Its current valuation is derived from the balance of supply and demand in the markets and constantly changes. After a relatively slow week, bitcoin’s price fell sharply late Thursday as over $62 million in BTC long positions were liquidated during the Asian overnight trading session. CoinDesk’s Editor at Large Christie Harkin and Crypto Markets Analyst Glenn Williams Jr. take a look back at what happened this week for the largest cryptocurrency by market capitalization. The Litecoin price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. Litecoin and Bitcoin have many similarities — after all, LTC is a fork of BTC.
Nonetheless, they have different hash functions, and Litecoin was specifically designed to process transactions four times faster than Bitcoin. Litecoin has been the third cryptocurrency by GMT market capitalization for a very long time. This crypto coin has been active for over nine years now and has managed to be successful for most of this period. At the moment, it is still ranked among the top 30 cryptocurrencies by market cap. The good thing is that almost all cryptocurrency trading platforms support Litecoin.
Litecoin Latest News
In its technical specifications and how it operates, as well as in its overarching product design and market strategy, Litecoin is very similar to Bitcoin, nearly identical in fact. Launched in 2011, Litecoin is one of the oldest and most widely accepted cryptocurrencies. Litecoin has inspired many other popular alternative currencies (eg.Dogecoin) because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. However it is said that by the end of this year, Scrypt ASIC will enter the mass market. The transaction confirmation time taken for Litecoin is about 2.5 minutes on average (as compared to Bitcoin’s 10 minutes). The Litecoin network is scheduled to cap at 84 million currency units.
The creation and the transfer of new coins are powered by the open-source cryptographically-secured protocols MIT/X11. Although Litecoin was inspired by Bitcoin and is very similar in technical terms, it allows for cheaper and quicker transactions. To understand the way Litecoin works in detail, we should find out how it is different from Bitcoin. The main differences between both currencies are in terms of speed, number of coins, and the mining algorithm. This metric can be used as a predictive indicator of the asset’s future market capitalization. For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction.
Bear in mind that to be able to navigate the software successfully, you will need basic tech skills. If you find it too daunting, switch to one of the third-party solutions. What all of this comes to show is that predicting the coin’s price is very hard even for seasoned industry professionals. The technological development, the market shifts, the regulation – all these and other factors that are hard to take into account at this point in time further complicate the price prediction process.
What Is the Current Price of Litecoin?
Litecoin is available for immediate purchase at Kriptomat. The current price is 84.910 EUR.
Try nowSend Litecoin as a gift to your friends and family with no cost or wait times. Stay up to date with the latest NDAX news, market updates, and crypto trading education. The number of LTC mined per block will continue to drop by half, roughly every four years, until a total of 84 million LTC has been mined. This was once more followed by a decline, though not as sudden as the last one, dragging on until the price of ETH Litecoin dropped below $25.
How the price of Litecoin is determined
There are several different ways to storeLitecoin – you can choose from hardware, software, paper, and mobile wallet solutions. If you aren’t familiar with the pros and cons of each category, make sure to check ourbrief guide here. Since the start of the 2019 NFL season, for example, the Miami Dolphins havestarted accepting Litecoin paymentsfor ticket purchases. After adding Bitcoin to its payment methods,Overstock.com has proceeded to add other cryptocurrencies, including Litecoin, Monero, and Dash. To get into more practical details regarding the Litecoin mining process, make sure to check thetutorials on the Litecoin Wiki page.
There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin’s price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project’s whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely. Litecoin price reached an all time high of some $370 dollars in May 2021 during the cryptocurrency market bull run.
How does Litecoin work?
Litecoin can handle higher volumes of transactions because of the capability of transacting faster and if Bitcoin attempted to transact on the scale of its altcoin, a code update would be needed. However, Litecoin’s blocks would be larger, but with more ‘orphaned blocks’. The faster block time of litecoin reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power. The history of LTC price has had many different influences, including protocol upgrades, exchange listings, and movements in the wider crypto market.
I feel him tho, I don’t really plan to tell my parents how much I’ve made for a while. I’m up more than him, but I prefer to keep them in the dark until I’ve made a lot more. I don’t want them knowing how much is on the line truly and how I’ve taken zero profits lol
— General (@LinkGeneraI) August 15, 2021
There are two possible ways to own https://www.beaxy.com/s – either by mining or by buying from an exchange. The majority of the users usually prefer the latter as it is way easier and quicker. Another function of Litecoin is to serve as an investible instrument and storage of value.
