What is Litecoin (LTC)

What is Litecoin LTC

The cryptocurrency market is a real wealth of various projects. It is hard to believe that its beginnings date back to barely 2008. You can read about this history in the article titled “What is Bitcoin (BTC)“. But how did it happen that the need for more projects than the mentioned king of cryptocurrencies arose? And which coin was the first altcoin? This is what we would like to tell you about in this post.

A brief history and the technical aspects of Litecoin (LTC)

If you’ve ever heard the term “Bitcoin’s little brother”, it most likely refers to Litecoin (LTC). It was created in 2011 and is based on the same principles as the oldest of the cryptocurrencies. The creator of Litecoin is Charlie Lee, who, based on the Litecoin Foundation, watches over the development of the project.

The first block of the first altoin was dug exactly on October 11. Like Bitcoin, Litecoin is based on proof-of-work consensus, and it also undergoes cyclical halving.

There are not many differences between the two cryptocurrencies, but we can see that the projected total market supply of Litecoin, is four times that of Bitcoin at 84 million LTC. Also, the block mining time is four times lower at 2.5 minutes.

Since there are so many similarities between the two currencies, it becomes puzzling why Litecoin was created at all. The answer is very simple – to make transactions faster and cheaper. Despite the fact that currently this coin has many competitors in the area of value transfer, it still enjoys a lot of trust thanks to the implementation of Lightning Network, among other things.

Price development of Litecoin (LTC)

The history of the price of Litecoin (LTC) seems to be a bit more interesting than the history of most altcoins. All this is due to the bursting of as many as two speculative bubbles on this cryptocurrency. One of them took place on November 28, 2013, when LTC was priced at $50.27. After that date, LTC fell into a classic consolidation preceded by a bear market, only to reach another All Time High on December 19, 2017. This time with a valuation of $355.50. As with most altcoins, LTC’s price action is highly correlated with Bitcoin’s price action. For this reason, when comparing the shape of the charts of both cryptocurrencies, 2018-2020, seem to be almost identical in their performance. However, at the time of writing this article, the older brother has been priced above its previous highs for quite some time. LTC, on the other hand, would need to rise as much as 60% in value to reach the 2017 ATH. Thus, one can see that despite many similarities, the demand for LTC is significantly lower.

Nevertheless, in its history, Litecoin has been in the TOP3 of cryptocurrency projects in the world for many years. Unfortunately, currently it has to contend with slightly more innovative projects, which are trying to push LTC even out of the top ten. 

The possibilities of Litecoin (LTC)

Litecoin (LTC) is a project that first and foremost has a reputation. Based on it, trust is built, which in turn translates into a community that supports the coin. Charlie Lee and his team of developers are constantly developing Litecoin. Nevertheless, one gets the impression that these efforts are among the slowest in the cryptocurrency space. Interestingly, this is not distracting investors at all. However, in order to keep it for longer, revolutionary changes may come in handy in the Litecoin space. We hope to see them, and that the oldest of the altcoins will maintain its high position in the rankings thanks to them.

DisclaimerBlockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this post

More Guides

It seems we can't find what you're looking for.

Latest News

All articles loaded
No more articles to load


All articles loaded
No more articles to load

Knowledge Base

How to open and use Exodus wallet

The market offers many tools for storing crypto assets. In the article under the title “Cryptocurrency wallets” we explained several tools worthy of attention. One…

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it is to have an external…

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s now take a closer look…

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on. But you probably know that…

Which cryptocurrency Exchanges to use

In our article titled “Cryptocurrency Trading”, we explained that you can buy or trade cryptocurrencies from both exchanges and brokers. This time we will look…

What is a decentralized exchange DEX?

A Decentralized Exchange, or DEX for short, is nothing more than an exchange without a central regulatory body. So how does a decentralized exchange differ…

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want to buy cryptocurrency to invest…

Cryptocurrency taxes in Europe

Cryptocurrencies are gaining popularity all the time and are slowly becoming a widely accepted means of payment. As more and more people are interested in…

Online security for cryptocurrency

When trading on cryptocurrency exchanges, we want to feel that our funds are fully protected. You’ve probably heard more than once about the losses traders…

Leveraged trading

The cryptocurrency market moves quite fast and offers the public the opportunity to make a lot of money in a short period of time. Nevertheless,…
All articles loaded
No more articles to load