that Litecoin will benefit. There are also several reasons why this might prove to be the case.
- Litecoin is currently instrumental in helping Bitcoin scale. This is thanks to the ongoing development of the Bitcoin and Litecoin Lightning Network.
- In August 2019, a Litecoin block reward halving event will take. This will increase LTC scarcity by 50% in advance of Bitcoin halving in 2020.
- Litecoin has several advantages over Bitcoin and appeals to new-to-market investors. (Specifically, by being more affordable.) If Bitcoin prices rally in 2020, it is, therefore, widely expected that Litecoin prices will rally also.
Every Litecoin Price Prediction is Speculative
Because of the potential for a major Bitcoin price rally in 2020, many argue that now is an ideal time to buy Litecoin. However, it is important to remember that every Litecoin price prediction is speculative.
Litecoin is one of the longest established altcoins on the cryptocurrency market. Litecoin also benefits from consistent, ongoing development. However, the Litecoin price could be held back by several, as yet unforeseeable market conditions.
- Increasing competition from new coins like Facebook’s Libra could see Litecoin perform poorly in 2020.
- Lackluster real-world adoption could adversely impact 2020 Litecoin prices.
- Increasing regulations on cryptocurrency usage could impact the LTC price.
Is Now in 2019 a Good Time to Buy Litecoin?
Some believe that Litecoin halving in August 2019, makes now an ideal time to buy Litecoin. However, every cryptocurrency investment carries risk. Anyone looking to buy Litecoin in 2019, should, therefore, never risk more than they can comfortably afford to lose.
Litecoin investors should also remember that prices can correct sharply in advance of making gains at a later date. New-to-market investors, should, therefore, always be careful not to panic sell LTC at the first sign of significant price pull-backs.