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Charlie Lee hits back against detractors, insists LTC development hasn’t been abandoned

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  • Lee commented on the lack of code commits in Litecoin’s GitHub page, dismissing it as FUD.
  • LTC/USD is currently priced at $84.45, following two straight bearish days.

Litecoin creator Charlie Lee hit back against detractors in a tweetstorm. There has been a lot of talk about development stalling in Litecoin, which Lee dismissed as FUD. He insisted that Litecoin code is being worked on behind the scenes:

“Just want to set the record straight. In the eight-year history of Litecoin, we’ve only had a handful of core developers working on Litecoin Core. At various points in time, it’s been me, @wtogami, @thrasher_au, @shaolinfry, @TheRealXinxi, and @loshan1212…

Adrian Gallagher (AKA thrasher) is leading Litecoin Core development right now and has been for a few years now. You may not know Adrian well as he is not on Twitter much, but he is awesome. He quietly has been working hard behind the scenes on Litecoin

Core development.”

People have pointed out the project’s GitHub page, which has had zero code commits so far this year. Lee addressed this by saying:

“Recently there’s been a lot of FUD about Litecoin having no code commits in 2019. When you look at Litecoin GitHub, it would seem like we did no work in 2019….

Litecoin releases lag Bitcoin releases by a few months. So when we do a release, we are releasing code that’s been released in Bitcoin months ago. We actually did release Litecoin Core 0.17.1 May of this year.”

LTC/USD daily chart

fxsoriginal

LTC/USD has had a bearish start to Wednesday and is currently priced at $84.45. Before this, LTC/USD has had two bearish days in a row, wherein the price fell from $90 to $85. The price is currently trending in a downward channel pattern. The moving average convergence/divergence (MACD) shows that the market is facing bearish momentum. The relative strength index (RSI) indicator is trending around 40.

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Litecoin Price Prediction 2020 – 2025 – 2030 | Future Forecast For LTC Price Torsten Hartmann December 15, 2019 3

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In this price prediction, we will put out our own and market’s opinion (both from popular algorithms and experts) on Litecoin future while discussing Litecoin price forecast for 2019 and beyond.

Since this year is almost done, Litecoin price prediction 2020 is way more interesting, so we made sure to include that section as well, just make sure to scroll all the way to the end.

Now, let’s get straight to it.

Before we delve deep into the Litecoin price prediction and answer questions if Litecoin is a good investment or not, why will Litecoin succeed or fail or while will Litecoin price rise or drop, let’s quickly do a review on Litecoin and its to date history.

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Litecoin intro

Litecoin was created back on 7th Oct 2011 by Charlie Lee, an ex-Google employee, who quit working in order to focus on Litecoin full time. Charlie is very active on Twitter. You can read his blog here. Litecoin was designed to complement Bitcoin by solving issues like transaction timings and concentrated mining pools.

Litecoin has a different way of transaction and mining as the crypto king, but its price and growth still depend on its bigger brother.

Price of Litecoin has suffered heavily in 2018 and this year as Litecoin occupies fourth place in the top 10 cryptocurrencies in the world, ranked by market capitalization or market cap. Cryptocurrency market is yet in a search for a better metric than market cap to express the value of a coin project as market capitalization shows serious flaws and is unreliable tool for assessing a crypto project.

Will Litecoin Survive Beyond 2019

Litecoin [LTC] is one of the coins that suffered biggest hit by the bear market. The overall market cap has dropped below $2.5 billion and seems the shedding is not over yet.

It is a well known fact that Charlie Lee sold at the peak of LTC price and tweeted a very good advice to the rest of the holders: On December 12th, 2017, Charlie Lee sent out a tweet telling people not to get too excited with the unsustainable bull run. Charlie warned about the pending multi-year bear market and that anyone who could not handle Litecoin (LTC) dropping to $20 should not buy it. While many attacked him as a FUD instigator, his reasons for making these assertions were rock solid and since LTC is now hovering just aboe $30. Charlie explained that every time the crypto market rises up too fast, it overshoots its real value, which leads to a huge correction, and a price consolidation. Charlie’s predictions have come true.


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Charlie is not active in LTC for quite some time – it has been years since he contributed to the development of the once second largest cryptocurrency, that is now ranked at number 7 on CMC rankings.

