The primary element of litecoin was to be a digital money that could be used to trade without an intermediary on a P2P platform. Built on Bitcoin’s source code, Litecoin emerged as a result of some minor yet effective alterations on the BTC blockchain.
As we mentioned above, Litecoin operates without an intermediary that isn’t controlled by any authority. Litecoin ensures that the new transactions aren’t contradicted by the history of transactions. Since LTC, the native token of Litecoin can be mined, it results in orphaned blocks that can be created when two miners create a block almost simultaneously.
Litecoin also introduces interoperability through Atomic Swaps which allow for trading cryptos more than one at a time without the need to exchange the coins.
With the alterations, litecoin came up with:
Despite the similarities, BTC and LTC have some differences. Litecoin offers faster transactions and a larger supply of cryptocurrencies. In terms of mining, LTC also uses another hashing algorithm, Scrypt. This makes mining fair for every miner and is one of the reasons that litecoin has retained its position among the top cryptos throughout the years.
Launched with 150 tokens that are pre-mined, Let’s take a look at the price history of LTC over the years.
2013: LTC price was hovering between $2 and $3 after the announcement of contributors on GitHub.
2014 – 2015: After the drastic fall of LTC following the ATH, the coin was trading at around $1. In mid-2015, LTC witnessed a steady recovery that reached a price of around $7.
2016- 2019: 2016 and 2017 were also rollercoasters for LTC, where the coin crossed the $100 mark and reached around $350 in late 2017. In 2018, the news of Charlie Lee selling his LTC resulted in the prices dropping to around $100 again. In late 2019, LTC closed the year trading at around $50.
2020-2022: 2020 opened with a small spike that reached $82, and the coin closed the year trading at $126. In mid-2021, LTC again jumped in price and climbed over the $350 mark. However, in 2022, it started dropping and reached around $140.
If you are thinking, “how much is one litecoin?” then this section is for you.
Litecoin price live today, at the time of writing, is trading at $84.54 with a market cap of $6,171,401,046. The current circulating supply of litecoin is 72,996,476.81 coins.
The current litecoin price is prone to change like any other cryptocurrency and is dependent on supply and demand. When demand is high, LTC price rises and vice versa. However, there are some factors that influence the market demand including: