Litecoin (LTC)

0.00842312 BTC
$ 53.91 USD
-0.54 %

Litecoin News

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About Litecoin
Litecoin Price
What is Litecoin?
Buy Litecoin

Litecoin Price

Price
$ 53.91 USD
0.00842312 BTC
24hr Volume
$ 282,090,067.83 USD
Market Cap
$ 3,146,749,815.00 USD
1 Hour Change
-0.02 %
24 Hour Change
-0.54 %
7 Day Change
2.01 %

What is Litecoin?

Litecoin is a fast, low-fee decentralized cryptocurrency. Litecoin was released to the world via an open-source client on GitHub on the 7th, October 2011 by Charlie Lee. At the time, Lee was an engineer at Google, and he later went on to head engineering at Coinbase. The Litecoin network went live on the 13th, October 2011. Litecoin was a fork of the Bitcoin core, the only differences being a reduced block time (2.5 minutes as opposed to Bitcoin’s 10 minutes), a slightly modified GUI, increased maximum supply and a different hashing algorithm. Litecoin was launched with the aim of being “silver” to Bitcoin’s “gold.”

Litecoin Mining

Just like Bitcoin, Litecoin cryptocurrency is generated by mining. However, unlike Bitcoin’s SHA-256 hashing algorithm, Litecoin uses a different proof of work algorithm known as the scrypt algorithm. Even if scrypt integrates the SHA-256 algorithm, its calculations are far more serialized than those of Bitcoin’s SHA-256. Script favors big amounts of high-speed RAM, more than raw processing power alone. For this reason, scrypt is dubbed “a memory hard problem.” The scrypt algorithm makes the devices made for mining Litecoin; (i.e., FPGA and ASIC) more complicated to create and even more expensive to produce than they are with Bitcoin.

Litecoin vs Bitcoin

Another significant difference between Bitcoin and Litecoin is the transaction speed. Litecoin is faster and time to confirmation shorter. The estimated max supply of Litecoin is 84 million units, roughly 4x that of Bitcoin. When the maximum Litecoin supply has been mined, no further Litecoins will be produced, and farther transactions will be carried out based on transaction fees.

Litecoin News

In November 2013, the aggregate value of Litecoin experienced massive growth that included a 100% leap in twenty-four hours. At that time, Litecoin reached a market capitalization of $1 billion. The year 2017 was a landmark for Litecoin. In May 2017, Litecoin became the first among the top 5 cryptocurrencies (by market cap) to adopt Segregated Witness. Later that month, Litecoin was able to complete the first-ever Lightning Network Transaction, whereby 0.00000001LTC was transferred from Zurich to San Francisco in less than one second.

By the 12th of December 2017, notably, LTC achieved $300, and by 18th the same month, the cryptocurrency was trading at $350.52, surpassing IOTA with a market cap of around $15 billion to become the fourth largest cryptocurrency globally. According to CoinMarketCap figures, at this price, Litecoin had risen more than 8,200% YTD. To explain this sharp appreciation, market analysts have pointed out different variables, one of them being the tight price relationship between Litecoin and Bitcoin, noting that the two cryptocurrencies have regularly moved in tandem.

As Bitcoin prices have been appreciating, Litecoin has also followed suit. More and more investors are taking an interest in cryptocurrency, and Litecoin in particular, due to its competitively lower price and faster confirmation times, which is another cause for the surge.

2018 Roadmap

Litecoin seems to be following in the footsteps of Dash, by putting in place a dedicated marketing team. Litecoin has been fighting to keep its place among the top ten cryptocurrencies, as other coins such as Cardano have surpassed Litecoin in market cap. However, Litecoin has the benefit of a larger ecosystem as well as being a reliable cryptocurrency for transacting funds and back into fiat when required. Litecoin may also benefit from Bitcoin’s reduced dominance, with Bitcoin worth just 36% of the entire market capitalization on the crypto-market. At the moment, the price of LTC is gradually recovering and is placed above $165 and $180 against the US Dollar, and there are high expectations that it may move higher towards $200. The last low was $165.

Open Bazaar

Moreover, OpenBazaar has recently included Litecoin as an additional payment option. With its price expected to rise higher in 2018, Litecoin is still not seen as a spending coin but as an investment. The most bullish predictions on LTC see its market price at $5,000 as it remains popular in European markets. Litecoin mining has also become more active, growing to approximately 12 GH/s, as the difficulty has increased in the previous few adjustment periods and it is expected to rise as the year advances.

Charlie Lee

After Litecoin’s co-founder Lee Charlie announced that he sold and donated all his Litecoin holdings late last year, he attributed it to criticism by people on Twitter. Mr. Charlie said that it would be a conflict of interest to hold Litecoin because he has become so influential. Despite a brief slump, the price of Litecoin did not drop materially following his announcement.

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