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Thursday, February 2, 2023

What you need to know about Litecoin (LTC)

When Bitcoin first came, it was hailed. Mister Satoshi created something that took over the world and created a new market in itself. But as the technology advanced it was found that Bitcoin does have some problems that are stopping it to be accepted overall. One, it was not energy efficient. Two, the transaction speed was slow. Three, it had a huge transaction fee. In the early days, these problems were tackled by another crypto project known as Litecoin (LTC)

What is Litecoin (LTC)?

Litecoin was hailed as the lite version of Bitcoin. It offered faster speed and less transaction speed as compared to Bitcoin. This resulted in the fast adoption of the currency in the world and price continuously increased. LTC was released on October 7th, 2011. Litecoin’s block time is around 2.5 minutes and extremely low transaction fee which makes it eye catching. The network went live after 5 days. Just like PoW projects the supply s continuously increasing over the time. As of January 66.245M coins have been mined and the full supply be available around 2140.

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Current and Past Movement

At the time of writing LTC is being traded at the price of $169.80. It has had a decrease of 5.03% in the past 24 hours. LTC is listed at 15th spot on coinmarketcap according to dominance i.e. 0.51%. In the past 24 hours the trading volume has decreased by 0.72%. LTC created its ATH on May 9th, 2021 and reached a price of $386.45. In the past Ltc has had hard time running. The price had been range bound between $2 and $4 for several years after the crash of 2014. Before that crash Ltc had achieved a price of $44.73 but the crash dropped it down. But after 2017 the price showed incredible strength and came back to create new highs and eventually went to the three digit club. Like many different coins, this month has been bullish for the price.

Future Predictions

Litecoin has surely tapped into the mindsets of the investors. It has provided them something that’s why they are keeping an eye on it. For the long term investment plan Litecoin is surely a good investment. For one year investment plan the price is to be expected to reach a level of $255 and for a five year plan it is to reach around $577.

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