Being dubbed the silver to Bitcoin’s gold, Litecoin was introduced in 2011 as a quick fix that was supposed to solve some problems typical of the leading cryptocoin. With new projects flooding the market in the recent years, Litecoin’s role seems to be thing of a past – LTC is the odd man out and nobody can bring about a solid argumentation for Litecoin’s purpose in the future. And the reason I think Litecoin is dead is not because of price of litecoin – it dropped together with the whole market and not by its own fault. The reason is lack of unique value proposition – it is just blunt copy of bitcoin with couple of parameters changed.

Litecoin’s lack of vision hampers the price of Litecoin

It was that back in 2011 and it is that still in 2018. This lack of vision and will for separation from bitcoin and creation of your own niche will cost Litecoin its existence.

Litecoin can do everything Bitcoin can and it is often called a testnet for bitcoin. But who needs a multi-billion testnet – who needs two identical projects as one is enough and this is a winner takes all battle.

Litecoin depends on the bellwether coin. This is not just a hypothesis, this was Charlie’s vision from the project’s inception.

LTC enjoyed the treatment as a bitcoin’s little brother – technology was similar so exchanges and wallets could easily integrate it where ever they integrated bitcoin. This gave it exposure and liquidity which drove price of litecoin up especially as many would use it for faster transactions between exchanges or wallets as it had faster transaction time than bitcoin. In the meantime, there are many

other coins that can be used for this purpose that are even faster and cheaper, almost free (Nano for example).

With Coinbase and other exchanges adding new projects, the top 10 market caps being dominated by some very diverse and colorful coins and a general lack of media attention and focus on Litecoin unless it makes some significant price movement, I’m not sure what would motivate new comers do the research necessary to learn about Litecoin’s potential.

Lack of clear use case also depresses the price

So if Litecoin’s utility as a micro-payment solution is now in question, where does it stand? I suppose it could be the “silver” to Bitcoin’s “gold”, but if Bitcoins are (basically) infinitely divisible and act as a good store of value, then what does Litecoin do?

As Bitcoin network keeps being optimized and upgraded with new innovations like Lightning Network, use cases of Litecoin will disappear and so will its reason to exist.

Litecoin doesn’t have the name recognition that Bitcoin has. It does have a fantastic advantage to make improvements to itself much faster than Bitcoin does, but with the rise of so many other projects that have base codes that are already more fit for micro-transactions and scaling, has Litecoin missed the train? I would say yes.

LTC will continue to drop as investors move towards projects that are more realistic in their goals. If anyone replaces fiat, it is going to be bitcoin and not litecoin. Litecoin’s boon and curse has been its mirroring of bitcoin – they enjoyed the ride in the past but with every market contraction, we will lose projects that have no reason to exist, like Litecoin.

Our Litecoin Price Prediction 2019

LTC, as the rest of the market, is tightly coupled and dependent on bitcoin’s price action. If bitcoin embarks on another bull run, LTC can hope for one as well. Since that is very unlikely, this litecoin price prediction guide in summary tells you to not expect much to change for LTC price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.

Litecoin is troubled by the lack of interest of developer community as well, which is a further obstacle for Litecoin price rise.

Read our updated guide on most profitable coins to mine.

All of this summed up means one thing: LTC might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market. 

Litecoin price prediction will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect LTC will do them either. This litecoin forecast tells you that the price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.

Market and Experts Litecoin price predictions 2020

Litecoin is an original gangster coin, bitcoin’s copy from the old days, one of the strongest brands in crypto space. Let’s check what are the market experts or crypto editorials saying.

Trading Beasts Litecoin forecast

A crypto forecast website called trading beasts predicted in their litecoin forecast based on technical analysis that by the end of 2020, LTC expected price will be around $50, and only a bit higher in 2021 – predicted to rise up to $71.

Crypto Ground Litecoin prediction

Here comes a more optimistic prediction of cryptoground also formed thanks to technical analysis, where they say in their litecoin price prediction that by 2020 end, LTC might reach $88, and in five years litecoin might reach $347.

CoinFan Litecoin prediction

CoinFan is a website that offers Litecoin price prediction and predictions for every relevant cryptocurrency via their proprietary algo that computes price forecasts on the basis of technical analysis. Their algorithm is awfully bullish as they predict that Litcoin might reach $472 by 2019 end, and might reach $1687 by 2020 end.

