Litecoin

#7
Price: $52.4300931345
Change(24h):
-1.65%
Volume(24h): $266,845,824
Market Cap: $3,084,517,525
Created in 2011 through a source code fork of the Bitcoin Core client, Litecoin is a direct competitor of Bitcoin, designed to become a globally recognized means of payment. Litecoin developers claim it offers faster transaction confirmation than Bitcoin. Another advantage is that Litecoin uses scrypt in its Proof-of-Work algorithm, which makes mining difficult to monopolize, which is the case with Bitcoin. The Litecoin network is scheduled to produce up to four times as many units as Bitcoin.

Latest Hight: $182.88

Litecoin Markets

# Source: Pair: Price:
1
Bithumb
LTC/KRW
$52.5663716814159
2
HitBTC
LTC/USDT
$52.485493510568
3
Binance
LTC/BTC
$52.5349583164712
4
Binance
LTC/USDT
$52.4982620308
5
OKEx
LTC/BTC
$52.568423784004
6
GDAX
LTC/USD
$52.01
7
Huobi
LTC/USDT
$52.51790590808
8
OKEx
LTC/USDT
$52.5235044131048
9
Bitfinex
LTC/USD
$53.418
10
Bitstamp
LTC/USD
$51.96

 

Why Litecoin Is More Innovative than Bitcoin, but Will Never Have the Same Aura?

 

• Area to disrupt: Fast and cheap transactions, Money transfers

• Competition: Bitcoin, Bitcoin Cash

• Founded by: Charlie Lee

• Based in: Singapore (The Litecoin Foundation)

• Total supply: 84 000 000

Litecoin official logo

 

Litecoin Price - 1 LTC for Less Than 1 Cent! When Did That Happen?

Anyone who has invested in cryptocurrencies probably knows that one year in crypto feels like a decade in real life. So much growth, volatility and emotions are hard to be seen anywhere else. Probably a prove for this is that there isn’t much information about the Litecoin (LTC) price back in 2012.

You have to search through the Bitcointalk forum to find out what was the price of 1 LTC back then. Will you be amazed if I tell you that on April 28, 2012, on Litecoin was changing hands for USD 0.0038? This is 98 684 times less than the current all-time high of USD 375, reached in December 2017.

 

In fact, LTC was so unpopular back then that with a typical quad-core CPU from that time, you could expect to mine 675 LTC per month, worth... USD 2.50 on April 28, 2012.

Most of the people who mined LTC in that period were more interested in trading it for BTC. They didn’t believe much in the future of Litecoin, but it was easier to mine.

A year later – on April 28, 2013, LTC was trading at USD 4, but since the beginning of May until late October it was changing hands at around USD 2. Following the spike of Bitcoin to more than USD 1000 in November, LTC surged all the way up to over USD 40.

Litecoin price chart position

 

Then, after the crash of Mt. Gox, Litecoin lost momentum and started a bear trend. From mid-August 2014 to early March 2017, LTC was trading between USD 7 and USD 1.40.

The rise of Ethereum in March 2017 triggered an upward trend for most of the altcoins and Litecoin followed, too, becoming one of the most profitable crypto assets for 2017. LTC increased its value from USD 4 to USD 375 in less than a year.

On December 20, 2017, two days after LTC reached its current all-time high, the founder of Litecoin, Charlie Lee, announced on Reddit that he has sold all of his LTC.

This resulted in a massive decline in Litecoin price, which dived to as low as USD 108 in February 2018.

As of June 1, 2018, LTC still hasn’t recovered and it is trading at USD 120.

 

 

If Bitcoin is The Conservative Parent, Litecoin is The Progressive Millennial

Litecoin is one of the first cryptocurrencies that came in existence. It was released in 2011 by Charlie Lee, a former Google employee. Litecoin network went live on October 13, 2011. LTC is essentially a tweaked version of Bitcoin – the key differences are the decreased block generation time from 10 to 2.5 minutes, the increased maximum supply, and the different hashing algorithm.

