10 Tips for Investing in Litecoin (LTC) in 2021
From discussions on the same over at runrex.com, Litecoin is one of the top cryptocurrencies by market cap and is currently ranked 5th. Litecoin was created as a fork of Bitcoin to improve its scalability and speed issues and is one of the most popular forks of Bitcoin. Based on tech analysis and past data, as articulated over at guttulus.com, Litecoin is here to stay long after 2021. LTC is the ticker symbol of Litecoin, and the popular coin can be found on nearly every exchange and be used for investing, trading, purchasing goods, and everyday transactions. This article will look to focus on the investing side of things, and in particular whether it is worth investing in Litecoin in 2021. This article, through the following 10 tips, will help you answer this question.
Significant growth potential
One thing to mention about Litecoin, something which will help you decide if you should invest in it or not in 2021 as per the gurus over at runrex.com, is its significant growth potential. As is highlighted over at guttulus.com, while Litecoin is currently trading at $84.57 with a 24-hour trading volume of $3,413,410,775, figures that don’t compare with Bitcoin, Litecoin has some significant growth potential. Litecoin saw an increase of over 70% since Black Thursday 2020 and has managed to recover from the ongoing Coronavirus pandemic.
Scarcity
Additionally, since Litecoin has a maximum supply of 84 million, its scarcity makes LTC a safe harbor from depreciation and inflation, which might help it become a store of value for long-term investors as per the experts over at runrex.com, especially in turbulent economic times such as the one we are currently experiencing as a result of the COVID-19 pandemic.
Know the key predictions
An important tip that will help you decide whether or not to invest in Litecoin in 2021 is knowing how much it will be worth. As outlined over at guttulus.com some of the key predictions, as far as Litecoin is concerned, include predictions by Crypto Research Report Group which calls for Litecoin to reach $1,200 in 2025 and a possible peak of $2,250 in 2030, among other key predictions. Do your research and find out about these key predictions before deciding on investing in Litecoin in 2021.
Litecoin and HODLing
Another tip when it comes to investing in Litecoin in 2021 is that, according to Capital, the current price of LTC is an attractive entry point for those who want to HODL LTC during 2021. This is another thing to consider if you are looking to invest in Litecoin in 2021 according to the subject matter experts over at runrex.com.
Know what will affect LTC in 2021 and beyond
If you are to make the right investment decision on Litecoin, you must know what is likely to affect LTC in 2021 and beyond. Some of the factors that are likely to affect LTC investing as outlined over at guttulus.com include technology, demand and supply, regulations, and market sentiment. You should make sure that you are on top of all of these factors if you are considering investing in Litecoin in 2021.
Litecoin’s relationship with Bitcoin
Another factor to consider when it comes to investing in Litecoin in 2021 is its relationship with Bitcoin, especially the fact that LTC, one of the first cryptos to integrate SegWit as captured over at runrex.com, is often a testbed for BTC. Keeping an eye on Bitcoin and how any developments as far as it is concerned will impact Litecoin will also help you make better investment decisions in 2021.
Keep an eye on Litecoin’s adoption
From discussions on the same over at guttulus.com, as the world moves towards digitalization, the adoption of Litecoin as a digital currency has been gradually increasing, and we are seeing more and more merchants adopting Litecoin for general transactions. This is why Litecoin has been called “the cryptocurrency of payments” because of its high level of practicality. As more and more people accept Litecoin as a digital currency, a trend that is set to continue in 2021 and beyond, its value will keep increasing, something to consider when making investment decisions as far as it is concerned in 2021.
Keep up with Litecoin technical analysis
When deciding whether to invest in Litecoin in 2021 or not, it is important to read up on its technical analysis. As outlined over at runrex.com, Litecoin technical analysis is even more bullish than fundamentals supporting the crypto network’s health and the underlying asset, and if this bullish retest confirms, just as it did during the last market cycle, then Litecoin could explode by a massive margin in 2021.
Be aware of the various ways to invest in Litecoin
As the gurus over at guttulus.com point out, investing in Litecoin, just like other crypto assets, can be done either by mining or buying LTC online. Once you have Litecoin, you can decide between several ways to invest in crypto. You can choose to buy and hold, a type of investment that, even though it takes the least amount of skill or effort, leaves potential profits on the table which means that you may miss out on potential profit opportunities. You can also choose to trade your Litecoin after buying and try to profit from price fluctuations. It is up to you to decide which investment strategy is best for you.
Who should consider adding Litecoin to their portfolios in 2021?
Finally, we are going to highlight the parties that should consider adding Litecoin to their portfolios in 2021, especially because of the potential of LTC as an investment in 2021, which means that more investors are likely to want to invest in it. As outlined over at runrex.com, investing in LTC is a great option for cryptocurrency day traders because of its large 24-hour trading volume, crypto investors because of its long-term potential, Forex traders because of its nature as a safe haven in times of economic turmoil like the current situation with COVID-19, blockchain enthusiast because of its strong development team, and financial institutions and merchants.
This discussion only just begins to scratch the surface as far as this topic is concerned and you can uncover more insights, tips, and information over at the excellent runrex.com and guttulus.com.