Litecoin is one of the first cryptocurrencies and it was created in 2011. Litecoin is the fifth most valuable Cryptocurrency in the world. Litecoin was founded by Charlie Lee who is a former Google Employee. Charlie held some volume of Litecoin which he sold later in 2017 after the allegations that he deliberately use his holding to influence the market.
Litecoin supply is limited to 84 million coins and it uses Scrypt algorithm for mining. The main advantage of Scrypt algorithm is that it lowers the advantage of ASIC Bitcoin miners in the network which allows the other miners to join the network and contribute other than that there is no other notable advantage of using Scrypt over SHA-256 Algorithm. However Litecoin has some other advantages over other coins especially Bitcoin, Litecoin average block time is 2.5 minute where Bitcoin average block time is 10 minutes. So faster average block time allows the faster transactions. Litecoin can handle a higher volume of transactions due to faster block generation which is the major advantage of Litecoin over Bitcoin. Another important advantage of Litecoin is its lower transaction fees. Confirmation time in Litecoin is less than 5 minutes where Bitcoin network takes up to 10 minutes for one confirmation.
Litecoin in the initial days was underdog just like other cryptocurrencies. Litecoin crossed the mark of 1 Billion Market capitalization in November 2013 and after that Litecoin price started to increase exponentially. Litecoin value spike from 4$ to 26$ in one week. Litecoin crossed the mark of 100$ on December 5, 2017. At the end of December 2017, Litecoin was trading at 254$.
Litecoin is one of those cryptocurrencies which wasn’t much affected by a recent dip in the crypto market, where other cryptocurrencies lost their 40-50% value, Litecoin only lost 25% of its value and Litecoin is still recovering its value. The major reasons why Litecoin value was increased exponentially is that the many large Cryptocurrency exchanges started supporting it on their platform. Top Cryptocurrency exchanges like Coinbase, GDAX etc. support Litecoin. In February 2018, one of the major European online Retailer “Alza” started accepting Litecoin as a payment option.
Litecoin is the enhanced version of Bitcoin and many experts believe that Litecoin and Bitcoin have a direct relationship with each in term of value, Value of Bitcoin is directly proportional to Value of Litecoin If Value of Bitcoin increase it will surely increase the value of Litecoin.