Little by little, cryptocurrencies are beginning to stop being a novelty. The boom of Bitcoin and the consequent of many other virtual currencies has managed to place on the map some of those that have already been present for years but, until now, had remained out of the massive focus of eyes. One of them is the Litecoin, another one that, unsurprisingly, has started to increase in value in the last weeks.
Litecoin is a blockchain-based currency created by Charlie Lee in 2011 and that, in general, bears a lot of resemblance to Bitcoin, in the same way as many other currencies that exist today. Historically, Litecoin has been a currency that has moved at negligible prices since its inception, not having been until this last month when its valuation has begun to rise to levels that have managed to place its name on the radar of investors.
What is blockchain technology and why is it so important?
If we speak in figures, this rise translates into an increase close to 350 percent in the last 30 days. The value of each coin is also located above $ 300, with a market capitalization that is already around $ 18 billion and ranks Litecoin among the top five cryptocurrencies globally, along with Bitcoin, Ethereum, Bitcoin Cash (recently added to Coinbase), and Ripple.
What’s so special about it?
Just as Ethereum has a quite attractive profile and characteristics compared to Bitcoin, Litecoin does not have a very significant differentiation that allows this currency to be valued in a particularly special way. It is necessary to point out, however, that the speed of the transactions carried out is notably higher, making operations with it easier. This serves the original idea of creating a lighter and more abundant currency that would be to Bitcoin what silver is to gold.
Litecoin Founder Dumps All His LTC Coins
In this allegory, the reference to abundance comes from part of the total number of Litecoin coins that may exist. While in Bitcoin the total amounts to 21,000,000, in this other currency the amount amounts to 84,000,000, quadrupling the first. What will happen once the cap on mined coins is reached is still an unknown today about which no one dares to make predictions.
Present and future of Litecoin
Like almost all currencies at the moment, Litecoin is currently considered a long-term investment from which you can make a profit if the value rises. At the height of the cryptocurrency boom, this is something of the most natural thing, today a large number of purchases are made in this currency without any purpose beyond that of to be able to sell it in the future at a higher price, which has been favored in this case by the relatively low value compared to other major companies.
As for the future, it is difficult to predict even what will happen tomorrow, so much more in the long term. Lee himself already warned a few days ago that, if the predictions that he and his team expect for 2018 come true, it will be a year of ups and downs for Litecoin, so really the value it reflects now might not mean much in a few months. It is not the first to warn potential investors about acting with caution when investing in cryptocurrencies due to its high volatility, having also posted messages about it on platforms such as Coinbase.
What is Ethereum and what does it offer compared to other cryptocurrencies?
We would love to thank the author of this write-up for this outstanding web content
What is Litecoin and what is special about it?