While cryptocurrency appeals to the masses for its undeniable liquidity, it’s still daunting getting to grips with various altcoin markets. Litecoin is a less intensive cryptocurrency than Bitcoin. The digital coin is intended for an array of everyday transactions, while being much faster than Bitcoin in processing transaction times. The fact that Litecoin can be used for an assortment of transactions, its undeniable growth and the coins stability make Litecoin the next big cryptocurrency. It’s a real challenger on the horizon for Bitcoin.
Investors are drawn to cryptocurrency because of its liquidity. The digital currency market continues to push the envelope, with dramatic highs and plummeting lows occurring daily.
The story is still much the same, cryptocurrency is extremely volatile by nature and market analysts expect this trend to continue well into the future of digital coins. What about Litecoin? Litecoin has a different story to tell, remaining somewhat stable over its competitors and breaching new all-time personal highs on the exchange.
What is Litecoin?
Litecoin is the fourth most valuable digital currency in circulation at the moment. You might be surprised to learn that Litecoin was actually one of several clone cryptocurrencies, which stemmed from Bitcoin. Litecoin forked off the Bitcoin ledger in late 2011. The creator of Litecoin, Charlie Lee developed the cryptocurrency as a lighter, faster alternative to the bulkier process driven Bitcoin.
Litecoin is four times faster than Bitcoin, dealing with transactions in just 2.5 minutes as opposed to Bitcoin’s 10 minute turnaround time. Lee also quadrupled the maximum number of coins that can be mined; the currency now stands at a whopping 84 million coins, with a market value of under $18 billion.
What makes Litecoin appealing?
The fact is that Litecoin is not Bitcoin, yet the cryptocurrency has the potential to merge into Bitcoin, and this is a huge drawcard. With its cheaper price and the higher number of coins available, the cryptocurrency can be used for everyday transactions. It’s a less intensive cryptocurrency that is more minimalistic and originally intended for mass use rather than niche investment. These factors have made Litecoin very appealing, elevating the price of the altcoin.
On a holistic level, Litecoin is behaving like a mature cryptocurrency, hovering in the same trading regions, whilst being in the top five performers daily. What is even more worthy of attention is that the activation of SegWit has done little for the price of Litecoin. The digital currency saw gains from $5 to a whopping $25 and then continued to remain stable. This boost in value left investors contemplating a direct attack on Bitcoin but the altcoin remained stable. If anything, Litecoin is currently chasing Ethereum Classic for market cap.
What’s next for Litecoin?
Litecoin continues to prove itself as a stable altcoin, dominating the cryptocurrency realm. The digital currency still displays positive momentum and many investors are confident that the coin will increase in value in the coming months. The fact that Litecoin has lower fees and speedy confirmation times makes the cryptocurrency a hot commodity right now.
If you are interested in investing in this altcoin, you should keep in mind that the nature of the cryptocurrency market is volatile. Litecoin has experienced some major gains recently, and the current period of stability is giving investors bright hope for the cryptocurrency future.