Litecoin with 1400% growth and good outlook for increase

29.08.2017 / 14:36

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Litecoin, the fifth-largest cryptocurrency by value and rival to bitcoin, has rallied nearly 1,400 percent since the start of the year after hitting a record high price.

How does litecoin differ to bitcoin?

There is a limited supply of 84 million litecoins, compared to 21 million bitcoin. Currently 52,679,982 litecoin and 16,530,563 bitcoin are in circulation.
Litecoin transactions currently take just over 2 minutes to go through compared to about 100 minutes for bitcoin.

Litecoin creator Charlie Lee recently explained that he sees the cryptocurrency as being a key player in payments, whereas bitcoin is more a store of value. "Bitcoin will always be the gold standard because bitcoin will have the strongest network, the most secure, the most money mining it," Lee said.

What's behind the rally?

Litecoin is benefiting from the broader interest in cryptocurrencies. Ethereum, bitcoin and ripple have all seen big price rises this year.

On Tuesday morning, 36.9 percent of litecoin buying happened in Chinese yuan, followed by 22.4 percent in Korean won, according to Cryptocompare. Depending on the time of day, buying in Korean won is larger than yuan.

In South Korea, authorities have been looking at ways to regulate digital currencies, which is buoying the market.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov

Varchev Traders

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Litecoin with 1400% growth and good outlook for increase

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