Since the inception of Bitcoin, we have started to see cryptocurrency creep into the mainstream. With thousands of other niche types of cryptocurrency have followed the footsteps of bitcoin. Some successfully and some not as successfully. Some other cryptos have however managed to gather pace when it’s come to their following and investment in them. Today we’re going to take a look at once of these and it’s name is Litecoin.
At the time of writing this, Litecoin currently stands out amongst the many wanna-be cryptocurrencies and is the 7th largest digital currency in the world. With a total market cap of around $3billion. Which is dwarfed by that of Bitcoin’s but is still a huge market cap. Some other advantages to Litecoin include that a far great number of Litecoins can be mined in comparison to bitcoin. It also has a much faster transaction speed allow it to be more preferred for a wide range of applications.
However, when it comes down to the technical details, the two are near-enough identical. And both rely on the proof of work process when it comes to how the two cryptocurrencies are mined respectively. Litecoin itself was developed by a former Google employee who goes by the name of Charlie Lee in 2011. Two years after the inception of Bitcoin.
When trading Litecoin, similarly to Bitcoin, it is compared to the USD as the base currency. And so if you buy Litecoin at price X and sell it at a higher price of Y, then you have made a profit in the equivalent of USD. However other popular world currencies are also able to trade against.
Similarly to currencies in general and many cryptocurrencies, the price of Litecoin can be affected by many factors including regulation, supply, demand, press, adoption and much more. Just like Bitcoin has been boosted by the press due to Tesla, for example, buying $1B worth, the press can either help boost or lower the price.
There is also a finite amount of Litecoins available in the world. With the total being 84 million. Many more in comparison to bitcoin where there are only 21 million, of which over 18 million have already been mined. Meaning it has a long way to go under we can start to see the peak of the price when it comes to Litecoin.
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