The latest cryptocurrency news is about the Bitcoin alternative, i.e, Litecoin.
Litecoin, the cryptocurrency silver to Bitcoin’s gold has seen massive recently after it began trading on Korea’s largest no-fees exchange Bithumb with the Korean Won accounting for over 23% of the daily volume on August 28.
Bithumb has played a big part in shooting up the average weekly volume of the last 7 days from $200,000 to a whopping $900,000 on August 27, 2017 helping Litecoin cross $3 billion in market cap for the first time.
As far as fundamentals go, Litecoin is very similar to Bitcoin. The differences lie in the hashing algorithm employed by Litecoin (Scrypt) along with faster block times (2.5 minutes) and having 4 times the supply of Bitcoin. In effect, at the time of writing this article, the average Bitcoin transaction takes $8 and several hours to process compared to Litecoin’s $0.20 and a few minutes.
Litecoin has been successful in capturing a unique market that was created due to the indecisiveness shown by the Bitcoin community settling the scaling debate which ultimately let to the hard fork on August 1, 2017 that led to the creation of Bitcoin Cash, the new form of cryptocurrency.
For reference, Litecoin was able to implement SegWit on May 10, 2017 while the Bitcoin community was still entrenched in the scaling issues. Litecoin is also testing out its implementation of Lightning Network and is expected to have LNs operational before Bitcoin. The future looks bright for Litecoin so long as it continues to light the path for Bitcoin in terms of software upgrades to rise in the vacuum created by the Bitcoin community’s inability to find efficient solutions to Bitcoin’s scaling problems which are currently resulting in very high transaction fees and slow transactions.
At the time of publishing this article, Litecoin price was $63.
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