With substantial support from the industry, trading volumes and liquidity, Litecoin is a proven trading medium is on a par with Bitcoin. Cryptocurrencies are still emerging technology, and few are using them for transactions. As such, most users are speculators who look at the value of all coins in circulation as the market capitalization rather than money supply. Still, the average number of Litecoin transactions ranges in the tens of thousands, meaning that the cryptocurrency has a substantial financial footprint. The Litecoin’s mining process is based on the Proof-of-Work consensus mechanism, similarly to Bitcoin.
Based on historical performance, Litecoin tracks the overall cryptocurrency market. As bitcoin price and the overall crypto market cap goes up, Litecoin tends to follow accordingly. Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoinprotocol but differs in terms of the hashing algorithm used.
You will also get a quick understanding of which of the listed venues allow you to buy LTC with fiat and which require to deposit another cryptocurrency first. Aside from that, thanks to ourTransparency Rating, you will be able to choose from the most reputable exchanges and avoid dealing with shady service providers. A block of Litecoin transactions is verified every 2.5 minutes, which is four times faster, considering the 10-minute interval for blocks on the Bitcoin blockchain. At the time of this writing, the reward of mining a block is 12.5 LTC. However, it halves with every 840,000 mined coins, so the next step is 6.25 LTC per block. The process will continue at regular intervals until the 84,000,000th LTC is mined.
The long term senhow much is litecoinnt, however, remains bullish and LTC could hit $113.36 in 2024. Litecoin was envisioned by Lee and early supporters then, as the cryptocurrency industry’s silver to Nakamoto’s digital gold. As such, it has been widely sought by risk tolerant investors as an inflation hedge against the US dollar and other fiat currencies. Litecoin price has delivered on this promise so far in its existence.
How much will Litecoin be worth in 5 years?
In the next five years, the expected maximum Litecoin price is $180, with an average future price to be around $170 for the year 2027.
No part of the content we provide constitutes financial advice on coin prices, legal advice, or any other form of advice meant for you to rely on for any purpose. Any use or reliance on our content is solely at your own risk and discretion. Affectionately nicknamed “Chocobo,” Lee also has experience outside the crypto industry. He is a Google alum, formerly working as a software engineer for the search giant.
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. The live price of Litecoin is $ 90.62 per (LTC / USD) today with a current market cap of $ 6.56B USD. Despite not being among the top 10 cryptocurrencies by market capitalization, Litecoin is still an incredibly popular cryptocurrency. As a result, there are quite a lot of Litecoin price predictions out there made by top industry analysts. In 2016, Litecoin became the second-biggest cryptocurrency, overtaking all existing altcoins at that time.
As Litecoin uses aPoW consensus to secure the blockchain through the transaction validation process, LTC is used to reward miners who assist in the process. Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups. DCG has no operational input into the selection or duration of CoinDesk content in all its forms. Digital assets like Ethereum, which were more technologically advanced than the Litecoin cryptocurrency, attracted more crypto investors.
If currencies go mainstream and achieve widespread adoption, then the price of Litecoin, as one of the frontrunners, will surge. So far, it moves in the right direction – the network is developing new functionalities at a steady rate, and its community is continuously growing. The Litecoin project was released under the MIT/X11 open-source license that allows the community to copy, modify, run, and distribute the software. The Litecoin network officially went live on October 13, 2011, as a fork of the Bitcoin Core client. Litecoin is designed as a P2P digital currency that allows instant and very cheap borderless transactions. The cryptocurrency is a fully-decentralized open-source payment network that operates independently of issuers, central authorities, or regulators.
- Litecoin was created just a short while after Bitcoin, as a response to some of the criticisms levelled against the latter cryptocurrency.
- Due to its potential for attaining traction on the crypto market, Litecoin is one of the cryptocurrencies you might want to consider having in your portfolio.
- Litecoin’s price for 14 Mar 2023 according to our analysis should range between $93.39 to $107.45 and the average price of LTC should be around $100.42.
- Once you do so, you will have LTC in your wallet within minutes.
Litecoin enjoys a healthy and liquid market, better than those of other cryptocurrencies. Another positive is that Litecoin resembles Bitcoin very closely. This means that all positive developments in the Bitcoin world will inevitably affect Litecoin as well. It is safe to say that Litecoin complements Bitcoin, instead of competing with it. However, in this case, the number of coins is capped at 84 million, which is four times the limit of Bitcoin. At the time of this writing, 75% of all Litecoins are already mined.