What Litecoin’s 2024 prediction holds as price sits at $73
LTC’s price moved marginally over the last 24 hours.
Litecoin faced massive liquidation near the $77.8 mark.
Litecoin[LTC] price is resting at a key level that could cause a price rally as 2024 starts. Therefore, AMBCrypto examined LTC’s on-chain data to better understand whether investors should expect a bull run.
Litecoin (LTC) is a peer-to-peer cryptocurrency that was created by Charlie Lee, a former Google engineer, and was released on October 7, 2011. It is often referred to as the "silver to Bitcoin's gold" due to its similarities with Bitcoin, but with some key differences.
Like Bitcoin, Litecoin operates on a decentralized blockchain, utilizing a proof-of-work consensus algorithm. This means that miners use computational power to solve complex mathematical problems and validate transactions on the network. Litecoin adopted Segregated Witness in May 2017. SegWit is a protocol upgrade that separates the witness (the cryptographic signature) from the transaction data, allowing for more transactions to be included in each block. Litecoin has a maximum supply limit of 84 million coins, four times the maximum supply of Bitcoin (which is 21 million). This was intended to provide more units for transactions and reduce the risk of scarcity.
While Litecoin shares similarities with Bitcoin, it is important to note that it is a separate cryptocurrency with its own unique features and use cases. As with any cryptocurrency, potential investors should conduct thorough research and consider the associated risks before getting involved.
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