Litecoin is a digital currency that facilitates immediate and low-cost payments to users across the globe. It’s a fully decentralized network that’s based on peer-to-peer and mathematical processes to function without a bank or institutional lender.
Litecoin has had a fascinating price history over the years. Read on to learn more about the Litecoin price so that you have a base for analyzing its current and future movements.
LTC is the native coin to the Litecoin project and is what crypto users can purchase to make transactions. You can exchange LTC to Euro, along with several other fiat currencies.
For this article, we’ll assess Litecon’s price history in Euro based on data from Yahoo! Finance.
Below are some of the most notable highs and lows of LTC’s price action. Because of the extreme volatility in the crypto space, these highs and lows are relative to the price listed to the one immediately before them.
There are many reasons for the highs and lows covered here. Some have to do with general cryptocurrency market trends, while others have to do with global affairs and Litecoin-specific news. Let’s explore them in more detail.
Since cryptocurrency is such a new market, it has extreme volatility. Therefore, the only thing you can expect with certainty when trading Litecoin is that you’ll encounter major market fluctuations.
Nevertheless, past performance can help indicate how Litecoin may move in the future.
The year 2015 was massive for Litecoin holders, as they could purchase it for under $1 at the beginning of the year, selling at close to $8 by the time July came around. The reason for this had to do with the cryptocurrency market’s overall strength.
Although LTC and other cryptocurrencies saw plenty of fluctuation during 2015, increased interest from Asian markets and extra press time from the potential discovery of Bitcoin founder Satoshi Nakamoto likely helped drive up its price.
Despite coming down in price since that time, Litecoin’s price redeemed itself in 2017. It rose over 5,800% between January and mid-December, with extra notable price jumps in April and December.
During this time, an unprecedented number of individual and big business investors jumped on the crypto bandwagon. Many exchanges offered limited choices for cryptocurrency during that time, with Bitcoin and Litecoin almost always being among them.
As a result, seeing Litecoin's low cost compared to Bitcoin’s made LTC a psychologically ideal investment. Many investors enjoyed knowing that they could purchase many whole Litecoins, driving Litecoin’s price even higher.
In May 2019, Litecoin experienced another high, although it was about one-third of its all-time high in 2017. The reason for this was that Litecoin would be undergoing its second halving on August 5th, so investors were loading up in anticipation of high return as a result of this anti-inflation hedge.
Litecoin saw a similar high in December 2020, after ranging volatility below $100 for much up until that point. It continued its upward trend, exceeding its 2017 all-time high levels by May 2021. The reason for this points to a recovery rally after the March 2020 stock market and cryptocurrency crash.
In the mid-2010s, the Litecoin price bounced from below $1 to over $10, but with many downward trends in between. Much of this likely had to do with lower liquidity, as this was during a period when there were fewer people that knew about cryptocurrency.
As a result, not as many people traded LTC. Therefore, when someone put an order to sell some Litecoin, it would cause a sharp downward spike due to there not being enough traders buying to fill that order.
In turn, that would make some LTC holders panic. They’d try to sell their coins to salvage gains or reduce losses, pushing the price even lower.
By the time another significant low occurred for Litecoin in February 2018, low liquidity was no longer such a big issue, as cryptocurrency had gained mainstream attention.
Instead, the price plummeted during this month because there were so many people buying Litecoin; an overheated LTC price and crypto industry caused a temporary but painful price collapse.
2018 continued to be a challenging year for Litecoin’s price. In March, Litecoin founder Charlie Lee announced that LitePay, a start-up merchant payment processing system, wouldn’t be continuing its operations.
The reasoning was that traditional card issuers held negative, biased beliefs towards the crypto industry. As a result, it would have been nearly impossible for LitePay to fulfill its goals at that time without overcoming massive financial and legal hurdles.
The news understandably didn’t go over well with Litecoin holders. At its lowest in December 2018, its price was trading at around $20.
Litecoin’s next significant low arrived in August 2019. Experts believe that a major reason for this was because Litecoin had rallied through much of 2019 up until June. Therefore, the August decline was likely, in part, a result of investors taking profits.
Furthermore, a scheduled halving caused Litecoin miners to lose some of their profit. Miners began looking elsewhere for profits outside of LTC, which caused some LTC holders to become concerned about the strength of Litecoin’s security.
March 2020 brought bad news across the cryptocurrency industry, with Litecoin plummeting to $22.87 as a result of the spreading Coronavirus pandemic. In hindsight, this would have been an ideal time for investors to buy LTC, as by July 2021 when it had another correction, that lower price was at a whopping $124.57.
The reason for this July 2021 downfall was in response to many global pressures across the cryptocurrency market, including issues with China’s increasing regulations around cryptocurrency and mining.
Check the prices of other cryptocurrencies like, Bitcoin, Ethereum, Cardano, Ripple, Dogecoin, Terra, Shiba Inu, Tether, Polkadot, Chainlink, Stellar Lumens, Tron, Uniswap, Dai, Gnosis, Aave en Algorand.