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It's been a rough year for Litecoin enthusiasts, with the price of LTC dropping 53.2% from June 4, 2019 to June 4, 2020.
But just like with any bear market, we could see Litecoin prices rebound in the next year.
That's why we had to make sure you saw the latest Litecoin price predictions for 2021.
The lowest price target on PrimeXBT.com for Litecoin in 2021 is $500. From today's (June 4) price of $47.75, that's a potential gain of at least 947%.
However, there's one LTC price prediction for 2021 that is so bold, you won't believe it until you see it.
We're going to share that prediction in just a minute.
But first, we're going to answer some of the most common questions we've received about Litecoin heading into this year and next…
Why Did Litecoin Prices Drop over the Last 12 Months?
As we mentioned earlier, Litecoin has been trapped in a bear market over the last year.
One of the reasons for the bearish sentiment is Bitcoin ETFs have continually been rejected by the U.S. Securities and Exchange Commission (SEC).
Cryptocurrency investors were hoping an ETF would lure new money into the market, according to Money Morning Cryptocurrency Expert David Zeiler.
"A Bitcoin ETF would help bridge the gap by allowing large investors to gain exposure to Bitcoin without the hassle of owning it outright. At the same time, it will open the door to a class of investors whose presence will help fortify and stabilize the Bitcoin market," Zeiler said on Sept. 17, 2018.
But the SEC isn't ready for a Bitcoin ETF, which means cryptocurrency investors still have to wait for new money to hit the market.
Also, high-profile hacks of cryptocurrency exchanges in the past have undoubtedly made investors fearful of using exchanges and storing crypto.
Finally, the massive run-up of cryptocurrency prices in 2018 was so astounding that the market needed a cooldown.
Bitcoin traded for $434.33 on Jan. 1, 2016 and climbed 4,301% to $19,114.22 by Dec. 18, 2017. Litecoin prices climbed even higher, percentage-wise, when it went from $3.51 on Jan. 1, 2016, to $350.25 by Dec. 19, 2017.
That's an astonishing gain of 9,878%.
Early crypto adopters cashed out their profits and became multimillionaires.
But now that prices have come back to earth, we're getting a lot of questions about whether Litecoin is a good investment to make now…
Should I Buy Litecoin in 2020?
There are two reasons to buy Litecoin right now.
First, if you believe cryptocurrencies and tokens are the future, you can buy some and spread the adoption.
By owning and using Litecoin, you can help make its widespread adoption a reality.
Here's a list of vendors that accept LTC as payment, to get you started.
The second reason to invest in the currency is in hopes of making a profit.
Right now, most investments in cryptocurrencies should be considered speculative.
You should never invest what you can't afford to lose.
If you just want to be an investor and speculate on the price of Litecoin, you can open an account on Coinbase.
We also have a list of seven other cryptocurrency exchanges, as a service to Money Morning readers, to review right here.
And if you want to know if now's the right time to buy, let's jump right in and look where analysts see prices heading in the next year…