By Neaman Lerhmari
By Neaman Lerhmari
In the light of all the attention Bitcoin gathered in the past months, other cryptocurrencies emerged as strong rivals and alternatives. While Litecoin, often abbreviated as LTC, didn’t reach prices as high as USD 16,648.63 like Bitcoin, its evolution remains nevertheless explosive.
According to Forbes, Litecoin started the year 2017 with prices as low as four dollars, reaching USD 290.99 today. Bitcoin prices climbed up to reach $17,364.56 on Bitcoin Price Index, Totalling more than 1,600% in Year To Date returns. Litecoin’s YTD returns brushed 4,215 percent.
What makes Litecoin a rival with mounting popularity, to the point that it has two Subreddits Within a year of transactions, the cryptocurrency has driven nearly three times more revenue than Bitcoin.
Litecoin’s success also stems out of another convenience: as a fork of the Bitcoin blockchain, it can be used by the very same tools the bitcoiners use to trade.
Except Litecoin is faster. Its network processes a block every 2.5 minutes, rather than Bitcoin which does so every 10 minutes, thus allowing faster transaction confirmation. The latter, according to Forbes, undergoes a “high level of unconfirmed transaction.”
Not only is Litecoin faster, but it is harder to mine (i.e to produce ex-nihilo) and thus relatively more scarce than the very popular Bitcoin, which is being mined by companies and third parties all over the world.
“Litecoin is more scalable by nature and with Bitcoins’ mempool currently flooded with unconfirmed transactions Litecoin is looking much better than BTC as a medium of exchange,” Mati Greenspan, senior market analyst for eToro, told Forbes.
Currently, Litecoin sits on the fourth position, right after Bitcoin Cash, Ethereum, and Bitcoin. Its price graph shows its sharp climb with significantly less fluctuations, enough to attract investors and news headlines alike.