CRYPTOCURRENCIES including Litecoin have garnered attention from investors in 2021 - but they come with plenty of risks.<\/p>\n
Youve probably heard ofBitcoin, but maybe not its so-called little brotherLitecoin. We explain what you need to know.<\/p>\n
1<\/p>\n
Whether you decide to invest in either Bitcoin or its little brother, both come with a number of risks because they are cryptocurrencies.<\/p>\n
When it comes to buying crypto in particular - youll want to be cautious in the extremely volatile space. If you arent - you could lose a lot of money quickly.<\/p>\n
Just ask investors who were unfortunate to buy at Litecoin's all-time high of $412.96 in May. <\/p>\n
Although Litcoin has seen some gains in the past couple of week, investors still find their value in the cryptocurrency down by more than half since May's peak. <\/p>\n
Also, be aware of fees and charges. These can cost more when compared with regulated investment products.<\/p>\n
Plus, there's scant regulation for crypto firms, so you'll likely be without protection if things go wrong.<\/p>\n
While Litecoin seems like an enticing bet, make sure that you dont invest in anything that you dont understand.<\/p>\n
As the name indicates, thecryptocurrencyis small.<\/p>\n
But Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin. <\/p>\n
Mr Lee on occasions refers to Litecoin as the silver to Bitcoin's gold.<\/p>\n
The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.<\/p>\n
Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.<\/p>\n
While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.<\/p>\n
Currently, Bitcoin commands a market capitalization that exceeds $1trillion, while Litecoins valuation lies just below $12billion.<\/p>\n
As stated before, Litecoin exploded to $412.96 in early - the closest it has ever gotten to the $500 mark.<\/p>\n
Now, however, Litecoin trades at $174.90. In the past 24 hours, Litcoin has risen 3%. <\/p>\n
While China has banned all cryptocurrency transactions, big brother Bitcoin has gained on recent favorable news coming from the U.S. <\/p>\n
This can be attributed to Gary Gensler, chair of the US Securities and Exchange Commission, repeating his support for Bitcoinexchange-traded funds(ETFs).<\/p>\n
Odds are this helped give Litecoin a boost as well.<\/p>\n
Now the question is will it return to its enormous gains any time soon? And will it reach $500?<\/p>\n
A bullish forecast comes fromPrimeXBT, which made a bold prediction in September for 2021: \"If support can hold, after some sideways price action Litecoin could explode to around $7,000 per coin, based on the measure rule,\" it said. <\/p>\n
But others arent as sanguine on the cryptocurrency surpassing the $500 mark by the end of 2021.<\/p>\n
In 12 months' time, the price of Litecoin could exceed $255, according toWallet Investor. <\/p>\n
But near the end of 2026, Wallet Investor sees Litecoin exceeding $557.<\/p>\n
Then there are more bearish cases from others such asLongForecast, which projects the price of Litecoin to range from just $161 to $206 at the end of 2024.<\/p>\n
We also reveal price predictions for 2021 for other major cryptocurrencies including Ethereum, Dogecoin and Cardano, Shiba Inu,dYdX, andEOS. <\/p>\n
Plus, check out four things you need to know about Dogecoin.<\/p>\n
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Litecoin price prediction 2021: Can the crypto reach $500?... - The Sun<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" CRYPTOCURRENCIES including Litecoin have garnered attention from investors in 2021 - but they come with plenty of risks. Continue reading