Total Marketcap: $ 111,111,111
Change 24h: 22,222,222,222
Volume 24h: 3,333,333
Bitcoin dominance: 44 %
Crypto Info, Price, Review and Analysis
Litecoin - LTC logo high resolution

Litecoin (LTC)

Bitcoin copy with faster transaction times

Litecoin Price 1 Year
$ 105.1113
-46.53 %
Market Cap: $ 198 M

5 Years

1 Year

3 Months

30 Days

7 Days

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Litecoin Explained

Introduction to Litecoin

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What problem does Litecoin solve?

Name: Litecoin

Symbol: LTC

The number of different cryptocurrencies launched after the birth of Bitcoin in 2009 has increased beyond what anyone could’ve envisaged. Each cryptocurrency that emerges claims that it offers something better in terms of scalability, speed, privacy or fees. One such cryptocurrency is Litecoin, which surfaced in 2011. Litecoin claims to be a better and lighter version of the original Bitcoin and has proved that its transactions are four times faster and much cheaper as well.

Litecoin was developed by a former Google employee. The technology offered by Bitcoin had some serious limitations and was discovered to be plagued by many flaws. Among these were slow speeds, low-scalability, and mining practicality problems. Litecoin was developed to address these issues and enhance the crypto-performance. Its goal is to be a storage value for digital contracts and to become a mainstream medium to be used for digital transactions. Its founder described the technology as ‘digital silver’ in relation to Bitcoin’s ‘digital gold’ (Litecoin, 2012).

Franklyn: What is Litecoin

What is Litecoin

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What does the cryptocurrency Litecoin actually do?

Litecoin was developed to address the issue of scalability and to reduce the expense of transactions of Bitcoin, and it has managed to provide a faster and cheaper alternative to some extent. The greater performance is achieved through a hashing algorithm known as Scrypt instead of using the original SHA-256 algorithm (Asolo, 2018).

Litecoin Foundation rolled a token swapping network by the name of Lightning in November 2017. It provided a way to swap tokens of different Blockchains, and the first swap to go down in history was between Bitcoin and Litecoin.

Who is behind Litecoin

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What team is working to make Litecoin successful?

The founder of Litecoin Is Charlie Lee, a former employee of Google. Litecoin’s code is very similar to the architecture of Bitcoin and can be considered as its forked (copied) version. Charlie Lee was very early to notice the limitations of Bitcoin and started working on Litecoin in 2011 (Litecoin-Foundation, 2014). A large portion of Litecoin tokens was held by the owner, Charlie Lee, who in 2018, tweeted that he has sold all his Litecoins. This news drastically dropped the market price of Litecoin, which has not been able to recover fully until now (Russell, 2017).

The Litecoin development is supported by the Litecoin Foundation. The current team consists mostly of members that are located in China and have ample experience in their relevant fields. The founder Charlie Lee acts as the Managing director of the Litecoin Foundation (Litecoin-Foundation, 2014).

Litecoin Development

Litecoin Code Progress Analysis

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How did much the Litecoin developers work on their coin over the last year?

The code of Litecoin was being looked after by the Litecoin Foundation. However, the upgrades have come to a disappointing halt since February 2019 (Litecoin Team, 2019).

Litecoin Community

Litecoin Public Interest

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How many people did search on Google for Litecoin indicates how many new people first heard from Litecoin

Search Engine:

Region: Worldwide

Searchterm: Litecoin

Peak Popularity: 15. February 2021

There are no significant improvements in the technology and the current state does not offer something that could be considered a customer-attracting value. Litecoin might stay in the top ten cryptocurrencies for a while but as things are going, it would probably be left behind to perish.

There are no active projects under Litecoin Foundation. Even, the last project that was announced and was being anticipated, was cancelled in March 2018.

Litecoin can still cash on its popularity if it wishes to, but the time is of considerable importance. The potential is massive if the technology manages to build partnerships with businesses and attract a user to its network.

Google Trends is a tool that shows how many people search for a specific search keyword worldwide compared to its peak. The more people search for Litecoin on google, the higher the Google Trends curve rises. The Google Trends search data is based on the search keyword Litecoin Litecoin had its peak interrest 1 ago. At that time, more people searched for Litecoin than anytime this year. The interrest of newcomers for Litecoin seems to be decreasing, which is awful!

Litecoin Sentiment Analysis

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How positive/negative are people on different crypto-related subreddits talking about Litecoin

Based on:

Positive/Negative Posts Ratio: 214:1

The main highlight of Litecoin’s history is that it has remained one of the most popular altcoins of all time and has performed well in the crypto-market. Litecoin has maintained its place in the top 10 altcoins of all time for a really long time, which is a good indicator of its steady growth and stability.

Recently, Litecoin’s popularity took a serious hit after its founder announced that he has sold all of his Litecoins. Obviously, if the founder himself didn’t believe in the potential of the coin enough to keep it, why would others? This expression of no-confidence can be seen by the fact that there are more BTC-addresses with $1000 than LTC-addresses with as little as $1 (Bitinfocharts, 2019).

Another incident that made its way to the crypto-news on 24 Mar 2019, was that a user had to pay a staggering amount of 200 Litecoins as the fee for his transaction. Litecoin Foundation claims that the usual fee prices are around $0.05, but 200 Litecoins as fees are valued at over $17,500 (Wilfred, 2019).

Sentiment Analysis uses Machine Learning to analyze whether a post on reddit is written with joy or anger. The more excited people are about a project, the more positive posts there are on reddit. If a project behaves scammy, negative posts dominate. A good indicator is the positive-to-negative post ratio. For every 214 positive post about Litecoin, there are 1 negative posts, which is a superb ratio. A recent post mentioning Litecoin with a lot of positive feedback was posted in r/CryptoCurrency by u/madpanda94: KnowYourCrypto #54: How to store safely your crypto and prevent being scammed

Litecoin Enthusiasts Analysis

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How did the community of enthusiasts that follow Litecoin closely develop over the last year?

Litecoin hosts one of the most supportive and loyal communities. They have toiled towards promoting technology in every way possible, but there have not been many incentives to create value and attract users towards the technology. The crypto world moved faster than they had imagined and so Litecoin’s development team did not get the chance to fully adapt to
the market before other better options swooped in with their better features and promises.

Litecoin Price Analysis

Litecoin Price Overview

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Key price metrics such as All-Time-High (ATH) and Market-Cap of Litecoin

Rank: 18

Price: $ 105.1113

Volume (24h): $ 198 M

Litecoin garnered much of its support from the cryptocurrency exchange Coinbase. Coinbase and Visa, collectively, launched the Coinbase Card which allowed users to use their Litecoin, Bitcoin and Ethereum balances for transactions (Zhao, 2019).

Litecoin did not adapt to the changing dynamics of the crypto-world and thus has been relegated to the background by newer alternatives. It did not support the private transaction feature and did not work towards enhancing its network speed. Now there are much faster altcoins present in the market and other cryptocurrencies that offer much better solutions for scalability, privacy, and speed. The only hollow claim the Litecoin Foundation still holds is that it was once considered to be the ‘digital silver’ of the industry, a name people are not sure it can live up to at this point.

Litecoin had its all-time-high (ATH) at 10. May 2021 at a price of $ 412.7005. Today, Litecoin is traded for $ 105.1113, which is a -74.53 % drop from the previous ATH. If you had bought Litecoin 1 year ago, you would have made a loss of 46.53 %. Going even more back, if you had bought Litecoin 5 Years ago (or at the first possible chance), you would have made a gain of 2,658.83 %.