Cryptocurrencies continue to amaze with their incredible potential for quick wealth and unexpected successes. One of these stories worth investigating concerns Litecoin.
Litecoin, first introduced in 2011, is well established in cryptocurrency history as one of the very first alternatives to Bitcoin – or “altcoins”. It is often referred to as “the silver of Bitcoin’s gold”, underlining both the technical similarities and the complementary nature of these digital currencies.
In this article, we dive into a hypothetical scenario: what if an investor had invested 100 euros in Litecoin in January 2017? Let’s unravel this compelling scenario.
How much money could you have right now?
Imagine that in January 2017, when the value of one Litecoin was about $3.60 (about 3.40 euros), you decided to invest 100 euros. With that investment you could have bought about 29.4 Litecoins.
Fast-forward to July 2023. The price of one Litecoin is now $111 (about 100 euros). If we apply this price to the number of Litecoins you own, your 29.4 Litecoins would now be worth approximately $2,940. That’s an impressive profit of $2,840 from an initial investment of just $100.
The highlight: Sell at the perfect time
But what if you chose the perfect time to sell your Litecoins? Litecoin hit its all-time high in May 2021 when the price hit a whopping $413. If you had sold your Litecoins at that point, you could have made an astounding $12,143 with your 29.4 Litecoins.
Conclusion
Litecoin’s remarkable path underlines the potential returns of an early investment in cryptocurrencies. In this hypothetical scenario, an initial deposit of EUR 100 in 2017 could have grown to a respectable EUR 2,940 in 2023, or even to an astonishing EUR 12,143 at its peak in May 2021. However, it is essential to remember that such investments, due to their volatile nature, entail significant risks.
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