Litecoin (LTC) is peer to peer crypto currency and an open source project licensed under MIT/X11 license. It is a decentralized network. It was released by Charlie Lee on October 7, 2011. Litecoin’s market capital crossed 1 billion USD in November 2013. Litecoin has reached at best 350 USD per coin.
Reportedly LEE has worked for GOOGLE and COINBASE. He also has experienced in the IT firms, he worked in couple of them for almost 7 years. He was inspired by the Bitcoin tech and so he became crypto enthusiast and developed his very own crypto currency Litecoin (LTC). He gave away all his shares in Litecoin and is reportedly going to leave Litecoin in the future. But he is adamant and believes that LTC has a bright future ahead of itself.
Litecoin (LTC) has taken a great hit in the last couple of months where its price has fallen from 300 USD to 80 USD.
From a markets prospect LTC’s price is not going to fall any more but it is more likely to go up due to the fact that a UK based platform just started a market for litecoin. So by adding a new platform it has most definitely given boost to its volume in the market, so inevitably its value is going to go up. Litecoin is one of the strongest and fastest crypto’s in the crypto’s financial market. It has low transaction fee and high processing speed.
It is highly unlikely that LTC’s would drop to 50 USD and at that point investors will push its price back up to 100 USD mark on the basis of fundamentals.
Once the recovery starts, it is assumed that LTC will be one of the fastest crypto currencies that will recover. LTC processes a block in every 2.5 minutes, much faster as compared to the Bitcoin which processes its block every 10 minutes. LTC has a strong blockchain network and its functionality is also legitimate so it will regain its market value and market cap.
Litecoin (LTC) uses scrypt in its algorithms, it is much more complex. It is much harder and expensive to solve, so mining new LTC’s is harder as compared to Bitcoin’s mining process.
Litecoin (LTC) is presently laying low and its value has decreased from 80 USD to 78.81 USD. Currently great number of companies are using the Litecoin and we are also going to witness some serious partnerships in the future, it is in talk with the amazon to convince them to adapt to LTC as a payment method. If this deal is finalized then it can be a great boost for the Litecoin (LTC) and it can start recovering itself from the bottom.