Once the idea of virtual currency was given birth in the world, bitcoin stole the whole publicity and attention. It was everywhere, started with news, debates of the techies from all around the world and the mouth to mouth publicity as well. Litecoin was also one of the early bitcoin or altcoin started in October 2011. It was introduced by an open source client on Github and went live on October 13 2011. Unlike other traditional currencies, has a limited supple of coins makes it special yet equally trustworthy. So basically it works on the principle of peer to peer cash transfer at high speeds. The faster and cheap transaction fees is what attracted the users towards litecoin at the first place.
How Litecoin mining is similar as well as different simultaneously?
Litecoin was launched with some similarities with the bitcoin as both being the cryptocurrenciesrelying on the crypto network. Starting from the very basic difference is the different algorithms both of them use which makes them entirely different. Where we all know that bitcoin works on Proof of Work algorithm whereas litecoin uses the algorithm named “Script”. Also litecoin comes out to be incomparable to bitcoin in terms of respective coin production speed. When bitcoin producing 1 coin every 10 minutes then Litecoin is producing 1 coin every 2.5 minutes which is approximately 4 times the production rate of bitcoin.
On the other hand, as the bitcoinmining has developed within these years and started using ASICs which made the network very complex because of giving free customization feature to its’ users for mining bitcoin. Due to its’ complexity made it difficult and a tedious task for the regular users to mine in bitcoin. Whereas, litecoin does gives this privilege to customize the hardware systems made it less complex for the regular users.
Also litecoin allows regulars users to mine through CPUs or GPUs rather than just ASICs makes it even more winsome among the users.
What does the performance of Litecoin in 2019 suggests about its’ market cap?
The developers of the Litecoincryptocurrency were knowing this fact from the starting that overproduction of coins repels the already trusted users, therefore they kept a restriction on the number of coins which will be dispersed that helped in mitigating all the anxiousness of their users.
Now talking about the current market capitalization of litecoin which has shown a pretty good picture lately. According to the latest reports from 2019, mining rewards have been set at 12.5 litecoins per blockwhich was 25 litecoins per block before. This means that it will decrease the available litecoin tokens in the market significantly.
In the first quarter only the value of litecoin doubled itself. This performance of litecoin is shining more radiantly after comparing its’ performance with the performance of the bitcoin which was like crash pad. The current market statistics speaks for itself. Its’ current market cap dominance is 1.63 percent which is better than most of the cryptocurrencies. Also the with the current value of $54.48 shows its’ exemplary performance.