Litecoin Price & Market Data
Litecoin price today is $263.98 with a 24-hour trading volume of $6,847,989,114. LTC price is up 15.5% in the last 24 hours. It has a circulating supply of 69 Million LTC coins and a total supply of 84 Million. If you are looking to buy or sell Litecoin, OKEx is currently the most active exchange.
What is Litecoin?
Litecoin (LTC) is a cryptocurrency that is largely similar to Bitcoin. Fundamentally, Litecoin is also a decentralized cryptocurrency which utilizes similar protocols as Bitcoin except for a few parameter tweaks. Much like Bitcoin, Litecoin also relies on proof-of-work for consensus and operates on a permissionless peer-to-peer network where users are able to transfer funds to one another without the need to rely on any central authority.
Who created Litecoin?
Litecoin was created by Charlie Lee in October 2011 as a spinoff of Bitcoin, and is considered as one of the early alternative cryptocurrencies (altcoins). Litecoin aims to be the “Silver to Bitcoin’s Gold” by taking on the best innovations of Bitcoin with a more lightweight approach to achieving Bitcoin’s noble goals.
The first block of the Litecoin network, or the Genesis Block, was mined on the 7th of October 2011.
What is Litecoins’ value?
Litecoin (LTC) is one of the top-10 cryptocurrencies, and is traded in over 300+ exchanges integrated with CoinGecko. The most common trading pairs are against Bitcoin (LTC/BTC) and Tether (LTC/USDT).
Much like Bitcoin, Litecoin also does not have a set exchange rate in the beginning, so its price is fully determined by the markets’ perceived value by supply & demand.
It is also worth noting that the block rewards of Litecoin follow the same halving schedule as Bitcoin, going from 50 LTC to 25 LTC, to 12.5 LTC and so on every 4 years. The next Litecoin halving is expected to happen sometime in 2023, where the block reward decreases from 12.5 LTC to 6.25 LTC per block.
How is Litecoin different from Bitcoin?
While Litecoin was created by cloning Bitcoin’s codebase, there are several key differences:
Block time. The Litecoin Network targets a block time of 2.5 minutes, while the Bitcoin network targets a block time of 10 minutes. This means that transactions can confirm faster compared to Bitcoin, and the network has a higher throughput.
Maximum supply. The Litecoin protocol states that there can be a maximum of 84 million Litecoin, while Bitcoin has a maximum supply of 21 million Bitcoin.
Proof-of-Work Algorithm. Litecoin uses a different proof-of-work algorithm called Scrypt, while Bitcoin uses the SHA-256 algorithm. Scrypt is a memory-hard algorithm which was initially created to be ASIC-resistant.
Address. Litecoin addresses start with either “L” for legacy, non-Segwit addresses or “M” for Segwit-enabled addresses. Bitcoin addresses start with either “1”, “3” or “bc1”.
Litecoin Development
Since its inception, Litecoin has closely followed Bitcoin closely. Litecoin’s core protocol updates are mostly based on Bitcoin’s core protocol updates.
At the height of the scaling debate in 2017, Litecoin was the first among the top 5 proof-of-work cryptocurrencies to adopt Segwit in May 2017, with Bitcoin following a few months later in August 2017.
In 2019, Litecoin creator Charlie Lee announced that Litecoin will be planning for private transactions using the Mimblewimble protocol (popularized by Grin and Beam). Development is currently underway and it was announced that testnet is expected to be available some time in September 2020.
Litecoin price today is $263.98 with a 24-hour trading volume of $6,847,989,114. LTC price is up 15.5% in the last 24 hours. It has a circulating supply of 69 Million LTC coins and a total supply of 84 Million. If you are looking to buy or sell Litecoin, OKEx is currently the most active exchange.
What is Litecoin?
Litecoin (LTC) is a cryptocurrency that is largely similar to Bitcoin. Fundamentally, Litecoin is also a decentralized cryptocurrency which utilizes similar protocols as Bitcoin except for a few parameter tweaks. Much like Bitcoin, Litecoin also relies on proof-of-work for consensus and operates on a permissionless peer-to-peer network where users are able to transfer funds to one another without the need to rely on any central authority.
Who created Litecoin?
Litecoin was created by Charlie Lee in October 2011 as a spinoff of Bitcoin, and is considered as one of the early alternative cryptocurrencies (altcoins). Litecoin aims to be the “Silver to Bitcoin’s Gold” by taking on the best innovations of Bitcoin with a more lightweight approach to achieving Bitcoin’s noble goals.
The first block of the Litecoin network, or the Genesis Block, was mined on the 7th of October 2011.
What is Litecoins’ value?
Litecoin (LTC) is one of the top-10 cryptocurrencies, and is traded in over 300+ exchanges integrated with CoinGecko. The most common trading pairs are against Bitcoin (LTC/BTC) and Tether (LTC/USDT).
Much like Bitcoin, Litecoin also does not have a set exchange rate in the beginning, so its price is fully determined by the markets’ perceived value by supply & demand.
It is also worth noting that the block rewards of Litecoin follow the same halving schedule as Bitcoin, going from 50 LTC to 25 LTC, to 12.5 LTC and so on every 4 years. The next Litecoin halving is expected to happen sometime in 2023, where the block reward decreases from 12.5 LTC to 6.25 LTC per block.
How is Litecoin different from Bitcoin?
While Litecoin was created by cloning Bitcoin’s codebase, there are several key differences:
Block time. The Litecoin Network targets a block time of 2.5 minutes, while the Bitcoin network targets a block time of 10 minutes. This means that transactions can confirm faster compared to Bitcoin, and the network has a higher throughput.
Maximum supply. The Litecoin protocol states that there can be a maximum of 84 million Litecoin, while Bitcoin has a maximum supply of 21 million Bitcoin.
Proof-of-Work Algorithm. Litecoin uses a different proof-of-work algorithm called Scrypt, while Bitcoin uses the SHA-256 algorithm. Scrypt is a memory-hard algorithm which was initially created to be ASIC-resistant.
Address. Litecoin addresses start with either “L” for legacy, non-Segwit addresses or “M” for Segwit-enabled addresses. Bitcoin addresses start with either “1”, “3” or “bc1”.
Litecoin Development
Since its inception, Litecoin has closely followed Bitcoin closely. Litecoin’s core protocol updates are mostly based on Bitcoin’s core protocol updates.
At the height of the scaling debate in 2017, Litecoin was the first among the top 5 proof-of-work cryptocurrencies to adopt Segwit in May 2017, with Bitcoin following a few months later in August 2017.
In 2019, Litecoin creator Charlie Lee announced that Litecoin will be planning for private transactions using the Mimblewimble protocol (popularized by Grin and Beam). Development is currently underway and it was announced that testnet is expected to be available some time in September 2020.