At the moment, the number of cryptocurrencies in mainstream circulation is over 1,300 with the number always increasing. As the crypto market gets bigger, it has become even harder for new investors to distinguish between the cryptos and tokens available for them to invest in. Investors are only aware of the big names such as bitcoin, ethereum, and ripple.
Litecoin (LTC) is another cryptocurrency that is worth noticing at this time even though it is one of the most underrated altcoins at the moment.
Litecoin (LTC) value keeps growing but its popularity, not so much
Over the past few years, litecoin has performed excellently. As of today January 5th, 2018, LTC is the seventh largest crypto in terms of market value which stands at $13.7 billion.
Despite the fact that its popularity is growing, some analysts still believe that litecoin has not attained its full potential yet as the number one alternative to bitcoin and other cryptos. This is probably some investors are yet to know how litecoin works or how it is different from bitcoin.
LTC is a noticeable coin because it came out as a fork from bitcoin. The digital currency is modelled similar to bitcoin but was designed to improve on some of the flaws of bitcoin. An example of this is that litecoin has 84 million coins compared to the 21 million for bitcoin, which is four times the total outlay of bitcoin.
The digital currency was also designed to make faster and easier transactions. It takes roughly around a quarter of the time to generate a litecoin block considering it isn’t the leading crypto in the world. The main reason for this is the development code of litecoin and the fact that it makes use of an algorithm pioneered by bitcoin though it has improved on it.
Transactions made better
Litecoin (LTC) blocks are mined more easily and efficiently, translating to its transactions which can be processed more quickly. Most analysts expect a higher volume of transactions will lead to the security risks for litecoin being lower than for other cryptos. This is probably one of the most important benefits of litecoin.
Even though it is impossible to know for sure what will happen in the crypto space or with a digital currency, some signs indicate litecoin will continue to be on the radar going forward.