Litecoin (LTC) is a peer-to-peer digital currency and one of the first Bitcoin forks. Launched in 2011 by Charlee Lee, a former Google and Coinbase employee, and largely based on Bitcoin, Litecoin was the second cryptocurrency to emerge and remains one of the most popular. Every block in the Litecoin networks is generated within 2.5 minutes – 4 times faster than Bitcoin, which leads to faster transaction confirmations. Proportional to the mining speed, the total LTC supply (84 Million) is also 4 times higher than that of BTC.
Just like Bitcoin, Litecoin is a fully decentralized, open-source global payment network. The idea behind its conception was to improve the existing shortcomings of Bitcoin. It is also implemented in the C++ programming language but uses a different cryptographic function (Scrypt) in its Proof-of-Work (PoW) algorithm. Scrypt requires the use of specific mining hardware, which requires significantly more processing power and is more expensive to produce.
Litecoin price prediction
Having peaked at $237.57 in December 2017, the price of Litecoin is currently fluctuating around $40. A rapid but short-lived increase in its price up to $138 took place in June 2019 due to the upcoming halving. Since then, an overall decreasing trend has dominated the currency.
Nevertheless, Litecoin (LTC) is still considered a good investment due to its relative stability on the market. With a total market capitalization of $2,8 billion, Litecoin is the fourth most popular digital currency. Litecoin is not expected to lose its relevance and top position over the next 4-5 years; its price is likely to grow proportional to the rate of adoption.
Litecoin is unlikely to ever catch up with the price of Bitcoin; however, WalletIvestor predicts the possibility of LTC price reaching $169.8 in 2020. Furthermore, Litecoin is perceived as a direct successor of Bitcoin in case the latter continues to experience problems with scalability – which would further strengthen LTC. Read more
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