Litecoin ready for the bull run
How high will Litecoin go in 2024?
On Monday, at 09:11 (13:11 GMT), Litecoin was seen trading at $96.080 on the Investing.com Index, marking a significant 10.02% increase for the day, the largest surge since March 2. This rise propelled Litecoin's market cap to $7.112B, accounting for 0.26% of the overall cryptocurrency market cap, with its peak reaching $25.609B previously.
During the preceding twenty-four hours, Litecoin fluctuated between $83.797 and $96.080. In the past week, Litecoin's value has risen by 5.72%, with a trading volume of $818.332M in the last twenty-four hours, representing 0.56% of the total cryptocurrency volume.
Current price range for Litecoin
The price range for Litecoin in the last 7 days varied from $73.5709 to $96.0828. Currently, Litecoin remains 77.12% below its record high of $420.00 achieved on December 12, 2017. In other cryptocurrency updates, Bitcoin reached $71,893.6 on the Investing.com Index, marking a 3.77% increase for the day. Ethereum, on the other hand, was trading at $4,049.71 on the Investing.com Index, showing a gain of 3.13%. Bitcoin's market cap stood at $1,413.956B, representing 52.19% of the total cryptocurrency market cap, while Ethereum's market cap amounted to $487.019B, making up 17.98% of the total cryptocurrency market value.
All about Litecoin
Litecoin (LTC) is a cryptocurrency introduced in October 2011 by Charles "Charlie" Lee, a former Google engineer, as an alternative to Bitcoin. Based on Bitcoin's open-source code, Litecoin has undergone modifications to enhance its functionality. Like Bitcoin, Litecoin operates on a decentralised global payment network, free from centralised control. Notable differences include a quicker block generation rate and the use of scrypt as a proof of work scheme.
Considered one of the earliest altcoins, Litecoin emerged as a direct response to Bitcoin, coined by Lee as the "lite version of Bitcoin." With a fixed limit of 84 million Litecoins, new blocks are generated every 2.5 minutes on the network, each block being verified by mining software and added to the chain of transaction records.
Litecoin the silver of Bitcoin
Litecoin was envisioned as the "silver" to Bitcoin's "gold," aiming to improve upon the shortcomings of its predecessor. With increased block production and a higher coin limit, Litecoin offers faster transactions and easier acquisition. However, due to its use of scrypt as a proof-of-work algorithm, mining Litecoin demands more processing power compared to Bitcoin. In a bid to enhance transaction speed while maintaining security, Litecoin has introduced features such as MimbleWimble, a privacy protocol that encrypts transaction details to enhance scalability. Expected to be integrated into the blockchain, this development project is a step towards further enhancing Litecoin's functionality.
Litecoin serves as a peer-to-peer method for global payments without intermediaries, offering value storage and portfolio diversification opportunities. Initially priced at around $4.30 in April 2013, Litecoin reached its peak value at $359.26 on May 10, 2021, and hit a low of $1.37 on Jan. 21, 2015. In conclusion, Litecoin stands as a cryptocurrency derived from Bitcoin's framework but with notable improvements, offering a faster and more accessible alternative with distinct features and potential for further development.
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