One of many first altcoins, or cryptocurrencies aside from Bitcoin, was Litecoin, launched in 2011. Though it was technically an identical to Bitcoin, it considerably sped up transaction instances. Transaction processing instances for Litecoin are roughly 4 instances sooner than these for Bitcoin.
By way of value, cryptocurrency fanatics incessantly consult with Litecoin because the silver to Bitcoin’s gold. Nonetheless, LTC has all the time been less expensive than Bitcoin, and a few traders have chosen it as their funding.
commercial
Litecoin Hashing Algorithm
Scrypt is the hashing algorithm that Litecoin makes use of. Scrypt requires extra reminiscence and runs slower than SHA-256. Nonetheless, it gained extra assist from the cryptocurrency group after the 2011 Tenebrix venture modified Scrypt to assist mining on normal CPUs.
Creating application-specific built-in circuit (ASIC) miners was additionally difficult as a result of Scrypt’s considerably increased reminiscence necessities. The world’s first LTC ASIC miner was launched in 2016, its ASIC-resistant setup didn’t final lengthy.
How A lot Cash Would You Make If Litecoin Reaches $100?
Litecoin is at the moment buying and selling at $63.05 and has a market capitalization of $4,530,611,712. It has misplaced appreciable worth in current instances. LTC has plunged alongside the broader cryptocurrency market in 2022, with costs falling about 48% in a yr. LTC was 81% under its all-time excessive at the start of December.
Based on TRADINGBEASTS.COM, LTC will breach the $100 barrier by October 2024. Let’s assume that you simply make investments a modest $1000 in Litecoin as we speak.
Based on as we speak’s value, which is $63.05, you should have roughly 15.86 Litecoin cash. If Litecoin’s value hits $100 within the subsequent few years, your $1000 will grow to be $1586.00.
Let’s say you acquire $1000 value of Litecoin cash as we speak. With the present fee, you should have roughly 15.86 cash. Nonetheless, you’ll be able to probably make $1586 when it reaches the $100 mark.
Disclaimer: This isn’t funding recommendation. Please do your due diligence earlier than investing in any asset.
Additionally Learn: Here’s How Much Your $100 Investment in Polkadot Will Be Worth If DOT Reaches $10
The offered content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.