Is Litecoin [LTC] a worthy Investment?
Charlie Lee's Litecoin [LTC] is touted as silver to Bitcoin's gold. After Litecoin's launch, Bitcoin had found itself a worthy opponent. Lee promised this new coin would be a better choice in comparison to Bitcoin. LTC and BTC have very similar characteristics when it comes to their technology.
Both Bitcoin and Litecoin use a peer-to-peer transaction system. It facilitates cross-border transactions at low prices. The cryptocurrencies have a finite supply and the money is for the people. These decentralized coins trade freely on the internet without any regulations. However, the governments have noticed the cryptocurrency hype and working on laws that are slowly closing in on their freedom.
Singular Features of Litecoin
Like Bitcoin, Litecoin uses Blockchain technology. However, it has a faster transaction speed with each transaction being confirmed every 2.5 minutes, compared to the 10 minutes for the confirmation of a Bitcoin transaction. Both the coins have a finite supply but the total amount of coins that can exist varies with each cryptocurrency. This factor favors Litecoin and eventually, it will have more coins than Bitcoin in the crypto market. It also stands apart for its script hashing algorithm. A much simpler algorithm than Bitcoin's, it enables easier system access to the miners.
LTC Price Analysis
These features indicate a bright future for the coin. Litecoin is currently trading at $91.23 and is gaining against USD by 8.10%. LTC is exhibiting a reversal in trends after a steep increase to touch the intraday high of $93. The key resistance level can be traced at $ 95. A rising seller pressure is deterring the coin to touch the $95 handle.
The cryptocurrency has the potential to reach $100 mark. With its TokenPay partnership, the coin has gained even more popularity. Investors can safely consider the cryptocurrency as a long term investment. The coin is ranked seven on Coinmarketcap and is trading with a market cap of $5.2 million.
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