Litecoin By 2016: Achievements, Problems, Prospects
Analysis of Litecoin’s price since the launch of trades in 2012 till now. What prospects does Litecoin have in 2016?
The trading of Litecoin on the world’s exchanges began at the end of July, 2012, and during that year and prior to April, 2013, the Litecoin price hadn’t exceeded 10 cents, and wasn't in special demand.
The history of Litecoin’s price
Everything changed in March, 2013 when Litecoin suddenly began growing and reached $4.49 in the beginning of April, 2013. Staring in disbelief, a lot of traders sold their coin on April 10, 2013 at $4.49. Probably, those who sold their Litecoin on March 2-3, 2013 at the price of $0.07 - $0.09 were very upset.
Almost during the whole of 2013 Litecoin was falling from the top of $4.49, and by October, 2013, one Litecoin was priced at $1.7-$2. However, since the beginning of November the rapid growth, which continued throughout the whole of November, began. The peak which hasn’t been surpassed till now either was reached in the beginning of December. Traders who bought Litecoin in those days for a price of $42.97 (December 5, 2013) will have to wait for a long time to close the transaction with profit.
From the top of $42.97 Litecoin steadily fell. On December 14, 2014 its price reached $3.40 (the same as today), and by the end of January, 2015 it had already moved to South of $1.20-1.40.
Soon after, Litecoin began the rise from this bottom, having never fallen that low again since.
Litecoin’s price in 2015
The year 2015 was rather quiet for Litecoin. The price overwhelmed the level of $3 only by July, 2015, and since then Litecoin’s price was often about $3. The price chart for 2015 shows two noticeable tops: one at the end of July, 2015 when the price reached $5 for one Litecoin, and the second at the beginning of November when the price, for a while, passed a boundary of $4.3.
Both peaks of 2015 have their reasons. The Litecoin community in the middle of summer expected twice a reduction in the reward for block confirmation, and many considered that the Litecoin price therefore had to rise. Because of these expectations of the market the price grew.
Moreover, the unknown Chinese user who started the Ponzi scheme using Litecoin, as he accepted deposits only in this cryptocurrency and offered high dividends for the accounts of new investors. Investors got profit both on dividends, and on growth of the price of Litecoin. But soon the organizer of this scheme sold the collected 6 000 000 Litecoins and disappeared with a sum of about $18 million. However, the total amount of transactions that went through the address that possibly belongs to one of organizers of this scheme, exceeded about $30 million. This had a depressing impact on Litecoin. Only the autumn growth of Bitcoin had awakened a newinterest in life in Litecoin.
By the beginning of 2016 Litecoin is in a stable position. Bitcoin grows for some months while the LTC:BTC pair exchange rates are stuck at the local bottom around 0.008. It means that Litecoin still has potential for growth. Many representatives of the crypto community criticized Litecoin for its conservatism, but this year, seemingly everything will change.
Developers set targets that may make the year 2016 the year of Litecoin. They plan to support sidechains, ensuring confidentiality of transactions and offering instant transactions thanks to the Lightning network. Moreover, it is pleasant to see that the Litecoin Foundation is well-coordinated and works more actively and amicably than the Bitcoin Foundation.
However, the altcoin market is unpredictable, and Litecoin in 2016 can update both the tops, and the bottoms.