Why Litecoin - up 7,000% since January - may be a better alternative to Bitcoin
The fifth-largest coin by market-cap has, in fact, seen its value go up 124% since Sunday alone, when Chicago-based exchange operator Cboe launched trading of Bitcoin futures contracts, fuelling confidence in cryptocurrency. Litecoin is currently trading at around $308 up from under $4.5 at the beginning of the year. If the crypto frenzy continues, and the Bitcoin bubble does not burst, Litecoin might even hit $1,000 sometime next year.
Investors are latching on to Litecoin not only because Bitcoin is now so expensive and possibly overdone, but also because it is actually a better alternative. According to Investopedia, the world's largest financial education website, Litecoin is more stable and has a lifetime cap of 84 million coins, which is four times higher than the total number of Bitcoins that can be mined. So, as demand increases, there will be a larger supply of Litecoins to meet it, at least initially.
Moreover, it not only boasts quicker block generation - 2.5 minutes versus bitcoin's 10 minutes so transactions will get confirmed four times faster - but is also easier to mine. Litecoin's mining algorithms are significantly simpler so it can be mined on less powerful computers and consume less energy, which bodes well for its future. For cautious investors, its trading price also compares more favourably to Ethereum, the other biggie in the cryptocurrency market, which is twice as expensive.
4 times as many coins, mined four times faster, wonder if they will mine dry at the same time. Good post
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