Litecoin (LTC) price has declined today.
The price of Litecoin (LTC) is $80.94 today with a 24-hour trading volume of $556,027,091. This represents a -1.50% price decline in the last 24 hours and a -4.00% price decline in the past 7 days. With a circulating supply of 73 Million LTC, Litecoin is valued at a market cap of $5,918,115,962.
What is Litecoin (LTC)?
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Litecoin is a cryptocurrency that has evolved from Bitcoin after its own popularity in the industry, this alternative, or ‘altcoin’ has emerged to allow investors to diversify their digital currency package, according to Investopedia. Litecoin is one of the most prominent altcoins and was created by former Google employee and Director of Engineering at Coinbase, Charlie Lee. Litecoin was the first to alter Bitcoin and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, in comparison to Bitcoin's 10 minutes.
‘While this matters little to traders, miners who use hardware to run Bitcoin's network cannot switch over to Litecoin. This keeps bigger mining conglomerates away from Litecoin because they cannot easily optimize their profits by swapping to another coin, contributing to a more decentralized experience. Litecoin also has bigger blocks, and more coins in circulation, making it more affordable and swift when transacting,’ Investopedia explained.
As explained above, Litecoin can transact a lot faster than Bitcoin, but there are also a number of other characteristics that investors need to know before trading. Litecoin can handle higher volumes of transactions because of the capability of transacting faster and if Bitcoin attempted to transact on the scale of its altcoin, a code update would be needed. However, Litecoin’s blocks would be larger, but with more ‘orphaned blocks'. The faster block time of litecoin reduces the risk of double spending attacks - this is theoretical in the case of both networks having the same hashing power.
Litecoin Technical Details:
The transaction confirmation time taken for Litecoin is about 2.5 minutes on average (as compared to Bitcoin's 10 minutes). The Litecoin network is scheduled to cap at 84 million currency units.
Litecoin has inspired many other popular alternative currencies (eg. Dogecoin) because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. However it is said that by the end of this year, Scrypt ASIC will enter the mass market.
Litecoin in 2022 and beyond
Litecoin was launched in 2011. Over the last 11 years trading in the market, it has been underperforming against bitcoin in terms of price despite it being the silver to bitcoin's gold. This is most likely due to the proliferation of newer alternative cryptocurrencies with new utility such as smart contract, DeFi, GameFi, governance and more. Litecoin tends to hold value quite well and experience lower volatility as a mature cryptocurrency, especially when compared to meme coins.
Market watchers are observing what will the price of Litecoin be in 2025. Based on historical performance, Litecoin tracks the overall cryptocurrency market. As bitcoin price and the overall crypto market cap goes up, Litecoin tends to follow accordingly.
Where can you buy Litecoin?
LTC tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Litecoin is Bitforex, where the most active trading pair LTC/USDT has a trading volume of $41,715,056.86 in the last 24 hours. Other popular options include Gate.io and Binance.
What is the daily trading volume of Litecoin (LTC)?
The trading volume of Litecoin (LTC) is $555,920,941.07 in the last 24 hours, representing a -2.90% decrease from one day ago and signalling a recent fall in market activity.
What is the all-time high for Litecoin (LTC)?
The highest price paid for Litecoin (LTC) is $410.26, which was recorded on May 10, 2021 (almost 2 years). Comparatively, the current price is -80.10% lower than the all-time high price.
What is the all-time low for Litecoin (LTC)?
The lowest price paid for Litecoin (LTC) is $1.15, which was recorded on Jan 14, 2015 (about 8 years). Comparatively, the current price is 7,000.30% higher than the all-time low price.
What is the market cap of Litecoin (LTC)?
Market capitalization of Litecoin (LTC) is $5,918,115,962 and is ranked #16 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of LTC tokens (73 Million tokens are tradable on the market today).
What is the fully diluted valuation of Litecoin (LTC)?
The fully diluted valuation (FDV) of Litecoin (LTC) is $6,853,212,708. This is a statistical representation of the maximum market cap, assuming the maximum number of 84 Million LTC tokens are in circulation today. Depending on how the emission schedule of LTC tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of Litecoin compare against its peers?
With a price decline of -4.00% in the last 7 days, Litecoin (LTC) is underperforming the global cryptocurrency market which is up 11.20%, while underperforming when compared to similar Cryptocurrency cryptocurrencies which are up 0.00%.
What is the market sentiment of Litecoin today?
The community is bullish as more than 83% of users are feeling good about Litecoin (LTC) today.