Guide: What is Litecoin, its value, origins, and comparison with Bitcoin

Guide: What is Litecoin, its value, origins, and comparison with Bitcoin

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Cryptocurrency gains more and more popularity every day. Some cryptocurrencies gained a stable position at the top of the list a long time ago. Litecoin is among them. Today we are going to talk about what is litecoin, its price, and some other issues.

What is Litecoin?

Guide: What is Litecoin, its value, origins, and comparison with Bitcoin

Litecoin is a cryptocurrency created in 2011 by Charlie Lee, who is an ex-Google employee. He wanted to create something similar to Bitcoin but lighter.

Bitcoin was always called “gold” by traders. Litecoin became the “silver” of the crypto world. The transaction costs for this currency were and are much lower than those that BTC has.

You might want to read more on the topic: What is Ripple (Kenneth Park).

Comparison of Bitcoin and Litecoin

Guide: What is Litecoin, its value, origins, and comparison with Bitcoin

Here is a comparison from Coindesk. We can see that Litecoin has a higher coin limit and lower mean block time.

Basically, it is how we have already mentioned. Litecoin is a clone of Bitcoin but in a lighter version. This makes it easier to use in everyday life. However, traders considered this cryptocurrency interesting, and they were not wrong. The price since its release had grown significantly. How to trade Litecoin – read more on topic and start making profits today!

Litecoin Prices

At the moment this article was being written, the price per one Litecoin was almost $70. It is slowly recovering after the biggest price drop in December 2019 when it cost $39. However, the fall happened after LTC reached its maximum price for 2019. That was roughly $140.

Guide: What is Litecoin, its value, origins, and comparison with Bitcoin

If you take a look at the graph offered by Coinbase, you can see that in 2017 one Litecoin cost only $4! On December 15, 2017, the peak price of $300 was reached. The Litecoin price is quite volatile.

Guide: What is Litecoin, its value, origins, and comparison with Bitcoin

Just have a look at the position of this cryptocurrency by the highest market cap. According to Coin Market Cap, Litecoin has taken the fifth position among all other cryptocurrencies. This is a very good thing for its future prosperity,

Litecoin Price Prediction 2020+

The crypto “silver” has all the chances to grow in price. Currently, the price is at the beginning of an uptrend that is expected to be long term as the previous one where the price had reached $300. 

According to WalletInvestor, the price prediction is in 2020 LTC will reach a stable value of $160+. By 2025 this price might grow till $1700. Another prediction from DigitalCoinPrice mentions that the maximum price will be near $103.

However, there are many predictions, and all of them write that Litecoin has no chances of overtaking Bitcoin. Yes, the price will grow, but this cryptocurrency will not reach the grand top. The creator of LTC Charlee Lee wrote in 2018 in his Twitter account that it is quite easy to argue about specific numbers, and he considers a price of $3000 ridiculously high for his cryptocurrency. 

Conclusion

Litecoin is a cryptocurrency with many prospects. This conclusion can be made by simply analyzing all its criteria, looking at its growth for the last few years, and getting acquainted with the reasons for its rise in value.