Litecoin Price LTC, Market Cap, Price Today & Chart History

Litecoin is a peer-to-peer payments cryptocurrency that was forked from Bitcoin in 2011. As one of the earliest cryptocurrencies after Bitcoin, it is one of the first altcoins and allows users to send payments quickly and easily. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. CoinDesk journalists are not allowed to purchase stock outright in DCG. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.

• It was created based on the Bitcoinprotocol but differs in terms of the hashing algorithm used.
• The cryptocurrency community is actively trying to solve this problem with technologies such as Lightning Network for bitcoin, but as of today, these protocols have not yet been fully implemented.
• As a fork of Bitcoin, the LTC network is based on the BTC protocol.
• SoFi will apply a markup of up to 1.25% for each crypto transaction.

In the cryptocurrency it is often said that if Bitcoin represents gold, Litecoin represents silver. However, its features often ended up being implemented to Bitcoin’s code as well. Please also note that data relating to the above-mentioned cryptocurrency presented here are based on third party sources. They are presented to you on an “as is” basis and for informational purposes only, without representation or warranty of any kind. Links provided to third-party sites are also not under Binance’s control. Binance is not responsible for the reliability and accuracy of such third-party sites and their contents.

Litecoin FAQ

Generally, LTC is one of the more popular cryptocurrencies available. With a reliable demand for the product, its value should not experience extreme crashes. Alternatively, it is possible to mine LTC, however, larger upfront investments are required in order to make profit. The more people use the network, the demand for LTC rises, which causes the value to rise as GAL well.

Well, as the mining power isn’t concentrated among the biggest players that can afford expensive mining, Litecoin mining is more accessible to individuals. Of the total supply of 84 million Litecoins, approximately 13 million Litecoins are left to mine as of December 2022. Bitcoin and the wider crypto market began to correct after the bullish momentum that drove last week’s rally to year-to-date highs started to fizzle out. Bitcoin and select altcoins continue to consolidate near their recent highs, increasing the possibility of an upside breakout. The creator of a Bitcoin Ordinals protocol fork that works on Litecoin said he did it all for a crypto bounty of a few thousand dollars. In June 2017, Charle Lee left his position at Coinbase to commit to Litecoin full time and is currently head of the Litecoin Foundation, which stewards and finances Litecoin ecosystem development.

Digital Coin Price

They think that Litecoin’s price and market cap are going to decline in both the short- and the long run. Like most other Litecoin price forecasts, the one from Digital Coin Price is also bullish on this digital asset. Their price prediction sees the coin’s price doubling in value over the next five years. Since 2011, Litecoin has led the cryptocurrency space as a secure, decentralized and innovative currency. Since Litecoin uses Proof-of-Work to validate transactions, Litecoins are “mined”. Mining is the process rewarding new coins entering circulation to those who do the computation needed to validate transactions.

https://www.beaxy.com/ is one of the most prominent altcoins and was created by former Google employee and Director of Engineering atCoinbase, Charlie Lee. Litecoin was the first to alter Bitcoin and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, in comparison to Bitcoin’s 10 minutes. LTC is the native cryptocurrency of Litecoin, an open-source blockchain project whose code is copied from Bitcoin’s.

It is possible to cash out of LTC directly, as many exchanges offer a direct LTC/fiat par. If that is not an option, changing LTC to BTC first would be the most efficient way, as cashing out of BTC is available in every exchange. Alternatively, it is possible to find someone in person to trade with. Increasing the investment is always possible, however, the general rule is that you should never invest more than you are willing to lose.

A “buy” signal means that Litecoin’s price is expected to rise in the near future. A “sell” signal means that the coin is likely to decline in value soon. This type of analysis is best suited for short-term price predictions. While transactions on both the Bitcoin and Litecoin networks happen instantaneously, it takes time for them to be confirmed.

www.coinbase.com

Litecoin was launched in 2011 by computer scientist Charlie Lee and has been one of the most relevant altcoins for practically its entire existence. Litecoin is a sibling to Bitcoin that opts for faster and cheaper payments while letting BTC handle large transactions. Its development team, led by Charlie Lee, has brought many groundbreaking discoveries to the crypto world. With its transactions acting essentially just like Bitcoin’s – only faster – its greatest potential use case is for payments that are too small and/or too time-sensitive for Bitcoin’s network. Litecoin is programmed to have a finite supply of 84 million LTC.

On top of that, Litecoin has a dedicated development team that works on improving the network, and many of the network upgrades they created ended up being used on the Bitcoin network . Litecoin shares many features with the largest cryptocurrency by market cap – Bitcoin. However, the two cryptocurrencies are not the same, even though they have a lot in common. While Litecoin was not the first cryptocurrency to copy Bitcoin’s code and alter its features, it is one of the most significant ones . However, Litecoin was not only slightly modifying Bitcoin’s source code, but also created several revolutionary features, such as the Lightning Network and Segregated Witness.

April 2023: Litecoin Price Forecast

They expect this to grow tenfold in just five years and can see Litecoin’s future price crossing over the $3K mark before this decade is over. Crypto analysts have checked the price fluctuations of Litecoin in 2023 and in previous years, so the average LTC rate they predict might be around $103.04 in May 2023. Despite having a solid technical foundation, Litecoin doesn’t really have any of those things. As mentioned earlier, Litecoin uses the Scrypt algorithm, whereas Bitcoin uses SHA-256. Scrypt powers Litecoin’s PoW consensus mechanism, contributing to the coin’s decentralization.

The Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. Any data, text or other content on this page is provided as general market information and not as investment advice.

Thanks to its vast, crypto litecoin network of participants, coupled with the efforts of its developers, LTC is unlikely to succumb to these types of malicious network attacks. The other parts of the equation that grant Litecoin value are its usability and its network size (both in terms of miners and buyers/sellers). Charlie Lee departed from Coinbase to pursue Litecoin development full time in late 2017. He now serves as the managing director of the Litecoin Foundation, a development team working on the project full-time.

Scrypt, an alternative proof-of-work algorithm, is used for Litecoin. It differs from Bitcoin’s SHA-256 algorithm in part by including a sequential memory-hard function, requiring asymptotically more memory than an algorithm which is not memory-hard. In June 2022, PayPal added the ability for users to transfer Litecoin along with Bitcoin, Ethereum and Bitcoin Cash between PayPal to other wallets and exchanges.

• Litecoin used to be one of the first cryptocurrencies people learned of when they entered the market.
• Litecoin too has had forks, or splits from the blockchain, such as Junkcoin , Monacoin , Litecoin Cash , CloakCoin and Einsteinium .
• This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
• Also similar to Bitcoin, Litecoin’s supply is set to reduce over time as a method of retaining the coin’s value.

There are many cryptocurrencies that can be considered “better” than Litecoin on a technical level — for example, Ethereum. However, that does not mean LTC is bad or useless — it simply offers something different. It is still favored by many investors as a cheap and quick medium of exchange.

Although they are bearish on it in the short term, they expect LTC to start rising again sometime next year. The Price Prediction platform’s Litecoin forecast is unbelievably bullish. It is probably one of the most optimistic LTC price predictions you will find.

However, the developers included a clause in the code that would allow them to claim 7.7 million TBX for themselves at no cost, which was criticized by users. Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency.