The cryptocurrency Litecoin dropping is noticeable at an increasing pace. It is based on a distributed application architecture and built upon the foundation as an open-source project. The MIT/X11 license permitted digital coin was introduced as an alternative to Bitcoin, when it was released in October 2011.
Litecoin was the brain-child of Ex-Google employee Charlie Lee who was enchanted by the wonders of Cryptocurrency. Charlie developed this altcoin during his free time, while also devoting it to his job as a code writer for Chrome OS.
Litecoin vs Bitcoin
In terms of technical details, Litecoin doesn’t differ from its major inspiration Bitcoin. It has yet to reach the popularity goal it was aiming for. The LTC digital asset, that is Litecoin is dropping down and is going down a very bad path and yet manages to fair in the top 10 of the Cryptocurrency lineage according to CoinMarketCap.
Bitcoin still managed to retain a certain peculiarity ever afterbeing derived from its major motivation. Every digital asset has to process its blockchain in order to confirm its transaction. Currently, Bitcoin processes one blockchain every 10 minutes. But, Litecoin out forms BTC in this matter by processing a single blockchain every 2.5 minutes which makes the transaction process even faster.
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Why Is Litecoin Dropping Down So Fast?
Litecoin uses the password-based key derivation function called script. The mining devices required for the process mainly take FPGA and ASIC-based devices are very tedious to create and expensive to produce. It adds up as One of the worse points about Litecoin
On the other hand, Bitcoin’s mining process doesn’t require such a degree of strenuous process. The payment processes for Litecoin as one would expect it to converge to the directions of Bitcoin, but that isn’t the case with LTC. LTC has been diverging from the basic pipeline that BTC follows and has been upgrading it at a very good pace.
Litecoin Prediction 2021
LTC soared the skies in 2019 and gained a 600% rise that year. Litecoin is often compared to crypto silver to Bitcoin’s digital gold. Though this flight didn’t last long enough as it came falling down to its market bottom. The altcoin began to bear wings again in the dawn of 2020, to everyone’s amazement while the market only saw stagnant growth.
Currently, Litecoin dropping down to the 8th position with a price of $211.89 and further rising up. The amount of Litecoins circulating in the market is 66,497,004 LTC according to CoinMarketCap. Though it is seeing an uptrend it is still walking on thin ice. The investors might not feel suitable investing in such a staggering empire.
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