Litecoin price is is steadily rising the last couple of weeks and for good reason. As people are becoming more and more interested in the cryptocurrency world and the price of one bitcoin is over $22,000 CAD, people are looking at other alternatives.
This is where LTC comes in. The cryptocurrency has experienced a growth of almost 10,000% this year, compared to bitcoin 2200% increase.
Litecoin was created by Charlie Lee and it is the fourth-largest cryptocurrency by market, only behind bitcoin cash, Ethereum and bitcoin.
The price of litecoin has hit an all time high of over $500 CAD on Tuesday, compared to back on January 1 of this year, when the price of one LTC was going for less then $5 USD.
The best part about Litecoin is the transaction speed, which takes just over two minutes to go through, compared to bitcoin, which has an average transaction time of around 300 minutes.
Litecoin creator, Charlie Lee has said that LTC can be a key player in payments because of the transaction speed, where bitcoin could be seen more as a store of value.
Litecoin has also benefited due to bitcoin’s slow transaction speed. “Litecoin traditonally gets a boost when bitcoin slows,” Charles Hayter, CEO of CryptoCompare said.
Another reason for rise in LTC price could be due to investors trying to diversify into other cryptocurrencies.
“As the wealth of those holding bitcoin continues to rise, especially among traders based in Asia, naturally they will be seeking to diversify their portfolio into other crypto-assets,” Thomas Glucksmann, head of marketing at cryptocurrency exchange Gatecoin said.
“Litecoin is one of the major alternative cryptocurrencies, or altcoins, that competes with bitcoin on transaction efficiency so naturally, it is a strong choice for diversification. Litecoin has always been one of the most underrated cryptocurrencies given its advantages over bitcoin.”
We will have to wait and see how the cryptocurrency trains continues to roll down 2017. However, if you are interested in getting started in the digital currency world, you can get started by clicking HERE. The best part is that if you invest $100 into any of the cryptocurrencies offered (BTC, ETH or LTC), they will give you $10 worth of Bitcoin for FREE. Happy investing!