Litecoin Price Today - LTC Live Charts
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MarketCap$ 9,537,193,546
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Volume$ 814,298,013
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Change-1.19%
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Updated on Apr 30, 2024
Overview: What is Litecoin (LTC)?
Litecoin (LTC) is the second-oldest cryptocurrency next to Bitcoin, and it is still one of the most popular. We can track Litecoin price history right back to its inception in 2011.
The Litecoin network was created from a “fork,” or the same source code, as Bitcoin, and it shares some of the features of Bitcoin. This coin’s creator, Charlie Lee, aspired to create a “coin that is silver to Bitcoin’s gold.” Where Bitcoin is a “store of value” or an asset like gold, Litecoin was created to be used more as a means of payment.
How Did Litecoin Start?
As the story goes, Litecoin creator Charlie Lee didn’t initially set out to launch the first cryptocurrency to follow Bitcoin. The coin evolved from Lee’s dabbling with the Bitcoin codebase and then developed into a cryptocurrency that offers faster transaction speeds than Bitcoin and with a larger supply, hence its potential for use in everyday transactions.
What Makes Litecoin (LTC) Unique?
Litecoin is able to process transactions on its blockchain faster than Bitcoin, at around 54 transactions per second, versus Bitcoin’s speed of roughly five transactions per second, making it far more usable.
Litecoin does use a proof-of-work (PoW) consensus mechanism to validate transactions, like Bitcoin, which means the cryptocurrency can be “mined” to create new coins and reward miners. However, Litecoin uses a different, less resource-intensive algorithm on its network, called Script, that is designed to be more secure. Litecoin was also created to be less susceptible to Bitcoin’s problem of larger mining operations gaining too much control over the network.
Litecoin has a fixed maximum supply of 84 million coins, compared to Bitcoin’s 24 million. Limiting the supply of cryptocurrencies makes them “scarce,” which can increase their value. Litecoin will always be less scarce than Bitcoin, which may influence Litecoin price and Litecoin price predictions.
How Does Litecoin Work?
When Litecoin transactions take place, Litecoin miners use software and computing power, and the Litecoin algorithm to solve mathematical problems called hashes, which allow them to record new transactions to the network. The first miner to solve a hash problem receives 6.25 LTC for the work, and these new LTC enter circulation. This is the PoW consensus mechanism.
How is the Price of Litecoin Determined?
Litecoin price is determined by supply and demand, high demand will increase Litecoin price, and low demand will decrease its price. Litecoin’s value can be determined by monitoring a Litecoin price chart and its value against a traditional currency like the US dollar (USD) or your local currency, e.g., Litecoin price AUD or Litecoin price GBP for Australia or the UK, respectively.
A Litecoin price chart will tell you Litecoin price today and Litecoin price history but when you come to buy Litecoin on an exchange, you might see a variation of that price due to the liquidity or supply and demand on the exchange.
Where Can You Buy Litecoin (LTC)?
You can buy Litecoin (LTC) that has been mined and entered circulation, meaning they are available on the digital currency market on a cryptocurrency exchange. Because of Litecoin’s history and popularity, it is available on most popular cryptocurrency exchanges.
If you are registering to use a new cryptocurrency exchange in order to buy Litecoin, then it’s worth just making sure the platform offers LTC. There are hundreds of cryptocurrency exchanges, and each has different rules, fees, and levels of security.
What Does Litecoin (LTC) Halving Mean?
As we’ve noted, Litecoin has a finite supply of 84 million coins, so miners can’t be rewarded for processing Litecoin transactions at a rate of 6.25 LTC per transaction forever. In fact, what happens is the miner’s reward for recording these new blocks to the network halves periodically, just like Bitcoin.
When Litecoin first launched, miners received 50 LTC for each successful transaction recorded. After every 840,000 Litecoin transactions, the reward for miners halves, and this is Litecoin halving. So, the first Litecoin halving took the reward for mining from 50 LTC to 25 LTC, and the most recent Litecoin halving, in August 2023, resulted in a mining reward for each transaction of 6.25 LTC.
Litecoin (LTC) Price Prediction 2023-2025
As with any cryptocurrency, Litecoin price prediction, day by day, changes. The cryptocurrency market is volatile, and it’s influenced by factors such as supply and demand, cryptocurrency project developments, and also by global regulation and consumer perception.
To decide “Is Litecoin worth buying?” needs a little research, elements to consider are Litecoin’s price history and Litecoin price analysis from a variety of sources.
At the time of writing, we can see Litecoin’s price in USD is $64.09 and that Litecoin price prediction for 2040 can be as high as $3,450 but that other Litecoin price analyses put Litecoin price prediction for 2040 at $1,543 and Litecoin price in 2024 at $136.
Litecoin price history, Bitcoin price history, and the volatility observed in the cryptocurrency market to date tell us that cryptocurrency prices are incredibly difficult to predict accurately and that coin values can very quickly go up or down.
FAQs
Does Litecoin (LTC) have a future?
As Litecoin (LTC) is the native token of its network and has utility for the platform, which is faster, has lower transaction costs, and is potentially more secure than Bitcoin, the coin has long-term potential.
Is Litecoin a good or bad investment?
The volatility of individual cryptocurrencies and the broader cryptocurrency market, which has yet to be entirely regulated, makes it difficult to judge whether any particular coin is a good or a bad investment. Analysts are generally optimistic about Litecoin. Investors should consider the factors influencing Litecoin (LTC) as a store of value and the Litecoin network’s technological potential.
What gives Litecoin value?
Litecoin’s value is determined by supply and demand in the cryptocurrency market. As LTC is used to secure the Litecoin blockchain and has utility, this adds to its value. Still, the network’s overall success also determines this value.
Should I buy LTC or ETH?
It is challenging to compare LTC and ETH on a like-for-like basis as their native blockchains each serve a very different purpose. Litecoin is a network for peer-to-peer transfers, whereas Ethereum is a programmable smart contract blockchain where developers can build their projects.
However, both coins show promise for investors, and their prices will fluctuate with market supply and demand. Litecoin currently has a market capitalization of over $4.6 billion and Ethereum over $196 billion, demonstrating popularity in the crypto market.
Is Litecoin better than Bitcoin?
The Litecoin network is faster, potentially more secure. It has lower costs than the Bitcoin blockchain, which makes it better for peer-to-peer transfers and payments. The Bitcoin blockchain is much slower, but BTC has evolved into an asset akin to gold, making it more popular with investors who hope to maximize future upward price swings. Both LTC and BTC prices could increase or decrease.
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