- Price $55.48
- Market Cap
Over recent months, Litecoin has become a very popular cryptocurrency to invest in. The coin was first released back in October 2011, and was a fork of the Bitcoin Core client. It was different to Bitcoin in the fact that is has a different hashing algorithm, a block generation time of just 2 and a half minutes and a modified GUI.
The motivation behind its release was improve on what the Bitcoin platform could already do. Essentially be the silver to Bitcoin’s gold. Although the main difference is the block generation time, for miners and cryptocurrency enthusiast, it also has another key difference, the fact that it uses a different proof of work algorithm. Litecoin uses s-crypt, which needs large amounts of high-speed ram.
As well as making transactions four times faster, its creators also quadrupled the maximum number of coins that can be mined, with a total of 84 million that can be in existence. This high number of coins available could make it a more attractive way of buying small ticket items.
Litecoin has been a popular cryptocurrency to invest in for a while now, and after taking a look at its volatile, yet largely positive, price history, it is pretty clear to see why. Litecoin has come a long way since its humble beginnings, however it has certainly had its fair share of ups and downs.
In The Beginning
In April 2013, the price of Litecoin sat around $4.35, yet just a few months later, in October, the price of this coin dropped dramatically down to just $1.98, remaining at around the same price until the next month, where it eventually rose back up to just over $4, where it was before its dramatic drop. In less than a month, on November 18, Litecoin went through a 130% price increase, reaching $9.37, and then at the end of November it hit $20. It was during the month of November that Litecoin hit $1 billion market capitalisation, so it was certainly a very positive month for investors of the coin.
Litecoin’s growth did not stop there however, and just one month later Litecoin had a price growth and the year’s high of $44.73.
An All-Time Low
Unfortunately, when the February of 2014 hit, the price of Litecoin was back down to $13.23, and continued to decrease in value as the year progressed, reaching an all-time year low in August with a price of $3.71. For the majority of the year of 2014, the price of Litecoin remained pretty consistent, never fluctuating below $2 but then never reaching any higher than $4. At this point, people in the industry seemed to almost to forget about the existence of Litecoin, with little to no interesting events occurring in the market.
It wasn’t until last year, in 2017, that the Litecoin market seemed to wake up again, breaking past the $6 in March 2017 and then doubling again by April with a value of $11. Things started to look up even further when May rolled around, as Litecoin reached the price of $21.
Another huge milestone in the Litecoin calendar also took place in May 2017, when the first Lightning Network Transaction took place. 0.00000001 LTC was transferred to Zurich from San Francisco in just under one second. This caused uproar in the crypto coin market, and may experts believed that it was spelled something huge for Litecoin.
It was not surprising then that following this event, the price of Litecoin continued on a rapidly accelerating upwards trend, reaching the value of $50 by August 2017. By September, it had reached the value of $86.04, and for the rest of the year its price remained pretty steady, ranging from $50 to $60 until the end of the year.
Reaching 3 Figures
On the 2nd December, the day closed with the price of Litecoin finally breaking the $100 mark, with a value of $100.28. It didn’t stop there however, as by December 18th, it jumped to an incredible $358.34. Its price remained over the $200 mark for a few more days, before falling down to $142.30 in February 2018.
In February, the major online retailer of Alza began to accept Litecoin as a valid payment method, which is likely to help contribute to a rise in Litecoin price in the future.