Since it's creation in 2011, Litecoin has remained one of the older, sustainable, and wider-known cryptocurrencies which investors have grown to love. Litecoin was created as a hardfork for Bitcoin to allow for a more faster, efficient version of Bitcoin. Litecoin's founder Charlie Lee, who is a google employee and a former Engineering Director at Coinbase, released the Litecoin protocol to provide diversity amongst the crypto space and give investors another great option in the crypto space allowing for a currency which has a low supply and fast transaction speeds.
The differences between Bitcoin and it's younger brother, Litecoin, include a number of things including the circulating and total supply of both protocols. The Bitcoin ecosystem has a circulating supply of 17 million and a total supply of 21 million. Litecoin's circulating supply is currently at 59 million and the total supply if Litecoin ever will be 84 million. Four times larger than the total supply Bitcoin. Another difference between the two is that with Litecoin, it takes rough 2.5 minutes to mine a block on the blockchain where Bitcoins is approximately 10 minutes which allows Litecoin to provide faster transactions according to developers.
The green line on the graph displays that from its listing on CoinMarketCap.com, Litecoin from 2013 was trading below $20 all the way up until May, 2017 where prices were seen to increase. This led to the late bull run of 2017 and Litecoin reached all-time highs of $366 USD per Litecoin with a market capitalization of $20 billion USD. On the day, the daily trading volume of Litecoin was $2.5 billion. These increases provided a massive opportunity for any Litecoin enthusiasts prior to May 2017.
Litecoin is currently trading at $51.82 USD and has a total market capitalization of $3 billion USD and a daily trading volume of $334 million USD. The price of Litecoin has suffered throughout this nine month bear market and is providing a potential opportunity for individuals who are impressed and have belief in Litecoin's technology and didn't get the opportunity to get involved prior to the late 2017 bull run.
Are you an advocate of Litecoin? What do you think Litecoin can achieve in 2019? Leave a comment below and let me know what you think about the crypto market!
Remember, this platform allows me to express my thoughts and opinions. I am not a financial advisor and will never be one. I just enjoy the blockchain technology and am keen to hear other individuals thoughts about the topic.