Is Litecoin a Better Investment Option over Bitcoin?

Litecoin is one of the first Bitcoin forks which were launched in late 2011 by former Google and Coinbase engineer Charlie Lee. To create this crypto, Lee copied the Bitcoin codebase, increased the total supply, and increased the speed at which new blocks are added to the blockchain. It was mainly constructed as a lighter alternative of BTC, but a faster and scalable one. Additionally, LTC encryption techniques are used for two critical features:

  • To regulate the generation of LTC units
  • To verify the transfer of funds and secure transactions network

LTC is one of the top-10 cryptocurrencies listed in Coinmarketcap.com. It is traded around the globe with the most common trading pair being Bitcoin (LTC/BTC), Tether (LTC/USDT), and (LTC/INR) in the Indian scenario. Just like BTC, Litecoin prices are also determined by the markets’ perceived value by supply & demand.

At the time of writing, the price of 1LTC is $48.3, which is Rs.3556.60 in the INR market. Here the value is fully determined by the market forces.

Currently, LTC is trading within a massive symmetrical triangle. A breakdown could plummet LTC’s prices to below $20, while a breakout would propel litecoin’s value towards its all-time high. Before it reaches there, it will have to hold a value of $150 with resistance. At this point, the digital asset topped out ahead of its halving in 2019. The coin is likely to reach a peak of $150 in 2020.

If Litecoin can maintain to hold over its long-term downtrend line, it is believed that targets would put LTC’s value somewhere between $500 and $1500 per coin before the end of 2022.

A long-term bullish pitchfork channel has made a prediction that each Litecoin can worth over $13,000 from 2023 to 2025. This would put the coin’s capitalization closer to silver and make it a more likely digital counterpart.

Even though Litecoin and Bitcoin are similar in many ways, there are a couple of major differences between the two coins. Some traders say that if BTC is the equivalent of gold, LTC can be compared with silver. This is exactly what the developer of Litecoin had in mind while creating it. Both the coins do share many similar characteristics, and LTC is similar to BTC except for a couple of differences:

Litecoin offers faster confirmation: Litecoin’s Network aims at creating a new block every 2.5 minutes, as compared to that of Bitcoin’s processing rate of 10 minutes, which its developers’ claim allows for faster transaction confirmation. A major drawback is the higher possibility of orphaned blocks.

Litecoin uses a different hashtag algorithm: LTC uses a consensus model called Proof-of-Work, or PoW for short. Although Bitcoin also uses the same network (PoW), there exist slight differences between the two. BTC uses something called SHA-256 hashing. However, the Litecoin’s blockchain is different, as it uses a script algorithm.

The Litecoin Network will create more coins: Litecoin will create 84 million Litecoins or four times as many currency units in comparison with what will be issued by the BTC Network.

You can buy Litecoin from any coin trading platform that supports cryptocurrency trading. In India, many exchanges support LTC trade as an option. It is advised to research thoroughly about the policies and LTC Prices across different crypto trading platforms. Look for platforms which:

  • Provides security to the account and the custody of Digital Wallets is given to clients.
  • Major and convenient modes of payment to purchase cryptocurrency in India.
  • Receiving and transferring of cryptos instantly
  • Lowest maker and taker charges
  • Responsive & effective customer support and dedicated Indian community on telegram/twitter/Facebook for Indian users,
  • The spot to futures market options with great liquidity to trade your purchased crypto.

One can easily create an account on any trading platform in India. Let’s take an example of PCEX Member, which is one of the most prominent crypto trading platforms in India. With zero makers and taker fee, this coin trading platform provides full custody of digital wallets to their clients. Also, a 5 layer security system protects the account of users thus making it a safe & secure platform for trade. Create an account, complete KYC, and link your bank account to start trading in the world’s most profitable market.