Litecoin Market Capitalization Hits $6.33 Billion (LTC)

Litecoin (LTC) traded 3.5% lower against the dollar during the 24-hour period ending at 0:00 AM Eastern on January 24th. One Litecoin coin can now be bought for about $87.82 or 0.00387081 BTC on cryptocurrency exchanges. Over the last week, Litecoin has traded 0.1% higher against the dollar. Litecoin has a market capitalization of $6.33 billion and approximately $514.58 million worth of Litecoin was traded on exchanges in the last day.

Here’s how related cryptocurrencies have performed over the last day:

  • Dogecoin (DOGE) traded 6% lower against the dollar and now trades at $0.0844 or 0.00000372 BTC.
  • UNUS SED LEO (LEO) traded 1.2% higher against the dollar and now trades at $3.48 or 0.00015345 BTC.
  • DEI (DEI) traded 0.9% higher against the dollar and now trades at $0.26 or 0.00001163 BTC.
  • Polymath (POLY) traded 1% higher against the dollar and now trades at $0.18 or 0.00000803 BTC.
  • MegaCoin (MEC) traded down 4.3% against the dollar and now trades at $3.89 or 0.00017197 BTC.
  • EAC (EAC) traded down 10.1% against the dollar and now trades at $0.0339 or 0.00000150 BTC.
  • Lotto (LOTTO) traded down 1.2% against the dollar and now trades at $0.0005 or 0.00000002 BTC.

About Litecoin

LTC is a proof-of-work (PoW) coin that uses the Scrypt hashing algorithm. Its launch date was October 13th, 2011. Litecoin’s total supply is 84,000,000 coins and its circulating supply is 72,129,991 coins. Litecoin’s official website is litecoin.org. Litecoin’s official Twitter account is @litecoinproject and its Facebook page is accessible here. The Reddit community for Litecoin is https://reddit.com/r/litecoin and the currency’s Github account can be viewed here. The official message board for Litecoin is litecointalk.io.

According to CryptoCompare, “What is Litecoin (LTC)?Litecoin (LTC) is widely seen as the first successful alternative cryptocurrency (altcoin). It was created back in 2011 as a fork of Bitcoin, and features near-zero cost peer-to-peer transactions.It differs from the flagship cryptocurrency in a number of ways, however, with reduced transaction confirmation times, lower fees, a larger maximum supply of 84 million LTC, and other different technical aspects.LTC is often referred to as the “silver to Bitcoin’s gold,” and just like BTC it runs on an open-source blockchain that isn’t controlled by any central authority. It can be mined through a Proof-of-Work consensus algorithm, with miners being rewarded for adding new blocks to the blockchain. Its mining algorithm initially attempted to reduce the effectiveness of specialized mining equipment, but it was unsuccessful in doing so.Just like Bitcoin, Litecoin undergoes halving events, in which the coinbase reward for miners who find blocks on the network is halved.Who Created LTC?The cryptocurrency was created by former Google engineer Charlie Lee, who referred to it as a “lite version of Bitcoin” at one point. Lee is a computer scientist and a graduate of the Massachusetts Institute of Technology, who worked at Google before creating the cryptocurrency.After creating Litecoin, Lee went on to work as Director of Engineering at cryptocurrency exchange Coinbase. Since taking up the role, Lee largely stopped focusing on Litecoin’s development, although the community kept supporting the cryptocurrency.In late 2017, Lee left Coinbase to work on developing Litecoin full-time. Now, he serves as the managing director of a non-profit organization dedicated to LTC, the Litecoin Foundation.Why Does Litecoin Have Value?Litecoin, like Bitcoin and other cryptocurrencies, has a finite supply and periodically reduces the amount of LTC entering the system, ensuring its inflation is transparent and predictable. Traders have relied on Litecoin as an alternative to Bitcoin which has managed to remain popular throughout the years.Litecoin is nowadays used to pay for goods and services through various payment processors. Because it’s less popular than Bitcoin and has several other changes made to it, LTC transactions are relatively cheap and settle faster.The cryptocurrency is often also used as a testing ground for new technologies before they are implemented on the Bitcoin network. Litecoin was first to implement Segregated Witness (SegWit), which “segregates” a transaction’s digital signature data (the witness) outside of it to use limited block space better, even though the technology was first proposed for Bitcoin.LTC also implemented the Lightning Network, a layer-two scaling solution, before Bitcoin. Many used Litecoin’s Lightning Network to test the network, which relies on user-generated payment channels, in a real economic environment. The first Lightning Network transactions using LTC transferred 0.00000001 LTC from Zurich to San Francisco in under one second.Blockchain data provided by: Blockchair (Main Source), CryptoID (Backup), and WhatToMine (Block Time only)”

Buying and Selling Litecoin

Investors seeking to trade Litecoin using US dollars directly can do so using GDAX, Gemini or Changelly.

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