 

Litecoin physical coin

The reason why Litecoin is nearly identical to Bitcoin is that it was created through a fork of the Bitcoin Core client and that’s why it has often been referred to as the little brother of Bitcoin or the Silver to Bitcoin’s Gold.

The LTC network offers primarily faster and cheaper transactions and if we have to distinguish one remarkable difference with Bitcoin, it will be that Litecoin has shown great focus on improvement and innovation when compared to the more conservative Bitcoin blockchain.

There are so many miners, people, and money involved in Bitcoin that there is a real resistance to upgrade the network, while Litecoin has a smaller mining pool, which is a lot more flexible and usually manages to reach consensus on disputable topics faster.

 

For example, Litecoin was the first big coin to adopt the Segregated Witness (SegWit) and the first network to support Lightning Network transactions.

In a way - if Bitcoin is the conservative parent, Litecoin is the progressive millennial.

 

 

LTC vs BTC - Basic Technology Differences

Having most of Bitcoin’s technical features, it is not surprising that Litecoin also uses Proof-of-Work (PoW) as a mechanism for validating blocks and transactions. However, as of June 1, 2018 Litecoin Hashrate (~318 000 TH/s) is around 115 times less than Bitcoin Hashrate (~37 200 000 TH/s).

This basically means that it is 115 time harder to perform a 51% attack on the BTC network or in other words – the Bitcoin network is a lot more secure.

 

LTC is the first cryptocurrency to use the Scrypt algorithm, instead of Bitcoin’s SHA-256. The rationale behind this is that when BTC was gaining in popularity, a lot of people were building specialized mining hardware called ASIC miners, which took the mining capability away from desktop PCs into the specialized mining farms.

So, Litecoin’s different hashing algorithm enabled the coin to be mined on a desktop computer for a longer period of time, but as of today LTC is also mined primarily at specialized locations thanks to the Antminer, which was created a few years ago.

Bitcoin physical coin near Litecoin physical coin

From a technological perspective, the most notable difference with BTC is that LTC is offering much faster transactions thanks to its faster block generation. The downside of this higher volume of blocks is that Litecoin’s blockchain will be four times bigger than Bitcoin’s with more orphaned blocks.

 

The Atomic Swaps

One of the interesting technologies that is getting a lot of attention recently are the atomic swaps. The atomic swaps basically let people change currencies directly, without the need of a third party.

Currently, if Bob wants to change his 1 BTC for Elena’s 60 LTC, they have to do it on an exchange and to pay fees for the transaction and withdrawals, but if they use an atomic swap, the middleman will be left behind.

LTC has performed a test run of on-chain atomic swaps with Decred/Vertcoin/Bitcoin, which once again is a confirmation that Litecoin is open to innovations and it won’t be surprising if LTC is one of the first cryptocurrencies to adopt this technology and be the driving force for its mainstream popularity.

 

 

Litecoin - The Kid Doomed to Live in The Shadow of Its Parent (BTC)

Litecoin network has proven to be much more agile vs its parent – adopting key innovations and improvements over the years. Back in the early days, almost anyone who was interested and invested in cryptocurrencies neglected Litecoin over Bitcoin.

Nowadays, more and more people believe that cryptocurrencies are here to stay and that there will be more than one use case for them. Hence, not only Bitcoin will be adopted, but other cryptocurrencies will find also their niches.

And because Litecoin originates from the Bitcoin source code it has a really good foundation to offer a reliable and secure network. In addition, it’s been six years since 2012 and Litecoin has built a solid community and supporters around itself.

That’s why we believe LTC certainly has a place in any portfolio, and some even feel it is largely neglected by crypto investors – standing at “only” USD 6.8 billion market cap vs Bitcoin’s USD 129 billion. (data as of May 31, 2018)

However, keep in mind that LTC does face a lot of the issues Bitcoin faces as well, but will never have the same kind of aura.

 

Description text: Lyubo Zhechev
(The views and opinions expressed by the contributor in this text should not be considered financial advice, neither treated as an expression of Coins.Online’s view.
Cryptocurrency trading and investing is risky and market participants are advised to always conduct a thorough research.)

 

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