Wallet Investor Litecoin forecast

Wallet Investor is known for their pragmatic cryptocurrency prediction. They believe in their Litecoin price prediction that LTC might drop to single digits – $3.17 by December 2019, where the year high price might be around $45.

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Litecoin News Today – Top Headline for Litecoin LTC December 15th, 2019

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  • Litecoin price analysis – LTC/USD
  • Litecoin Foundation’s fundraising yielding good result

Litecoin is also trading in the bearish zone together with other cryptocurrencies in the market. The coin’s technical analysis shows a strong bearish move while still trading below $45.50. Litecoin is the sixth most widely traded cryptocurrency in the crypto sphere.

LTC/USD pair – with a market cap of $2.82 billion, the price of the token on Saturday went back to the red zone after two days moderate surge. A fresh selling wave through the crypto markets pulled the prices lower. Despite the latest reduction, the coin remains in an accustomed trading zone between $45 and $43.

Currently, the token is trading close to its daily lows of 43.99, showing a 1% decline on the day while surging close to 0.80% over the last 24 hours. The bears have returned back to the red zone to carry out strong resistance below the 45 trade. The coin has tested the $43.90 key support, the union of 61.8% Fib level of Friday’s bounce, parallel 100-HMA, and a bullish 50-HMA.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
Litecoin$43.48-0.55%

A break of the bullish 50-HMA will prompt a huge

selling towards the nine-month low of $ 42.35. While a break above the parallel 200HMA at $ 44.65 is required for a bullish setback. So far, the selling pressure has remained intact, while the prices remain below the plunging trend line with resistance at $ 44.50.

Going further, the bearish 21-DMA at $45.50 will continue to top the recovery efforts. The path of the smallest resistance remains to the downside amidst a lack of substantial demand area.

Litecoin Foundation’s Fundraising Yielding Good Result

The Litecoin Foundation’s determinations to raise money to fund the research and execution of privacy features seem to be yielding a positive result. The foundation has so far received 163 LTC worth about $7,230. The founder of Litecoin, Charlie Lee states that he will match every donation received through the fundraising.

According to the foundation, the money raised will be used to fund efforts led by developer David Burkett to execute the Mimblewimble protocol. Giving his own quota of donation, @TheNvsibleHand on Twitter stated:

“#Bitcoin and #Litecoin have no CEO’s, It’s up to ” We The People” If you value #Financial Privacy #MW Vote with your $ donate to its DEV. On behalf of the members #LTC fantasy. We are kicking it off with a small donation of 10.6 LTC.” Replying to the tweet, @SatoshiLite stated: “Received! Thank you.”

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Litecoin Forecast and Analysis December 16 — 20, 2019

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Litecoin LTC/USD ends the trading week at 43.45 and continues to move as part of the decline and the formation of the «Wedge» model. Moving averages indicate a bearish trend, which remains quite strong, prices continue to push from the area between the signal lines. This indicates continued pressure from the bears. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 39.05. Where again we should expect a rebound and an attempt to start Litecoin growth with a potential target above 95.85.

Litecoin Forecast and Analysis December 16 — 20, 2019

An additional signal in favor of the growth of LTC/USD quotes in the current trading week December 16 — 20, 2019 will be an uptrend test on the relative strength index (RSI).

The second signal will be a rebound from the lower boundary of the «Wedge» model. Cancellation of the growth option Litecoin will be a fall and a breakdown of the area of ​​23.05. This will indicate a breakdown of the support area and a continuation of the fall in the LTC/USD rate and a fall below the level of 15.05. Confirmation of the growth of cryptocurrency will be a breakdown of the upper boundary of the «Wedge» model and closing quotes above the level of 58.55.

Litecoin Forecast and Analysis December 16 — 20, 2019

Litecoin Forecast and Analysis December 16 — 20, 2019 implies an attempt to test the support area near the level of 39.05. Then, continued growth to the area above the level of 95.85. An additional signal in favor of Litecoin growth will be an uptrend test on the relative strength index (RSI). Cancellation of the ascent option will be a fall and a breakdown of the area of ​​23.05. This will indicate a continued fall in cryptocurrency with a target below the level of 15.05.

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