All You Need to Know About litecoin

As a lighter version of Bitcoin, LTC has a block time of 2.5 minutes, and LTC uses the Scrypt algorithm. LTC also has SegWit activated, and LTC can handle more transactions per second than Bitcoin. LTC is often referred to as the silver to Bitcoin’s gold, https://www.tokenexus.com/ and LTC has a lot of potential. The LTC price history is very interesting, and I think LTC is worth keeping an eye on. Arguably, our Litecoin price prediction data implies that Litecoin will take off in 2023 as it reaches a new all-time high above $500.

Discover more about what crypto is and how it works in our Academy. The LTC price history looks like it’s about to turn around, and LTC might be the next big thing. LTC has been struggling for a while now, and LTC has been losing ground against Bitcoin. LTC is down over 70% from its all-time high, and LTC has been in a bear market for almost two years now. LTC is currently trading at $32, and LTC has a market cap of $2.1 billion. LTC is currently the sixth-largest cryptocurrency by market cap.

Want to learn more about trade finance? Download our free guides

A cryptocurrency based on privacy and user protection, Zcash uses zero-knowledge cryptography to provide anonymous transactions. Analyst Joseph Young predicts Litecoin will reach $1640 by the end of the year, while Greymasks, a popular cryptocurrency trader, believes Litecoin could hit $2000 in 2025. After a year full of fireworks, peace returns to the crypto market. Analysts expect litecoin to reach a peak of nearly € 200 in June. After that, the price will go down a little, to end up around € 188 by the end of the year. At the end of the next decade, 18 years from now, Litecoin could theoretically reach $10,000 per coin if it continues its current trajectory, as per our Litecoin price prediction.

Which many people have done – and Litecoin was one of the first to gain traction. The payment is halved every four years as supply diminishes to preserve purchasing power. The last halving was in August 20,19, when rewards dropped from 25 LTC to 12.5 LTC per block. Anybody can mine Litecoin even from a personal computer, although the more processing power available, the more likely a miner is to verify a block and receive a payment successfully. Whoever guesses an answer lower than the target hash, determined by the blockchain protocol, wins the reward – correctly 12.5 LTC but due to half in August 2023. Bitcoin has a maximum supply of 21 million compared to the 84 million LTC cap, which means it’s more liquid, although less valuable than BTC. That said, Litecoin is still one of the most-used tokens available, with a market cap of £6.1 billion and a value per LTC coin today of £86.57, according to Coinbase.

What is Litecoin used for?

Like Bitcoin, the reward for each block mined and verified halves periodically. The idea behind Litecoin was to develop a token with faster throughput speeds that is more accessible than Bitcoin. However, there are key differences, particularly regarding the proof-of-work mechanism powered by Scrypt and the rapid block generation process.

It is one of the first alternative coins (‘Altcoins’) to Bitcoin. In the current financial times, Litecoin stands as ‘digital silver’ to Bitcoin’s ‘digital gold’ status.

Litecoin Price Today

The main reason for this price difference could be the launch time, method, and availability of the cryptocurrency. Bitcoin’s launch was two years earlier than Litecoin, giving it more hype, reference, and ground for survival. Litecoin is an open-source internet currency that allows for instant, near-zero cost peer-to-peer payments across the world.

Bitcoin is currently trading at US$ 58,432, which is quite unlikely for any cryptocurrency. However, unlike most alternate coins, Litecoin has managed to maintain its position in the crypto market top ten by market cap. Litecoin has also garnered significant support from industry experts and big investors, giving it the ‘digital silver’ status. Litecoin is a digital asset and as such there are no centralized exchanges for trading Litecoin. In fact, as a peer-to-peer technology you could trade Litecoin with a group of friends if you wanted to do so. Litecoin is often said to be the digital silver to Bitcoin’s digital gold. It was created in 2011 by Charlie Lee, a then Google employee.

The UK’s most trusted exchange

Select GBP as the currency to give and LTC as the coin to receive. Select LTC as the coin to buy and GBP as the currency to pay. Bitcoin makes use of the longstanding SHA-256 algorithm, whereas Litecoin makes use of a What is Litecoin comparatively new algorithm known as Scrypt. AvaTrade UK is one of the few brokers to offer around-the-clock service and support in 15 languages. Check out the price of Litecoin on coinpass to keep ahead of the trend.

Author: David Pan